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About BrokeBob

  • Birthday May 15

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  1. Some places do PFD, others do not. A few years ago. PRA wouldn't, now they do. A few years ago, I was in a situation where I did a re-fi. My wife and I had good credit scores. The only issue was an item from PRA within the SOL. My particular bank recommended a PFD. When they refused, the bank gave me the mortgage anyway. The main issue is not to have a situation that could result in a lien. If the account is marked as paid, it will not be a lien. It can still ding your credit score. As for what should you do, there isn't anything you can d
  2. What was the old saying -- that cockroaches and arbitration agreements are the only things to survive nuclear war. I would immediately contact the OC, and demand they fix the credit reporting. Partly because that is usually the fastest way, and partly because going through the channels makes an FCRA case stronger. Not having seen that particular arbitration agreement, it does sound like the threat of arbitration can be a mighty big stick just based on what the OP said.
  3. To expand on the excellent post above: In states other than WI and MS, debt collectors may attempt to collect debts past the SOL, as long as they make it clear they won't sue over the debt. The wording of the letter is crucial to whether YOU have a claim against THEM. Here is one possible plan of attack: 1. You could send a DV letter, to make absolutely sure this debt is past SOL. If they show a date > 4 years, it is past SOL. If they show inaccurate or incorrect information in their reply, you may have grounds for a suit against them. 2. This ne
  4. This brings up two interesting points: First: The time when you have negotiating power is when you owe them money they want. That is when you can negotiate a PFD (pay for delete). Once you have paid, you have lost all your negotiating power. Second: Many organizations have certain policies, which are written in stone for as long as they last. Many of these places have a PFD policy. For example, PRA used to have a policy forbidding PFD until they changed their policy to one encouraging PFD. No rhyme nor reason, just the policy. I h
  5. Hmmm. Personally, my evil twin has gotten me into SO much trouble over the years. I rarely find anyone who believes me!
  6. I'm not sure I agree. The contract says they have to give 45 days notice. So why not send a very short letter, then file after 45 days?
  7. But to the credit agencies, it looks like Junior is a responsible person. My oldest didn't have jobs during college throughout college. Sometimes he had some summer jobs, but that was about it. The money he used to pay his credit cards was from parents and grandparents. The point was, he paid his bills on time every month during the 4 years he was in college. That is what the credit agencies look for. They don't look at where you got the money, they look at whether you can pay your bills. Hey, if Junior racks up huge credit card bills in his mid 20s,
  8. My kids all opened charge accounts with the local credit union before heading off to school. For example, my oldest opened a card, used it for a few expenses every month, and put the card on autopay. When he graduated, he already had 4 years of good credit history. On top of that, his junior year he and some friends rented an apartment and had some utility bills. So when he got his first job and was looking to buy a car, his credit was great. The problems came about because credit cards companies were pushing cards onto students like crack coc
  9. As far as state laws go, this would be a violation in Wisconsin or Mississippi, and perhaps some other states as well. I personally would prefer the C&D letter. Collectors are a lot more savvy about avoiding FDCPA violations than they were in the old days. Trying to fish for a violation could be a lot of wasted effort, especially if you don't know what to do in court or get a bad judge. There is some chance they have already violated the FDCPA, if the calls were often enough to be harrassing, or if made from an automatic dialer to a cell phone.
  10. AAA is cheaper and faster, JAMS is slower and more expensive. (In general). If you are a consumer, and your fees are limited to $200 or $250, then going into JAMS generally puts more pressure on the creditor, which improves your leverage for negotiation. If you are in a situation in which you are paying half the fees, then ignore everything I just said. If your arbitration agreement doesn't allow for JAMS, then that is not an option.
  11. This is important. I think the maximum amount of time they can keep an account on the credit report is about 7 years past charge-off, or about 7.5 years past the last date of default. So if the charge-off was 2008, you need to contact the CRAs to dispute this trade line. If they confirm the trade line, you have a law suit against the creditor on the FCRA.
  12. The SOL depends on when the last time you actually paid money on this. Let us see if the SOL applies. 1. When was the last time you paid? 2. What is the SOL for this type of loan in your state?
  13. And yesterday I drove by the local YMCA and the sign outside was advertising their summer camp...
  14. I am sometimes amazed by how few people really understand science. But then, I have a doctorate in a hard science, so perhaps I see things differently. This thread hasn't been bad, but you would be amazed how many times I see incredibly stupid things people say about science, from people who clearly don't understand it at all. Such as "the scientists used to say X, but now they say Y, so clearly they are all idiots and we can just believe whatever we read in some conspiracy theory site on the internet". Look back in time, and it was only a few decades from when scientists thou
  15. Let me add something to this: Things are different if Florida. In just about any other state, you would answer the complaint with improper venue due to arbitration as an affirmative defense, and also file an MTC (Motion To Compel arbitration). In Florida, you would want to file an MTC in lieu of an answer, No answer to the complaint, just file the MTC before the deadline. That is, of course, if the agreement has an arbitration provision. I have beaten that particular law firm with arbitration.
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