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Showing content with the highest reputation on 09/29/2016 in all areas

  1. 1 point
    They have several orders against them you'd have to read the detail but in the past orders against other banks and JDBs much of the activity is automatic if a lawsuit was filed or judgment occurred. If you have an ongoing lawsuit, an option would be to request a stay in your case while waiting for notification from the CFPB or Wells Fargo and you can file an online complaint at the CFPB site to push things along. http://www.consumerfinance.gov/about-us/newsroom/cfpb-takes-action-against-wells-fargo-illegal-student-loan-servicing-practices/ http://www.consumerfinance.gov/about-us/newsroom/consumer-financial-protection-bureau-fines-wells-fargo-100-million-widespread-illegal-practice-secretly-opening-unauthorized-accounts/
  2. 1 point
    @loonytoony13, while I don't know your specific situation, the fact that you are active military can help your spouse. The 'Servicemembers Civil Relief Act' is a powerful tool in halting debt collections. I recommend you go to the Arkansas Legal Services for FREE information. You can even call them to get more information. I noticed on many debt collection lawsuits filed in Arkansas, there is a line on the complaint that says: "I have no reason to believe defendant is active military,' or some such. This includes your FAMILY. There is clearly a hurdle for JDBs to jump if you are in the military in Arkansas. I would find it if I were you. Good luck! Jimmy
  3. 1 point
    DO NOT pre-apply for a mortgage until you settle this. Once they find out you want a mortgage you lose your leverage to negotiate a settlement. Prosper IS the creditor the difference is they didn't use their money to fund the loan they used peers to do it. I am beyond surprised they didn't sue you because another P2P lender that is run by Web Bank like they are is pretty aggressive at suing for these debts now or selling them to a junk debt buyer. WHERE the money goes once you settle it is not your problem to worry about. Negotiating a settlement with the correct party is. First and foremost pull your paper hard copy credit reports and see what/who is reporting. If they state sold to another lender then you cannot deal with them you have to find out who they sold it to and deal with that entity if they are even reporting. If they are not reporting I can guarantee you they will come out of the wood work when you try and get a mortgage. Debt buyers and creditors pay the credit bureaus for the names of people who app for mortgages then compare them to the lists that owe them money. If they find a match they escalate collection efforts. Since the loan was in GA and you defaulted 3 years ago they still have 3 years to sue. Once you know what is reporting and to who then you can decide how to approach whom ever has the debt and negotiate a settlement.
  4. 1 point
    This would probably all go away if your just file a motion to compel arbitration as others have advised.
  5. 1 point
    You would not do discovery. You would look online for the credit agreement, the .gov site has them posted. It's the law, cc companies have to make their agreements available on line. if the agreement has an arbitration clause, you write a motion to the court to compel priviate contractual arbitration, and attach a copy of the agreement. There are this very motion posted all over in this forum. Then you wait for the judge to rule.
  6. 1 point
    @Paralyzed in the hallway just make clear when they try to get a settlement payment from you that it's no payment and either dismissal of the case or private contractual arbitration. Make sure you don't get into court provided mediation or arbitration. It also sounds from your post like you're giving them some leeway to provide documentation and you'll pay. That's pre-arbitration discovery which is against your agreement. Let them pay their arbitration fees and they can produce what they have there. The only thing you're in court for is to get a court order from your MTC Arb. The arbitrator is to decide everything beyond whether there is a valid agreement to arbitrate. For the small claims issue if they bring it up, you can point out in the agreement it states "any" claims resulting in an ambiguous interpretation by later stating small claims. Since you aren't sure that's the holdup, don't bring it up unless it's their objection. https://en.wikipedia.org/wiki/Contra_proferentem