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LaneBlane last won the day on October 5

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About LaneBlane

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  1. I'm sorry you lost your mom earlier this year. Let me start by saying I understand your predicament at the time. Nearly ten years ago my dad went through a short battle with cancer and passed away. My husband and I became caregivers for my mom which caused a great financial and emotional burden. We went from being financially stable with savings stashed away to being broker than we'd been since we were teenagers. It's what you do for family, no matter the cost. How much is the alleged balance? I'd recommend reading the following thread on arbitration strategies.
  2. There are a few old threads on this site pertaining to Lending Club. I'd recommend doing a search using the search tool to see what other people's experience has been You can also search the internet for information on settling with Velocity. Has Velocity provided you with a copy of the loan agreement and any documents that show they purchased the debt? If so, is the agreement signed or does it show an electronic signature exists? Also describe any purchase/sale documents.
  3. Does the loan document you received include an arbitration clause? Also, was this a personal loan or a business loan? What is the alleged balance?
  4. Because this is a commercial loan, you won't have the luxury of being limited to paying a reasonable filing fee. If I remember correctly, I paid $600 to JAMS in my commercial case. I would have been expected to pay half the cost of everything moving forward (arbitrator, hearing, etc.) What does the arbitration clause of your agreement say with regard to payment for arbitration? My agreement said the other side would advance or reimburse all fees/costs related to arbitration. The JDB in my case refused to do either. Because they never submitted payment for the arbitrator's retainer fee, the case was administratively closed by JAMS. It took another year or so for the judge to dismiss the court case (it was stayed pending arbitration) for lack of prosecution. On a personal note, I've owned my own small business for nearly 20 years. One of the biggest mistakes I ever made was taking out a business loan, especially with a higher-interest, online-based lender. I found myself taking out a loan to pay the other loan, something the lender gladly did and even encouraged. It's something I will NEVER do again. It choked the cash flow for my business and became a huge financial and emotional burden.
  5. I don't have any documents from the OC that say the loans were paid in full. I only have a record of each payment I made with no running balance sheet.
  6. My own case had the same type of "Exhibit B" document. It included an account number that didn't even match mine. If the information on your document is accurate, the documents seem as though they'd be more than sufficient to prove ownership of the account with an affidavit. As Clydesmom pointed out earlier, they may have even more information on the trial date. Before you attempt to reach a settlement you should determine how much you're willing and able to afford before you pick up the phone.
  7. Have you spoken with the company that that holds your fleet fuel card since the account was sent to collections? If you've had a good relationship with them before Covid-19 hit, and you made good faith attempts to pay down the balance after your business came to a halt, they may be able to pull the account out of collections so you can continue paying them directly. Even though they didn't have any programs in place to help customers affected by the pandemic, they should be somewhat flexible if they see you're making an effort. I'd follow WhoCares1000's advice and check your contract. In addition to the agreement allowing them to add collections charges and interest, I'd also check to see if there's a personal guarantee that would make you personally responsible for the debt. If this is the case, this collection may find its way onto your personal credit reports. I'm a small business owner, too, so I understand what you're going through. My business hit a wall last March and has been struggling ever since. I've had to get creative to find other avenues of income so I can continue to purchase inventory, pay invoices, and take care of my other expenses. Did you apply for Pandemic Unemployment Assistance (PUA) with your state? Is that what you meant by unemployment stimulus?
  8. A. Top page of a statement showing the amount owed with my name and address: Is this a CITI statement or a statement generated by someone else? B. Bill of Sale And Assignment between citi and mom: Do you mean a Bill of Sale and Assignment between CITI and Midland? Does this document identify you or your account number at all? Is there any mention of Costco Fresh Flow? C. Costco Fresh Flow Transfer document showing SALE ID. a second page that lists my name, address and amount. Amount on page shows 4100, being sued for 4036?: Does this transfer document also reference CITI? More importantly, is your account number included anywhere on either page?
  9. A few years ago I was sued by a JDB for some loans they claimed were unpaid. The amount they sued for was more than $6,000. According to my records, all the loans had been paid off, I'd been overcharged in interest, and a few of my payments didn't appear in the account history they provided. I filed an MTC that was granted and had the case stayed pending arbitration. Because the JDB wouldn't pay the required arbitration fees, JAMS administratively closed the case. The court case was later closed for lack of prosecution. I haven't heard anything from the JDB or their attorney for upwards of three years. This collection continues to appear on my credit reports. Over the past year I've made some unsuccessful attempts to have it removed. This includes sending the CRAs a screen shot from the original lender's website that lists all of my loans with a "Paid in Full" status. I was hoping this would be enough to have the account removed. It wasn't. I also mentioned the fact that the collection reported is related to a business loan that shouldn't be reported on my personal credit. That didn't work either. When I called the original lender they would only say they have nothing to do with the collection and I'd have to call the JDB. Should I try to send another copy of the screenshot that lists all my accounts as "Paid in Full" to the CRAs with an affidavit? Is there something else I should try instead?
  10. Aside from purchasing a house with a spare bedroom, is there another option for spending time with your kids in the immediate future? If you had them for a weekend, could you plan a weekend trip not too far away where you could stay at a hotel or rent a cabin? Maybe there's even a website out there that can help you out with some good ideas in that particular area.
  11. You'll be much better off if you focus on the issue with your credit reports without being in such a rush to clean things up so you can buy a house. These things do take time. In the meanwhile, focus on things you can control like watching your spending and setting aside as much savings as possible.
  12. You're very welcome. Kudos for reading JAMS' form so carefully and asking such a good question for clarification.
  13. 3. The consumer party was required to accept the arbitration provision in the contract. There's a difference between arbitration and the arbitration provision (agreement). Your ability to opt out of arbitration within 30-days is part of the arbitration provision.
  14. The only thing this discrepancy may do is raise the Experian chargeoff to $10,803. Do you know when your next consult with the credit repair company is? You're paying for their services, so I would speak with them about what they've learned and what they recommend going forward. Just pay attention to their charges, read and understand their money back guarantee, and request a refund within the 90-day period if you feel you're entitled to one.
  15. Let's say we take your girlfriend out of the equation for just a moment. As long as you had furniture and possessions in the apartment, you technically didn't vacate it. You remained responsible for the rent and any damages, regardless of the situation. (Many times when a lease expires it automatically turns into a month-to-month if you don't vacate and hand over the keys).