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gdtobefree

Merrick sold my account in 2014

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All this time they have been updating monthly with a balance that eats my UTL by 148%  

It's actually been passed on to 2 different CA's. I never heard from the 1st one and just got a settlement letter from the 2nd one. 

I'm more ticked off at the fact for all these years they have been updating a balance and CO when it should have been 0. 

Pisser of it is, I have disputed this account at least 3 times since 2014 and they verified. 

Edited by gdtobefree

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If they sold it, Merrick should be reporting a zero balance and it should say sold to another lender on your report. Whoever bought it can start reporting at that time. Not clear who owns this. The the CAs say something like "on behalf of Merrick" or mention them in any way, then it wasn't sold.

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The language in your other thread about Merrick is not consistent with a sale.  It IS consistent with placement paper.  An account being worked on contingency can still be reported by the original creditor...

 

What documentation do you have that the account has actually been sold? 

 

That you have previously disputed the matter should be the hammer you use in the very first letter you send to each successive entity that contacts you about the account.  They may be working it as placement paper, but the moment they are advised in a letter that contains specifics and is not a generic piece of crap, most entities promptly close the account in their office and return it to the original creditor.  In each and every instance where I have helped someone with that scenario, the matter has gone away...the key is specificity in the letter!

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8 hours ago, centex said:

The language in your other thread about Merrick is not consistent with a sale.  It IS consistent with placement paper.  An account being worked on contingency can still be reported by the original creditor...

 

What documentation do you have that the account has actually been sold? 

 

That you have previously disputed the matter should be the hammer you use in the very first letter you send to each successive entity that contacts you about the account.  They may be working it as placement paper, but the moment they are advised in a letter that contains specifics and is not a generic piece of crap, most entities promptly close the account in their office and return it to the original creditor.  In each and every instance where I have helped someone with that scenario, the matter has gone away...the key is specificity in the letter!

I'm still a bit confused myself. I spoke with Merrick and she said they sold it in 2014 and cannot accept a payment or negotiate I have to contact the people that own it. So I'm lost. My 1st instinct is to get something in writting as to if it was sold. 

 

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4 hours ago, gdtobefree said:

I spoke with Merrick and she said they sold it in 2014 and cannot accept a payment or negotiate I have to contact the people that own it.

The CSR drone you spoke to may be partially correct.  The debt is with a third party and they cannot take payment including you must speak to the party it is with.  MANY collection contracts are written this way.  It is to prevent the CA from doing all the leg work and putting the hours in to have the consumer bypass them and pay the OC.  It is also because some collection contracts are written that the CA is paid on contingency of collecting.  The CSR may be assuming it is sold because the account is coded you must deal with the third party CA it is with.  

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15 hours ago, gdtobefree said:

I'm still a bit confused myself. I spoke with Merrick and she said they sold it in 2014 and cannot accept a payment or negotiate I have to contact the people that own it. So I'm lost. My 1st instinct is to get something in writting as to if it was sold. 

 

Given that it is Merrick, you likely had an offshorian that would be doing well to tell you whether the sun was shining or not.  CSR's tend not to be the brightest bulbs in the lamp and I trust anything they say with the same level of trust I have in gasoline to put out a fire.  Unless they have given you something IN WRITING that confirms a sale, then I would view the correspondence received and cited in the other thread as indicia that Merrick still owns the account. 

 

As noted, when the account has been placed, the OC is generally not going to accept payments, and when they do, it will not be a front-line CSR that you are getting relief from.  You will need to place your concerns IN WRITING and mail them to the executive offices (you would find the names and addresses on the FDIC and/or SEC websites...I do not recall if Merrick is publicly traded or not, which is why SEC-required filings may or may not provide useful information- if they are not publicly traded, then the SEC filings are essentially non-existent). 

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16 hours ago, centex said:

Given that it is Merrick, you likely had an offshorian that would be doing well to tell you whether the sun was shining or not.  CSR's tend not to be the brightest bulbs in the lamp and I trust anything they say with the same level of trust I have in gasoline to put out a fire.  Unless they have given you something IN WRITING that confirms a sale, then I would view the correspondence received and cited in the other thread as indicia that Merrick still owns the account. 

 

As noted, when the account has been placed, the OC is generally not going to accept payments, and when they do, it will not be a front-line CSR that you are getting relief from.  You will need to place your concerns IN WRITING and mail them to the executive offices (you would find the names and addresses on the FDIC and/or SEC websites...I do not recall if Merrick is publicly traded or not, which is why SEC-required filings may or may not provide useful information- if they are not publicly traded, then the SEC filings are essentially non-existent). 

I have the CEO's contact info. I emailed him back in dec 2017 because they were reporting that I had made several payments on time then defaulted again when I hadn't. 

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On 2/28/2019 at 5:29 AM, legaleagle2012 said:

If they sold it, Merrick should be reporting a zero balance and it should say sold to another lender on your report. Whoever bought it can start reporting at that time. Not clear who owns this. The the CAs say something like "on behalf of Merrick" or mention them in any way, then it wasn't sold.

You know as well as I do how shady a CA can be. They will try anything. 

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My end game here is to get Merrick off my reports now. They are due to fall off 7/2020. 

I don't want a settled for less then owed. I want it gone! 

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