LVNV interesting TL update.

[LUEser]

Very very interesting conundrum here.

 

So yesterday, I sent out my ITS to LVNV. Several violations over the course of this thing.

 

And I call the CRAs to see what happened after checking what was going on with True Credit. It was gone from both TU and EX, though not EQ.

 

I update it today, and lo and behold LVNV is back on on both TU and EX, but in a much different form.

 

the OC was another Sherman Co. CreditOne.

 

Well, the CreditOne report is gone, completely from all three.

 

And LVNV is now reporting exactly what CreditOne was,

 

They never even had the account then, how can they accurately report what was going on, when they didn't get it until May!?

 

These guys astound me.

 

Anyway, here's the new read out from TC (Will be sure when I get the newest copy of the paper reports regarding the disputes.)

 

Transunion:

 

Acct Number: XXXX

Condition: Derogatory

Balance: 0

Type: Credit Card

Pay Status: Collection/Chargeoff

Limit: 500

Past Due: 0

Opened: 3/2007

Reported: 4/2008

 

Experian:

 

Acct Number: XXXX

Condition: (Closed Transferred)

Balance: None Reported

Type: Credit Card

Pay Status: Collection/Chargeoff

Limit: 500

Past Due: None Reported

Opened 3/2007

Reprted 4/2008

 

Equifax:

 

Acct Number: XXXX

Condition: Derogatory

Balance: 900

Type: Collection

Pay Status: Late 120 Days

Limit: None Reported

Payment: 0

Opened: Not Reported

Reported 8/2008

 

Now before all this, they had a date opened on EX and TU of 6/2008. And now they have, the exact line as was reported via CreditOne.

 

What to do from here, I'm totally at a loss?

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[jack1212]

siggy below.

 

jack1212

[LUEser]

Thanks, Jack.

 

I'd read your thread before, and it was golden information.

 

On the second read, I realize that there's always something you miss the second time around.

 

Guess my next step will be to forward them a CMRRR copy of my ITS with the newly discovered documented violations of FCRA, and give them 20 days to address the problem.

 

Otherwise, they're getting served.

[LUEser]

**Please note, a lot of this is to supplement my notes, so I'll have something to refer to later**

 

Another interesting update,

 

After my disputes with the CRAs, I 623'd LVNV/Resurgent and Credit One both.

 

Well, I get back a letter from Credit One that says that full responsibility of this account has been transferred to Resurgent Capital Services, and that they would not be verifying per my request.

 

So, my question to find out now is...

 

If they transferred rights to Resurgent, did Resurgent then in turn Transfer it to LVNV?

 

Their web finally begins to unravel and tangle them up.

[Lynn37]

**Please note, a lot of this is to supplement my notes, so I'll have something to refer to later**

 

Another interesting update,

 

After my disputes with the CRAs, I 623'd LVNV/Resurgent and Credit One both.

 

Well, I get back a letter from Credit One that says that full responsibility of this account has been transferred to Resurgent Capital Services, and that they would not be verifying per my request.

 

So, my question to find out now is...

 

If they transferred rights to Resurgent, did Resurgent then in turn Transfer it to LVNV?

 

Their web finally begins to unravel and tangle them up.

 

This is how I understand it..

 

LVNV say's they are the OC,

 

sends debt to Resurgent for collection

 

Resurgent send it to WWR, The northland group or who ever to collect.

 

I DV all of them down the line.

[LUEser]

Update on the status:

 

EXP and TU are both still gone.

 

EX actually verified!? I'm like "WTF, mate?"

 

But it looks like they're getting smarter. They listed everything fairly accurately except the 120 days past due, and the Factoring Company Account.

 

Looks like suit is the last step here. I'll be filing in few days.

[ICANHASMUNY?]

Update on the status:

 

EXP and TU are both still gone.

 

EX actually verified!? I'm like "WTF, mate?"

 

But it looks like they're getting smarter. They listed everything fairly accurately except the 120 days past due, and the Factoring Company Account.

 

Looks like suit is the last step here. I'll be filing in few days.

 

 

WELL DUH, I think I finally figured out the Factoring company gambit; it's just an end run around the FDCPA

 

Sherman owns the note; they sell it to LVNV funding in exchange for mulah.

 

LVNV funding is then factoring shermans' account recievables

 

Problem; Sherman is the debt collector according to the FDCPA & the rulings on 'Kimber' and in 'Little'

 

LVNV fundings' sole purpose is to sheild Sherman from FDCPA claims.

 

Which is why LVNV Funding never shows up with the proof of the sale or assignment in court; it would implicate sherman.

 

Once you get your hands on that note, then could you really push the FCRA claim that LVNV funding is factoring a collection account for a Debt collector?

 

Is it legal for a debt collector ( sherman) to factor account recievables even if they own the note?

 

There must have been some pretty high priced laywers who dreamt this one up.

 

Sounds like an Enron accounting to me.

 

Any CPA's out there?

[nekom]

Nothing these guys do surprises me anymore. If you told me that they reported a 30 year old credit card chargeoff as a foreclosure on EX, a reposession on EQ and a student loan on TU, I'd believe it.

[credithis]

Well, there is a way to use South Carolina's own credit laws which BTW, mirror the FDCPA. File a complaint with the Administrator of the SC Dept. of Consumer Affairs. This gets their attention. Report the know linkage between LVNV, Resurgent, Sherman, Credit One, et al. I believe this is also obligatory anyway.

 

http://www.debt-collector-problems.com/Sou...ctices-Act.html

 

 

(6) No action at law claiming unconscionable debt collection may be commenced in any court until at least thirty days after the facts and circumstances of any claim of unconscionable conduct in collecting a debt arising out of a consumer credit transaction has been filed in writing with the administrator of the Department of Consumer Affairs. The administrator shall immediately provide to the person or organization complained against with a copy of any complaint alleging unconscionable debt collection practices filed with the Department of Consumer Affairs. The administrator shall immediately provide to the Director of the Consumer Finance Division of the Board of Financial Institutions a copy of any written claim of unconscionable conduct in collecting a debt filed against a supervised lender under this title or a restricted lender under Title 34. A creditor or debt collector may only take such action as is authorized by law to protect its collateral during the thirty-day state agency review period. The administrator shall take immediate steps to investigate, evaluate, and attempt to resolve such complaints. The administrator and director shall jointly take immediate steps to investigate, evaluate, and attempt to resolve complaints involving supervised and restricted lenders. If in an action, properly filed after the thirty-day state agency review period with regard to conduct in collecting a debt arising out of a consumer credit transaction, in which unconscionability is claimed the court finds unconscionability pursuant to subsection (1) or (2), the court shall award reasonable fees to the attorney for the consumer or debtor. If the court does not find unconscionability and the consumer or debtor claiming unconscionability has brought or maintained an action he knew to be groundless, the court may award reasonable fees to the attorney for the party against whom the claim is made. In determining attorney's fees, the amount of the recovery on behalf of the consumer is not controlling.

 

Now, here is the section to write them up about, one which will give them pause:

 

(d) causing or threatening to cause injury to the consumer's reputation or economic status by disclosing information affecting the consumer's reputation for creditworthiness with knowledge or reason to know that the information is false; communicating with the consumer's employer before obtaining a final judgment against the consumer, except as permitted by statute or to verify the consumer's employment; disclosing to a person, with knowledge or reason to know that the person does not have a legitimate business need for the information, or in any way prohibited by statute, information affecting the consumer's credit or other reputation; or disclosing information concerning the existence of a debt known to be disputed by the consumer without disclosing that fact;

 

Oh, of course make a copy of this complaint to the SC AG and let the Sherman dysfunctional family know this. This worked wonders for me. 'Course I like giving em hell. My alledged debt is 13 years old and they did the usual pass it around to different CA's, I skipped them after the first and sent a DV directly to LVNV with Resurgent's name on it also and the term all Sherman's companies. I let em know up front I'm dead serious. Oh, forgot, also sent it to their SC registered agent.

 

If you do this right they will back off everytime. Also it provides the neccessary paper trail.

[LUEser]

Sherman owns the note; they sell it to LVNV funding in exchange for mulah.

 

I can't even verify for sure that sherman does own the note. They tell me the debt was from Credit One Bank. So I write them, they send me a letter saying the rights were transferred to Resurgent Capital Services. So did resurgent sell it then to LVNV, or another Sherman company, and then to LVNV to factor? At this point I don't know. But I intend to find out...during discovery.

 

LVNV funding is then factoring shermans' account recievables

Or in my case Resurgent's as it seems.

 

Problem; Sherman is the debt collector according to the FDCPA & the rulings on 'Kimber' and in 'Little'

concurred.

 

LVNV fundings' sole purpose is to sheild Sherman from FDCPA claims.

concurred as well.

 

Which is why LVNV Funding never shows up with the proof of the sale or assignment in court; it would implicate sherman.

 

Once you get your hands on that note, then could you really push the FCRA claim that LVNV funding is factoring a collection account for a Debt collector?

On this I don't know. My big question is how to tie LVNV funding under the umbrella of Sherman. If that's the case, then we have a potential conflict of interest. As you point out below

Is it legal for a debt collector ( sherman) to factor account recievables even if they own the note?

 

There must have been some pretty high priced laywers who dreamt this one up.

 

Sounds like an Enron accounting to me.

 

Any CPA's out there?

 

Seems to me our collective pro se experience is stronger than that of their corporate advisory counsel.

I'd personally love to see a RICO suit against these guys.

[jack1212]

Is it legal for a debt collector ( sherman) to factor account recievables even if they own the note?

 

Only if they are the TRUE OC, and DO own the note they created, with no other OC or CA involved.

 

Which doesnt happen.

[Lynn37]

File a complaint with the AG of SC.

 

Once Resurgent got wind of my complaint, they finished removing themselves from my reports.

[credithis]

Did you or did you not get a separate letter from one of their CA's along with their dunning letter that listed all the Sherman Companies, LVNV included?? I did. That let me know all the Companies under the Sherman umbrella, so you already know LVNV is a part and parcel of corporate. Again though, you are hammering a dead horse. Sherman when they purchase the debt (or LVNV) are the owners and the law does not prohibit them from factoring. Take my word for it. Sad, but true.

 

E. Normis Debtor, a consumer attorney who posts on both sides of the aisle, had a thread about this on InsideArm. He is probably one of the best authoritities in this arena. Place a post on debtorboards.com with E. Normis in the subject line and he probably will enlighten you on factoring.

 

Again, go here and download the form, fill it in with all the particulars, send it back to the SC Dept. of Consumer afffairs, make two copies of that complaint and mail them CMRR to Sherman and the SC AG.

 

http://www.scconsumer.gov/complaint_services.htm

 

STATUTES ENFORCED BY SCDCA: http://www.scconsumer.gov/legal/statutes.htm

 

Athletic Agents & Student Athletes Section 59-102-10 et seq.

Continuing Care Retirement Communities Section 37-11-10

Credit Grantor Notification and Fees Sections 37-6-202 & 209

Maximum Rate Schedules (Filing and Posting) Loans - Section 37-3-305

Maximum Rate Schedules (Filing and Posting) Sales Section 37-2-305

Mortgage Loan Brokers Act Section 40-58-10 et seq.

Motor Club Services Act Section 39-61-10 et seq.

Motor Vehicle Express Warranties Section 56-28-10 et seq.

Pawnbroker Section 40-39-10 et seq.

Physical Fitness Services Act Section 44-79-10 et seq.

Prepaid Legal Services Section 37-16-20 et seq.

Prizes and Gifts Act Section 37-15-10 et seq.

Remedies & Penalties Limitations on Creditors' Remedies Sections 37-5-109, 110

SC Consumer Protection Code - Title 37

Staff Leasing Services Section 40-68-10

Telephone Solicitations Section 16-17-445

Unfair Debt Collection Practices Act

Unconscionability Section 37-5-108

Edited September 30, 2008 by credithis