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Help with collection

The last post in this topic was posted 4926 days ago. 

 

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I am in the process of buyin g a house. I just received a letter from Midland Credit Management (also referenced as Midland Funding LLC) relating to a Capital One secured card I had from somewhere between 1997 and 1999. Capital One double charged me for an item which brought me over my credit limit. I kept fighting with them and finally just let them have the $500 I put down for the secured card. I think it went on my reports years ago but I disputed it off.

 

Haven't heard boo from anyone in years and, of course, just as I'm trying to buy my house, I get a letter that this company (MCM) is the "new owner of this account."

 

It is not yet on my credit reports but I'm desperately afraid it will hit when I can least afford it. From what I've read on these boards, they are incredibly tough to remove from reports and respond inadequately, if at all, to DVs.

 

I do need the information about this debt (I don't know if it will be so specific as to show the double charges and taking my security deposit). I'm in NJ, and I think the SOL is 10 years (at least that's what I read). So, depending on how they calculate the date, I am probably not past it.

 

They are seeking $1,500 which is surely all interest and late fees. I only charged $300 on the card and they double billed it as $600 and then took my $500 deposit. This is so ridiculous. I will NEVER contract with Crap One on anything ever again.

 

In any event, I will look up the DV process and send them something. In the meantime, can anyone instruct me as to: (a) how to prevent this account from hitting my reports (can I include something in the letter seeking validation?); and what I need to get from them in response to my DV request to be sufficient? Can I explain all the double billing stuff and expect a breakdown of that information in reply? What about a listing of all the interest and late fees, since that is what most--or even all--of this amount consists of?

 

I would really appreciate any assistance anyone can give me! I can't belive I've gotten almost everything on my reports in order only to be hit with this outta the blue at my most vulnerable moment!

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Oh, one more thing. CAN they even add this to the report at this point? I know the account is past 7 years, but I don't know how it works with collections. Is it 7 years from the date they acquire the account, so they can insert it and start all over again?

 

I'd like to include something in my request for debt validation that they cannot add anything to the reports before the account has been properly validated and/or that it is beyond the time period where they are allowed to add the account to the report by law. But I have no idea if I'd be talking out of my you-know-what...

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Oh, one more thing. CAN they even add this to the report at this point? Yes I know the account is past 7 years, but I don't know how it works with collections. they are not supposed to, but can, then it screws with your credit and it's up to you to get it offIs it 7 years from the date they acquire the account, so they can insert it and start all over again?No

 

I'd like to include something in my request for debt validation that they cannot add anything to the reports before the account has been properly validated and/or that it is beyond the time period where they are allowed to add the account to the report by law. But I have no idea if I'd be talking out of my you-know-what...

 

if this is over 7 years old, go to Whychats site and look for the SOL letter.

(or search here for FOAD)

 

and let them know, that if this SOL account ends up on your reports, and you have to pay more in interest for your loan (or are denied), you'll sue them for damages.

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try this (with modifications for your situation as always):

 

http://whychat.5u.com/nottoca.html

 

Address]

 

[City state ZIP]

[Collector]

 

[Address]

 

[City State ZIP]

 

[Phone number]

[Date] Certified Mail No.: _____________

 

Re ; inquiry dated ____: your file # _____

Greetings:

Thank you for your recent inquiry. This is not a refusal to pay, but a notice that your claim is disputed.

 

The Rules Of Civil Procedure of my State of (State ) provide a Statute Of Limitations limiting the time frame for any legal collection activities.

 

Include the following underlined paragraphs for credit card accounts

 

Please be advised that under the TILA § 15 a credit card account is legally defined as an "open" account.

 

The Act is in Title I of the Consumer Credit Protection Act and is implemented by the Federal Reserve Board via Regulation Z (12 C.F.R. Part 226).

 

The Regulation has effect and force of federal law.

 

Open-end Credit Transactions:

 

Open-end credit includes bank and gas company credit cards, stores' revolving charge accounts, and cash- advance checking accounts.

 

Typical features:

 

Creditors reasonably expect the consumer to make repeated transactions.

 

Creditors may impose finance charges on the unpaid balance.

 

As the consumer pays the outstanding balance, the amount of credit is once again available to the consumer

 

Under my State of ________Code #__________

the subject account has a _________ year limit for filing any legal action for collection.

 

The starting date of this statute of limitations being either the date of the last mutual activity, or the date of first default with the ORIGINAL CREDITOR of the subject account.

 

Records indicate that this date on the subject account #___________ with (creditor name) is __ ___ ____.

 

This notification is formal notice to you that

any filing of such action by you, or your representitives or assigns, is therefore time-barred.

 

Under the FDCPA, any such action, or threat of such action is a violation of the law,and grounds for fines and civil sanctions.

 

807. False or misleading representations

 

A debt collector may not use any false, deceptive, or misleading representation or means in connection with the collection of any debt.

 

Without limiting the general application of the foregoing, the following conduct is a violation of this section:

 

(2) The false representation of-

 

(A) the character, amount, or legal status of any debt; or

 

(4) The representation or implication that nonpayment of any debt will result in the arrest or imprisonment of any person or the seizure, garnishment, attachment, or sale of any property or wages of any person unless such action is lawful and the debt collector or creditor intends to take such action.

 

(5) The threat to take any action that cannot legally be taken or that is not intended to be taken.

 

This notification to you is of applicable legal statutes,codes and laws.Other Federal and State laws may apply.

 

(include the next paragraph when appropriate)

 

Under the laws of my State,(statute # if available) continued collection activities, including reporting,verification or reinsertion of accounts. beyond their legal collection date to any consumer credit reporting agency, may be considered extortion and/or fraud and subject to criminal as well as civil prosecution.

 

Please note that proof of your receipt of this notice may be used by me or my legal representative in further action.

 

I also reserve the right to forward a copy of this letter,and any other pertinent material to the _____(CA lawyer's State) Bar Association.

 

Best regards,

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I could drive over to them and serve papers if you'd like. :clapping: lol

 

 

SOL in Jersey is probably 6 years... some say less, but I haven't found anything on the state's website saying differently, but that doesn't mean I just haven't found it.

 

If the debt is that old, Midland can't report it without re-aging it which would be a violation.

 

-R

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