What's going on, Junk Debt Buyers getting to be on the ball ?

[OHBOY]

Several of my credit card debts have been sold to LVNV FUNDING LLC and/or Midland Funding LLC.

To buy more time I have been sending these debt collectors requests for debt verification and...surprise, surprise, they are coming back, one by one, with stacks of credit card statements....

What's going on... are they not supposed to be 'unorganized'....(lol) and not have their %&$# together ?

Anybody else having the same experience ?

[salsa]

Mine bounced around quite a bit with those type of JDB's. But Asset Acceptance answered and filed lawsuits..

[treehugger1]

In order to get to LVNV, CACH, Asset, Midland, etc., you must be several months (years) beyond paying. It could be that you have ridden the horse into the ground. LOL. I suspect that the JDB's have local attorneys in your area. Count your blessings. Their DV replies potentially a sign of bigger things to come. Keep exercising your rights under state laws and the FDCPA and see what comes. What you are experiencing is nothing new in my own personal experience.

When they need to be organized, you will find that they can and often do get the ducks in a row. How much (time/energy/assets) are you willing to expend should they come for you?

[OHBOY]

In order to get to LVNV, CACH, Asset, Midland, etc., you must be several months (years) beyond paying. It could be that you have ridden the horse into the ground. LOL. I suspect that the JDB's have local attorneys in your area. Count your blessings. Their DV replies potentially a sign of bigger things to come. Keep exercising your rights under state laws and the FDCPA and see what comes. What you are experiencing is nothing new in my own personal experience.

When they need to be organized, you will find that they can and often do get the ducks in a row. How much (time/energy/assets) are you willing to expend should they come for you?

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Yes, it has been a couple of years since I have paid....

Here is my thought: if they 'come after me' I'll try stalling as long as possible by answering lawsuits. I have 2 claims in court already and right now they are 'hanging there' for the time being...

I do want to eventually file bk, however can't do it right now as I have taken the max out of my minimum mandatory ira withdrawal for the year and it would mess up my income statement for bk right now.

I should be able to file early next year though I realize that I MAY have to 'eat' some judgements in the meantime.

Have been stalling with filing since actually I don't have to at all as all of my income (SS & IRA) is protected, but some days I do like the idea of 'straightening things out' once and for all while other days I keep thinking: "why pay all that money to file ?"....

[frogger]

Midland Funding is hot to trot filing suits in my area. It is not uncommon to see them file 20-25 suits per week here in superior court.

[IamOld]

And why not Frogger, right? After all, the courts we pay for through our taxes become an arm of the collection-industrial complex.

[treehugger1]

OHBOY, I think we are on the same page. It is probably not a question of "if" I file, it is more of a question of "when" I will file. Given that the JDB's replied with Dv, you may have several more months before action can be taken by their attorneys. What happened to me was that the CA's sent the accounts to attorneys after they had DV'd me. The collection attorney firm had to then dun me for the debt. I also requested DV from the legal firms (I think you know exactly what I am talking about) and this took another 30-60 days to receive what the CA/JDB had sent me. It is a crap shoot. If you want to discuss this in more detail send me a PM. TH

[catleg]

To these JDB's it's all about money invested vs money recovered. You need to convince them you're a dry hole. It's getting harder because it's getting cheaper to file suit as courts get more automated. Also court filing fees enter the picture. In California they have raised the cost of filing MSJ (summary judgments) so they are not used so much anymore. Petition your legislators to raise court fees!

[justbroke]

I feel sorry for you, but the following are THE PREMIERE junk debt buyers, and they mean business;

• eCast Settlement
• B-Real LLC
• B-Line LLC
• LVNV Funding
• Roundup Funding
• Arrow Services

These are the REAL DEAL. They specialize in bankruptcy debt as well -- especially Chapter 13 debt.

[frogger]

it's all about money invested vs money recovered.

a.k.a the "spray and pray" method.

[salsa]

Might want to throw Asset Acceptance in that pile.

[catleg]

Don't forget the biggest of them all, Portfolio Recovery Associates (Nasdaq:PRAA) which owns about 1/2 of my debt.

I think eCast was partly owned by Bear Stearns so now Chase owns a piece of them.

[df04527]

These collectors are the big dogs in the business. I have found they have it together most all the time.

[justbroke]

Don't forget the biggest of them all, Portfolio Recovery Associates (Nasdaq:PRAA) which owns about 1/2 of my debt.

Yes, they are another player!

I think eCast was partly owned by Bear Stearns so now Chase owns a piece of them.

It's so incestuous isn't it? It appears that Chase (JP Morgan Chase) owns them.

A side note... eCast has been known to actually litigate in Chapter 13 proceedings and seek to have confirmations denied! Don't under-estimate them. They have a lot of money and lots of lawyers.

[treehugger1]

Amazing, one would hope that the trustees easily see that the debt passed from an original creditor long before a BK 13 that resulted in a "creditor" being a JDB. Incredible, but unfortunately, believeable.

I have noticed that as I get out closer to my state's SOL, a few more of debts have been sold to some relatively small regional (Pacific Northwest) debt buyers. I had an alleged US bank CC sold to a small regional JDB. I recently requested a DV, and also stated I was prepared to litigate. I'll see what they do. I looked at my local court records, and I could not find any suits listing the JDB as plaintiff. Maybe they are new.