Finally stopped!

[treehugger1]

Huh, BoA was very kind to me. Immediately after charge-off, they sold my debt to JDB's. This was 2 1/2 years ago when creditors could still find buyers for junk debt, LOL. One account was sold to CACH and the other to LVNV. At one point Brachfld was representing LVNV (I think.) I had a shitload of fun with those folks. At this time, I have had no calls on either account for over 8 months.

Both JDBs are reporting to the credit reporting agencies, but all report "consumer disputes account." I check my credit report every month, and it is slowly "improving." I am now in the 3rd percentile of credit-worthy citizens. Two months ago I was dead last.

[flyinbroke]

Tree, what a difference a couple of years make. Not one of my five OC accounts has been sold to JDBs. One local CA lawyer sued but was stymied by arbitration....OC fired the firm and brought in another but it does not change the old charges. Two more got sent straight to arbitration when they hired Zwicker. Arbitration is no longer the easy money for them...it costs a lot (for them) and has no guarantee for them.

The remaining two are BoA, and one went to the same local law firm mentioned above; it never validated and I never heard from it again once I elected arbitration. They are CA lawyer shopping, I suspect. I had several CA law firms doing soft pulls on my CR but no one is biting. However I have what appears to be a truckload of debt with much of it is student loans and they automatically get paid.

Fine by me...five older negatives are better than new JDBs popping up that have to be stomped on.

[tobee43]

B of A is the devil incarnate.

Okay, maybe not Lucifer himself, but close. Like one of his demons, probably.

B of A decreased my credit line to a level beneath what was already owed (which was about a third of the previous CL), on a card that was current and on which I was making about four times the minimum payments. They also raised the interest to shylock rates, and sent me a letter informing me of both the CL decrease and the fact that I could "opt out" of the APR increase by never using the card again. Only one problem: They sent it two weeks later!

So according to their warped way of thinking, by using the card before I got the notice, I "accepted" the rate increase -- and also ran over my limit so they could penalize me for that, too.

I hate B of A. If I were standing on line in one of their branches and someone came in and robbed the place, I would shake his hand and offer him a getaway ride. I pray every night that Julian Assange has enough goods on B of A to put them out of business, and land their whole Board of Directors and every employee over the rank of teller in prison.

-Rich

i'm with you on this one rich....or at least their employees are...although they i'm certain are getting their instructions from the b of a gods.

actually, when i think about what that one lady did to us..it was surrealistic....how could anyone knowingly do that who knew what and where the money was going...

and and big whoppee for all these new fake regulations the government was suppose to put into place for the consumer....

and you what....it will catch up to them...when people stop using credit, which of course many of us on this site have already done...it's going to top off in the millions and then what??? i suppose it's also one of the reasons our economy is in this state the banks just stink....

[CCsSuck]

Tree, what a difference a couple of years make. Not one of my five OC accounts has been sold to JDBs. One local CA lawyer sued but was stymied by arbitration....OC fired the firm and brought in another but it does not change the old charges. Two more got sent straight to arbitration when they hired Zwicker. Arbitration is no longer the easy money for them...it costs a lot (for them) and has no guarantee for them.

The remaining two are BoA, and one went to the same local law firm mentioned above; it never validated and I never heard from it again once I elected arbitration. They are CA lawyer shopping, I suspect. I had several CA law firms doing soft pulls on my CR but no one is biting. However I have what appears to be a truckload of debt with much of it is student loans and they automatically get paid.

Fine by me...five older negatives are better than new JDBs popping up that have to be stomped on.

Wait... if I'm reading this right, are you saying that they are no longing selling their debts to collection agencies after they're charged off, and instead just suing people themselves -- quicker?

[flyinbroke]

In my case, yes. They skipped the JDB sale and went straight to lawsuit.

I was sued a mere six months after stopping payment on one OC. They never went to a CA, they sent it straight to a collections law firm.

The second and third (both the same OC) hired a couple of CAs that were unsuccessful and I sued for violations. They then hired Zwicker, which is a law firm who does sue early and often in my state.

The last two are BoA accounts and they are lawyer shopping now since I keep getting unrecognizable names popping up on my soft inquiries. They tried a CA that violated, so I hired a laawyer and sued. Brachfeld did a hard pull for someone (suspect BoA) but I sued them for impermissible pull.

[tobee43]

In my case, yes. They skipped the JDB sale and went straight to lawsuit.

I was sued a mere six months after stopping payment on one OC. They never went to a CA, they sent it straight to a collections law firm.

The second and third (both the same OC) hired a couple of CAs that were unsuccessful and I sued for violations. They then hired Zwicker, which is a law firm who does sue early and often in my state.

The last two are BoA accounts and they are lawyer shopping now since I keep getting unrecognizable names popping up on my soft inquiries. They tried a CA that violated, so I hired a laawyer and sued. Brachfeld did a hard pull for someone (suspect BoA) but I sued them for impermissible pull.

flyinbroke...ok...now that's impressive...impermissible pull....so...can you give any general details as to how that's going???

really very interesting........ especially in or with most of today's creditor's positions...????

[CCsSuck]

In my case, yes. They skipped the JDB sale and went straight to lawsuit.

I was sued a mere six months after stopping payment on one OC. They never went to a CA, they sent it straight to a collections law firm.

Ugh. That kind of makes my head hurt.

[flyinbroke]

Tobee, sure thing. I went for small claims, cited an impermissible purpose since they refused to divulge any information at all as to why they would be doing a hard pull. (The FCRA does not distinguish, for the record. I have had a lot of soft pulls but no one sees those.) I sent two letters stating if they did not state their PP for pulling, or remove the offending entry I would sue.

Crickets.

I sued. Sent to their registered agent back in November. They signed for the summons.

Crickets. (They did not even send back the receipt of summons! )

My default judgment hearing should be scheduled relatively soon. Then I will just go for their required bond and call it a day.

Overall, I have found that most will not settle for less than 50 percent. They are going for law firms relatively quickly. None seem to have experience in the new world order of arbitration post-NAF.

[tobee43]

Tobee, sure thing. I went for small claims, cited an impermissible purpose since they refused to divulge any information at all as to why they would be doing a hard pull. (The FCRA does not distinguish, for the record. I have had a lot of soft pulls but no one sees those.) I sent two letters stating if they did not state their PP for pulling, or remove the offending entry I would sue.

Crickets.

I sued. Sent to their registered agent back in November. They signed for the summons.

Crickets. (They did not even send back the receipt of summons! )

My default judgment hearing should be scheduled relatively soon. Then I will just go for their required bond and call it a day.

Overall, I have found that most will not settle for less than 50 percent. They are going for law firms relatively quickly. None seem to have experience in the new world order of arbitration post-NAF.

flyinbroke, thanks for the update...most people would never file against the creditor feeling too much intimidation....i think ...or know i have a letter all prepared just in case i had to send on in my own behalf if the occasion arose.

hats off to you!!!

[treehugger1]

I just returned from my local courthouse, where I did a search for BoA. I am amazed at how many active suits this creditor is filing against defendants compared to when I defaulted on the BoA CC's. I think BoA is being taken for a ride by some of the collection firms they hire. There is no way BoA will ever collect some of the amounts I've seen in these recent local suits. I do live in the Oregon outback, so perhaps BoA has no idea that upstate attorneys are possibly taking advantage of them.

As I've mentioned in other posts, I have to believe that the current attorney/OC collection model allows the legal firm to bill by the hour, rather than receive a % of the collections. Goofy bastards.

[CCsSuck]

I just returned from my local courthouse, where I did a search for BoA. I am amazed at how many active suits this creditor is filing against defendants compared to when I defaulted on the BoA CC's. I think BoA is being taken for a ride by some of the collection firms they hire. There is no way BoA will ever collect some of the amounts I've seen in these recent local suits. I do live in the Oregon outback, so perhaps BoA has no idea that upstate attorneys are possibly taking advantage of them.

As I've mentioned in other posts, I have to believe that the current attorney/OC collection model allows the legal firm to bill by the hour, rather than receive a % of the collections. Goofy bastards.

Just out of curiousity -- the legal fees that the lawyers will add on top of the judgment can still be discharged along with the original debt in chapter 7, right? Yes, I realize you'd have to get the judgment vacated post bankruptcy, but what about the legal fees?

[treehugger1]

That's a question you might want to ask on the bankruptcy threads or general forum.

[ryan]

The worst your credit can get is when it hits chargeoff, from what I understand, and I passed that already...the newest one is 6 months old. .

Flyinbroke, just curious where you learned that? 'worst credit you can get is at 'chargeoff'?

...also just want to add this is a great thread, lots of useful info, about defending against OC, CA's and the part about suing the people who make impermissable pulls on credit is fascinating to me. Thanks

[flyinbroke]

Meaning that next to BK, the CO is supposedly the worst hit your credit report can take. Within a few months, however, my scores started creeping up again...while it was only a few points, it still indicates that it is not the end of the world. As long as no other baddies get added, I probably hit as rock bottom as I am going to get.

As for impermissible pull, I would be careful. I would not push this for soft pulls as no one sees them. I would not do this when someone makes a hard pull and you hear from them as to why (usually with a dunning letter)....as technically, collectors do have PP to pull reports. In my case, they never responded to any mail so I literally have no idea what they are doing making hard pulls on my account.

[CCsSuck]

So I stopped by my house for lunch today and in the mail I got my first letter from BofA. Paraphrasing it basically said: "We're concerned we haven't received your payment due Jan 1, 2011. We understand how it is easy to forget making a payment on time, so we think you should take advantage of the easy payment options we offer, etc. etc." Then it goes on to say something about "if you're having difficultly making your payment, please call our 800 number so we can arrange to keep your account current."

I think they missed the point.

I'm actually considering writing them a letter starting off with something to the effect of:

"While I appreciate your concern, I wish you would have been equally concerned when I called you four or five months ago and told you I was seriously overextended due to you waking up one day and thinking doubling my interest rate (because of no fault of my own) would be a grand idea and that I would not be able to continue making my rediculously high minimum payment of $350/month. At the time you seemed to sympathize with me, but eventually just told me to pound sand. At this time, I think its only appropriate to tell you the same."