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Everything posted by LaneBlane

  1. There was a discussion about SOL for Promissory Notes in Virginia. I just posed a question about the SOL when the agreement states the laws of Utah apply.
  2. I believe Prosper and LendingClub have both worked with WebBank. It looks like WebBank and LendingClub have parted ways, though. This may be the reason why the language is so similar. Good luck on the dismissal with prejudice! That's an accomplishment.
  3. The Borrower Agreement contains the following language that says it's governed by Utah law. We're not in Virginia. Out of curiosity, would this language mean Utah's SOL would apply? The provisions of this Borrower Agreement will be governed by Federal laws and the laws of the State of Utah to the extent not preempted, without regard to any principle of conflicts of laws that would require or permit the application of the laws of any other jurisdiction.
  4. I paid off a LendingClub loan a while back, so I know what you mean. The documents the collection agency sent to my friend don't include a separate Promissory Note. They also provided her with a list of all the documents on her account, including the loan documents. A Promissory Note wasn't listed, separate from the Borrower Agreement that contains the Loan Agreement and Promissory Note with blank lines. It will be interesting to see what, if anything, the collection agency comes back with.
  5. There's no lawsuit involved. My friend just needed to respond to some documents she received after requesting validation. I did some further research into this and found the information I needed. According to 17 C.J.S. Contracts § 65 (1963): As a general rule, presence of blanks in a contract is fatal to the enforcement if the blanks occur in a provision dealing with an essential term of the contract. (C.J.S. is an encyclopedia of United States law at the federal and state levels.) Because the blanks involved essential terms to the contract such as the loan amount, interest rate, payment terms, etc., the Loan Agreement and Promissory Note would be unenforceable. LendingClub's agreement says it's governed by the Loan Agreement and Promissory Note. It also states, “Your obligations, including your obligation to repay principal and interest, are set forth in the Loan Agreement and Promissory Note. Other fees and terms of the loan will also be set forth in the Loan Agreement and Promissory Note.” My friend's response asked how there could be an obligation to repay principal and interest that isn't specified. In accordance with the arbitration provision, she also gave written notice that she elected final and binding arbitration as the sole and exclusive forum and remedy for resolution of any claim.
  6. That first collection notice, the one with the 30-day validation language, ends up in the trash far too many times.
  7. I sent a letter to each of the CRAs asking for a copy of my Consumer Disclosure File. I also specifically asked that it include the date for first delinquency for the collection account on my reports. I've never requested one of these before, so I'm not sure if it will include all tradelines. Sounds like it's nothing to worry about then. Someone else here may be able to advise you on this better than I can. It's my understanding that a collection agency can't continue reporting an account/debt that has been recalled by the OC. I would wait until you know the date of first delinquency reported to the CRAs. Just be patient. No need to poke a sleeping bear.
  8. Just thought I'd mention something... I filed a demand for arbitration under an arbitration provision that included the following language: No matter which party initiates the arbitration, we will advance or reimburse filing fees and other costs or fees of arbitration. If either party fails to submit to arbitration following a proper demand to do so, that party will bear the costs and expenses, including reasonable attorneys’ fees, incurred by the party compelling arbitration. I'd check the arbitration agreement to see if there's anything similar written. After the JDB failed to pay, the court case was dismissed without prejudice. Now I'm waiting until 2022 for the SOL to pass so I can file a small claims case against the JDB to recoup nearly $700.00.
  9. Where do the CRAs even get your employment information? Is this entered by creditors who obtained this information through a credit application?
  10. Home Depot has a consumer and a commercial card. Just be sure you have the consumer card.
  11. @JDCHATER Most correspondence from collection agencies and JDBs are just impersonal form letters with verbiage that may or may not fit your particular circumstance. At the end of the day, what does it matter? You may need more than an incorrect date of birth if you're trying to show an account did not belong to you, especially if statements reflect your correct name and billing address.
  12. Because the notice from MCM says they've made several previous attempts to contact the OP, would MCM even respond to a debt validation letter? Being that the balance is comfortably under $3,000, arbitration seems like the right strategy, depending on SC law and the arbitration provision of the credit card agreement. If you haven't looked up you card agreement, here's a link to the database: https://www.consumerfinance.gov/credit-cards/agreements/
  13. My recommendation would be to write a letter to each of the CRAs to request a copy of your Consumer Disclosure File, including the date of first delinquency on the collection accounts. Once you have this information you can compare the last payment date for Barclays (4/17) with the date of first delinquency reported by PRA on this account. If you find the date of first delinquency on a collection is after the charge-off date, the collection may have been re-aged. This is an FCRA violation. There's always a chance this has happened, albeit a small chance. Do your credit reports show a Unifund collection for Barclay's? Have you called the medical provider's office about that particular debt?
  14. @BV80 If one of the larger JDBs was involved in multiple arbitration cases that were closed because they failed to pay, wouldn't JAMS or AAA eventually refuse to administer future cases involving them due to their repeated failure to comply with the arbitration rules?
  15. This is what happened in my JAMS case involving a JDB. JAMS sent a letter to the parties saying the case was closed due to non-payment.
  16. I'd recommend scheduling a consultation with a business attorney. Provide the attorney with the contract between your partner in the LLC and the waiver they've asked you to sign. The attorney can draw certain legal opinions based on the documentation and your answers to a few questions. This sounds like the dissolution of a business partnership where you wanted to buy-out the person who wanted out. However, you're using terms like probate and trustee. Does this situation involve someone who passed away?
  17. Do your credit reports include the date of first delinquency (DOFD) on your collection accounts? If this information is included, check the date the original creditor charged-off the account against the collection's DOFD. If the DOFD is more recent, the account may have been re-aged. I obtain my reports through CreditKarma and Experian.com. None of the reports I receive through these sources include the DOFD, so I had to write to each CRA to request a Consumer Disclosure File that contained a comprehensive history of all my credit information. FCRA Section 609(a)(1) says “…every consumer reporting agency shall clearly and accurately disclose to the consumer ALL information in the consumer’s file at the time of the request.” Re-ageing is a serious violation of the FCRA, so it's worth checking to see if this has occurred. As Clydesmom said, any communication between you, a creditor, or a collection agency should not admit the debt is yours.
  18. Here's a link to a list of credit card agreements for Synchrony so you can read the arbitration provision: https://www.consumerfinance.gov/credit-cards/agreements/issuer/synchrony-bank/ I'd also recommending reading Fisthardcheese's thread, Arbitration Overview and Strategy. You can find this here: I found this language in the Synchrony agreement for JC Penney cards: If a party files a lawsuit in court asserting claim(s) that are subject to arbitration and the other party files a motion with the court to compel arbitration, which is granted, it will be the responsibility of the party asserting the claim(s) to commence the arbitration proceeding. If your agreement has this, Midland would be responsible for filing an arbitration demand.
  19. I had a question about the Lending Club account. Was this a business or personal loan?
  20. Just for clarification, is this on a Home Depot consumer card? The arbitration provision for the Home Depot consumer card clearly states, "If arbitration is chosen by any party, neither you nor we will have the right to litigate that Claim in court..." Filing a MTC was essentially your way of choosing arbitration. If you file your dispute with AAA now, you would at least be able to advise the Court and the Judge in October that you've taken this step. Just ask for help here on how to write the best dispute. Have you read Fisthardcheese's Arbitration Overview and Strategy? You can find this at https://www.creditinfocenter.com/community/topic/329436-arbitration-overview-and-strategy-2018-most-up-to-date-info/
  21. Thanks again for your help on this, BV80. I'll let her know it's a waiting game unless she wants to try to settle.
  22. Thanks for your help, BV80. If the information they provided is enough to validate the debt, I'm assuming a response isn't necessary unless my friend wants to attempt a settlement. The Borrower Agreement does include an arbitration provision that states either party may elect final and binding arbitration as the sole means for remedy or resolution of any past, current, or future claims. What if she were to send a letter to the collection agency that said she elected final and binding arbitration to resolve any claims? This could be followed by an offer to settle for a lump sum. I'm not sure if the mention of arbitration would persuade them to settle for 25%.
  23. They provided a running accounting that shows how much was due each month, how much was paid, and the resulting balance. The final line includes the balance they claim is owed.
  24. I've heard that a lot of collections related to medical bills aren't reported. I don't know if this is true or not.
  25. I've been helping a friend who received a notice from a collection agency on a Lending Club (Web Bank) personal loan she stopped paying on late last year. The balance is around $6,000. In response to her debt validation letter, the agency sent a few documents that include a Borrower Agreement with a "Copy of Original" watermark across each page. The Borrower Agreement includes an Exhibit A, Loan Agreement and Promissory Note, with several blank lines where the amount of the loan, interest, and repayment terms should have been written. The document that includes this information is a one-page Truth in Lending Disclosure Statement that's separate from the Borrower Agreement. The Borrower Agreement states: Your loan will be governed by the terms of the Loan Agreement and Promissory Note, which is attached to this Agreement as Exhibit A. Your loan will have a principal balance in the amount set forth in the Truth in Lending disclosure and Loan Agreement and Promissory Note. Once the Loan Agreement and Promissory Note is signed by LendingClub or its designee acting as your attorney-in-fact, it is deemed executed on your behalf and shall be your valid and binding obligation thereafter. Based on the terms of the Borrower Agreement, and all the blank lines in the Loan Agreement and Promissory Note, what is the best way to respond to the collection agency? Is it even necessary to respond at this time? Thanks for your input!
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