wesley brown

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About wesley brown

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  1. I'm not talking about insurance on the borrower.....I'm talking about commercial insurance the credit card company takes out to protect them against default by the borrower. Is there any commercial insurance agents/underwriters out there that know what coverage creditors take out to protect themselves vs. default?
  2. From this site. The question is: if in fact there is an insurance policy that covers 80% of defaulted account, is there in fact a subrogation clause? only A COPY OF A POLICY would show that....
  3. Can we talk about Accord and Satisfaction under Affirmative Defenses? I recently "won" a debt suit brought against me by MCM. I won... I mean they didn't show at court date and case was dismissed as Plaintiff failed to pursue litigation. Statute of Limitations expired and no further litigation will occur. My question is: the originator of the credit card was paid 80% of alleged default account. This, I assume, was an insurance policy issued by a commercial insurance carrier. Most, if not all, insurance companies have what is called a subrogation clause. Once payment (80%) paid by the insurance carrier they become subrogated to rights, claims of the credit card company to which a claim has been paid. This infers the credit card company has no right to sell, assign debt amount that has been subrogated to the insurance company. That right now belongs to the insurance company which, to my knowledge, has never pursued those potential claims. I have not seen any forums that discuss this topic. It would be nice to see an actual insurance policy that the credit card companies have to protect them vs. default. Is my reasoning on the right page, i.e., an affirmation defense of Accord and Satisfaction would come into play (the 80%)? And, the junk debt dealer has no legal standing for the 80%. Incidentally, the other 20% was probably an IRS write-off.....another topic. Wes