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flacorps

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Everything posted by flacorps

  1. Anybody here gotten calls? Name is similar to Columbus, OH outfit but they don't seem affiliated, and appear to be out of Memphis, TN (could be misdirection). They won't say, but they're definitely working out of the Buffalo, NY "we're about to sue you" playbook.
  2. Someone came to me because they were getting toll-free calls from a collector, apparently a small fly-by-night one, on an old, old charged-off credit card. They tried mightily to get the caller to give up the "business's" (air quotes) address, but no luck. The people wanted only a credit card number and were trying to push her to go pre-load a prepaid credit card. I think she has an unused, open card or two. Do you think she could call her company and put a hold on the card (or even call her company *after* giving out the information and call the charge fraudulent) and use that to get information that would help track down the scammers?
  3. I'm going to freeze an individual's assets at the outset, ex parte, based on the information about the effort to abscond already in hand.
  4. I got a real live one. They already closed their business when I sent a draft complaint but I caught them reopening under a different name. Dead to rights. So now that I have an attempt to defraud me, what's the most anyone's managed to collect from the Buffalo-style small-fry?
  5. Got a call yesterday from an unidentified but local number the CallerID read "unassigned" company that identified itself thusly. It was interesting. I pretended to be the right party after hearing a recorded message that the company was processing a "claim" for a client who had rights. The message used a debtor's name and said if I wasn't the person I should hang up. I know the person and I know the time frame when they had financial trouble and the claim had to be way out of statute. I stayed on the line and a very professional woman verified that I was the right party, told me it was a Citi account, and here's where the fun ends: she told me I didn't seem interested in resolving it and hung up on me! Mind you I wasn't giving her a hard time at all. I asked a couple of questions any debtor might ask and kept my answers short, but I evidently didn't fit their business model of a trembler and she wasn't one to waste time with me. This was not Buffalo-style high-pressure hard-sell collections by a coked-up collector. I could practically picture a sleek suburban office-building and well-trained staff. Rather than a take-no-prisoners attack, they clearly don't want any FDCPA violations, and the business model is to waste little time and pick up nickels where they can. Anybody heard of them or this talk-off playbook?
  6. In some counties there is heavy use of post-judgment discovery less as a means of actually discovering assets than as a harassment technique and "gotcha" to get a judgment debtor jailed (if only briefly--usually) and admonished by the judge to pay up. That being said, in my neck of the woods there's a database of 20k or so active warrants and the last time I checked a single one was for failure to provide such discovery in a debt case.
  7. No matter what "mischief" people might do, banks and government would meet in secret to undo it. You're basically asking whether unarmed people could destabilize a well-armed government. And while that is a possibility, as a practical matter the government has a lot of leverage in far too many areas of everyday life.
  8. This is said to be effective. Never mind that he incorrectly talks about needing a court order, I'm just wondering whether there are some cowboys operating without even an administrative fig leaf...
  9. On Facebook, a student loan advocate alleged that collectors are initiating "garnishments" on student loans which are not real, having not gone through even the minimal process to do so. Employers were apparently nonetheless making thr deductions and remitting the momey. Has anyone encountered this? Does it seem prevalent?
  10. 11,000 suits over a 5 year period. Seems as though the area is underserved by BK mills ... or something. Anybody know why this county in Missouri might be different from aĺl the others? Any ideas how to help these victims? https://www.propublica.org/article/how-nonprofit-hospitals-are-seizing-patients-wages
  11. Once the 11th largest card issuer, its portfolio was sold to Cardworks but Experian kept defunct bank's name on tradelines, confusing consumers. https://www.reuters.com/article/experian-errors/lawsuit-says-experians-credit-disclosures-to-consumers-faulty-idUSL1N1OF0MD
  12. Everyone should freeze only Equifax. If enough do it, the company dies.
  13. On the CRAs is an AU indistinguishable from an account holder?
  14. The Florida Supreme Court handed down its Bartram decision a week ago, and unsurprisingly it's bank-friendly. Essentially the only thing the bank loses when its foreclosure suit comes more than five years after the default is any installment older than 5 years. The decision does not discuss personal liability for the note. My take on this latter issue is that while the property remains security for the debt, liability no longer extends to the debtors if suit begins after the five year statute has run.
  15. In the context of an entity that emerged from Chapter 11 purely to wind up the affairs of a long-defunct mortgage lender, I have recently been defending a Floridian against a mortgage deficiency case. Mainly on the strength of In Re Reed but also a couple of sections of Florida's version of the UCC, the judge has taken the matter under advisement rather than immediately ruling for the creditor at a hearing last Thursday. I'm cautiously hopeful. I'll keep you apprised. There's a well-written note by a student at St. John's law school that has a good breakdown of the Reed case as well as Cashion and the other cases that support the majority position that forms 1099-c do not release debtors. RazorHD1 should also look into what his state statute of limitations is for documents under seal and/or written agreements.
  16. I had a brief tiff with CreditWrench in 2010. He plagiarized large sections of my book. Just blatantly cut and pasted them into his site and added snarky comments. A lot of people said his health was failing. I don't know what they knew or know, but he hasn't been seen since 2012 AFAIK.
  17. The smartest guys in the room couldn't answer a few questions for a regulator?
  18. The portfolio of loans will sell. Either in bulk or parceled out by region or by quality. Some hedgie might buy an existing servicer and capitalize it to handle the increase, or the pieces might go to smaller players. A trustee in bankruptcy might be the one to figure out how to get the most money for the carcass.
  19. Ocwen is about to go out of business. Things have been going wrong for them in NY and CA. http://www.zerohedge.com/news/2015-01-13/ocwen-ocdaed-stock-plummets-after-california-seeks-suspend-mortgage-license
  20. My take is that as far as the judgment is concerned the 1099-c shouldn't have been issued any later than the 2010 tax year. There were no collection efforts apparent within three years after the May 2007 transfer, and my guess is that wasn't really a collection effort either and the original case's judgment was probably a good bit earlier and nothing significant happened within 3 years of that date--so we may actually be looking at a requirement to send it as of a date earlier than 2010. The OP should probably look at that transfer paper, it likely points back to the original case, for which images may also be available. Those images would tell a lot more of the story, perhaps with some illuminating dates, facts and figures. Based on what has been said about the 1099-c, I think it was also doubled up on ... the original debt and the judgment that was vacated, which are actually one and the same. Assuming the judgment debt was void the whole time, we might also look to the expiry of Arizona's statutes of limitations with respect to the original cause of action for a date on which a 1099-c was required (uh-oh, assuming six years, this would likely be in a time frame around the 2013 tax year--so they may have a valid basis for what they did). So now the question becomes, having gotten a void (or voidable--it make be different and that may make a difference) judgment, does failing to take measures to collect on it count against Chase for purposes of calculating when a 1099-c should have been issued?
  21. Necroposting here I know, but the FTC doesn't have the letter up anymore. This site does: http://www.stopthecallsfast.com/blog/wp-content/uploads/2010/09/Mark-Hankins-Esq-to-FTC-Commissioners.pdf
  22. Necroposting this news: Law360, New York (August 11, 2014, 5:34 PM ET) -- The Federal Deposit Insurance Corp. and two former top executives of failed Advanta Bank Corp. are nearing a deal to resolve the independent agency’s $219 million lawsuit accusing the pair of crippling the bank by increasing credit card interest rates to unprecedented levels. Advanta’s former chairman and CEO Dennis J. Alter and onetime president and board Vice Chairman William A. Rosoff are in the process of finalizing a settlement with the FDIC, according to a filing in Pennsylvania federal court, which would end the lawsuit seeking..
  23. The scheme here is quite transparent. Home sales are in the tank because the potential buyer pool has endured a few hits in the Great Recession (plus the scourge of lightning-fast medical collections) and most of them don't come to places like Creditboards to learn how to get those damn spots out. Subprime lending has a bad name, so now they have to redefine prime so that it can include a few dings. Fair, Isaac does their part by cooking up a study or two that say that doing so doesn't expose the lenders to additional risk. Presto! Everybody's happy. FICO sells more scores, builders and realtors sell more houses, Banks write more mortgages and those previously condemned to renting can now achieve the American dream. Will it all work out? Stay tuned...
  24. If you can set a phone to not ring for certain numbers and you don't get freaked out by your mail, collections isn't necessarily that uncomfortable. The bad old days (pre-FDCPA) were probably intolerable.

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