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

[catleg]

Funny you mention US Bank, they were the first to give up and sell to a local JDB, right after chargeoff, many months before I actually filed BK.

[my2girls]

Ok, can someone clarify for me...We received a letter from blah, blah, blah, P.C. Attorneys and Counselors at Law. Basically the letter from their office has been retained by "CACH, LLC" who now owns the debt having purchased it from the original creditor (Wells Fargo) demanding full payment. Unless I notify them within 30 days in writing to verify the debt the debt will be assummed by this office. Goes into talking about verification of debt. Then says at this time no attorney with our law firm has personally reviewed the particular circumstances of our account please call our office immediately.

QUESTION: (Filing for Chpt. 7 in October/November) Do we ask for DV or wait it out? Thanks in advance.

[OHBOY]

Ok, can someone clarify for me...We received a letter from blah, blah, blah, P.C. Attorneys and Counselors at Law. Basically the letter from their office has been retained by "CACH, LLC" who now owns the debt having purchased it from the original creditor (Wells Fargo) demanding full payment. Unless I notify them within 30 days in writing to verify the debt the debt will be assummed by this office. Goes into talking about verification of debt. Then says at this time no attorney with our law firm has personally reviewed the particular circumstances of our account please call our office immediately.

QUESTION: (Filing for Chpt. 7 in October/November) Do we ask for DV or wait it out? Thanks in advance.

Since it's no big deal to send out a DV and CD I certainly would do it. Never know maybe you will not yet file in October/Nov. and this should buy you a little more time befire being taken to court. Just my thoughts.....

[feelingnutsy]

Like OHBOY said---do the DV and CD---but close to the the 30-day deadline---
and this should buy you at least another month---and I have a major hunch
that you'd get some phone calls for a few weeks---but by then---you'll most
likely be in filing range---and if not---there's still another 21 days to reply to a suit.

[treehugger1]

I would send the DV request. Remember that until they have complied with your request for verification, all collection activity is to stop.

I always request that all future communication must be by US mail. I can't think of a single case where any CA/JDB has failed to honor this request.

[GoingDown]

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

Of course, keep in mind that just because a junk debt buyers responds to your DV with stacks of credit card statements doesn't necessarily mean they will follow through on filing a lawsuit against you.

LVNV came after me about 5 years ago, and verified the debt with old credit card statements, but as of yet, they have not filed a lawsuit against me.

They bounced the account around to about 5 different collection agencies, and I would send a cease and desist communications letter to each of them, and finally, they fell silent.

I think they have a passive monitoring service watching my credit reports for any new activity, and if they see anything positive and new on there, they will start attacking me again with phone calls.

The statute of limitations for Arizona has changed recently from 3 years to 6 years, but I think I am probably already beyond it on most of my debts at this time. If in the unlikely event one of them sues me at this late stage, I will fight them in court and see if the statute of limitations has expired or not.

But the point is this... I have a lot of credit card debts that were sold to junk debt buyers who later verified the debts with old credit card bills, but none of the junk debt buyers ever sued me.

I think you are more likely to be sued by the original creditor than you are by a junk debt buyer with most credit card debts. By the time it gets to a junk debt buyer, they seem to get a bit more picky about filing a lawsuit, and only file them against debtors with verifiable income or assets.

[GoingDown]

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.

I don't know anything about the other ones, but LVNV and Arrow own some of my junk debts, and after a few years of bouncing my accounts around to different collection agencies (because I C &D'd each of them to stop calling me), they both fell silent and haven't even done a soft pull on my credit report in over two years.

They can't sue everyone.

I will, of course, feel safer once I am certain that they are all beyond my state's newly passed longer SOL. That should happen this fall for most of them. Some are already beyond it at this point. One of them already gave up the ghost on the debt and sent me a 1099-C for the entire debt plus interest. So, I think they are finished with me for sure. That happened several years ago, and they didn't sell the debt to anyone and haven't even bothered pulling my credit report since then. Nor have they bothered to call me.

[IamOld]

Funny that - PRA bought most of spouse's credit cards and filed claims in the 13...LVNV tried to slip one of MY (just me) credit cards and claim it from spouse's 13, and they bought one or two of other credit cards...15% is what unsecured are getting...wow...must be "good" business...

I don't know anything about the other ones, but LVNV and Arrow own some of my junk debts, and after a few years of bouncing my accounts around to different collection agencies (because I C &D'd each of them to stop calling me), they both fell silent and haven't even done a soft pull on my credit report in over two years.

They can't sue everyone.

I will, of course, feel safer once I am certain that they are all beyond my state's newly passed longer SOL. That should happen this fall for most of them. Some are already beyond it at this point. One of them already gave up the ghost on the debt and sent me a 1099-C for the entire debt plus interest. So, I think they are finished with me for sure. That happened several years ago, and they didn't sell the debt to anyone and haven't even bothered pulling my credit report since then. Nor have they bothered to call me.

[Bell30656]

Small Claims Court cases are a harder issue because of the speed to which those cases progress though to judgement. Superior Court cases you can drag out a while. I drug a Superior Court case out for 13 months from serve date until I filed. I wouldn't have been able to do that in Small Claims

[meetsv]

Going down,

I have a court paper dating back to 1/2009 that states credit cards are a 3 years SOL (open account) and this is from the AZ Superior court.

[treehugger1]

As goingdown pointed out, there is new SOL statute for Arizona that increased the SOL to 6 years. I don't know if the new law is only valid for debt that was not outside the old 3-year SOL at the time the new law goes into effect. On wwould hope the new statute is prosepective and does not punish those who are currently beyond SOL at 3 years but under SOL at 6 years when the law becomes active.

[IamOld]

I don't think it could be retroactive - that would be unconstitutional - ex post fact laws...

[bcohen]

The statute of limitations for Arizona has changed recently from 3 years to 6 years, but I think I am probably already beyond it on most of my debts at this time. If in the unlikely event one of them sues me at this late stage, I will fight them in court and see if the statute of limitations has expired or not.

I have not heard about this, and I also live in Arizona. Even when I was contemplating bankruptcy (back in 2009) I was advised that credit cards and other open-ended accounts have a 3-year SOL from the DOFD. I am actually hoping to wait that out, as I am already more than 2 years into it.

[treehugger1]

http://phoenixbankruptcynews.com/2011/04/arizonas-statute-of-limitations-on-credit-card-debt-collection.html

[GoingDown]

Going down,

I have a court paper dating back to 1/2009 that states credit cards are a 3 years SOL (open account) and this is from the AZ Superior court.

I have the same paper. I have quoted it on this and other forums many times. But now the state legislature has passed a new law about SOL.


There has been much inconlusive discussion on other forums about whether or not old debts which were owed before this law passed would be subject to this new law, but what it comes down to is that if you are sued, you will have to fight it in court and see what the judge decides about it.

My guess is that, unfortunately, most judges are pro debt collector, and will side with them.

If I am sued, I will fight it, and I will argue that the new law does not apply to my old debts and I will tell you all what the judge has to say about it. But, at this point, it does not look likely that I am going to get sued for these old dormant debts, and they only have a few months left to sue me before even the 6 year SOL expires.

Even if they do sue me and win, they won't get a penny from me, ever. I will see to that.