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  1. I think my last payment was around the time of COVID. I had to preserve my money for future expenses. I was up to date on monthly payments till then for both Merill and now Cavarly (which is in collections per my credit report). Thank you for responding.
  2. Thank you @BackFromTheDebt.. Per: 1) The third step is to see what their reply is to your DV letter. I read @pulpfiction0experience where he sent a DV letter with arbitration language and also to cease and desist. So I am confused, what are some good examples of a DV letter? 2) Right after filing in arbitration. They know it is expensive. They are often more likely to settle. I can't find my credit agreement and terms and conditions with Merrill. I was a client in 2005. And Merrill merged with Bank of America during the financial crisis in 2008. I do have a merrill services client agreement (brokerage, trading) saying that the agreement contains a predispute arbitration clause. But I am no longer a brokerage, trading client but kept using the Merrill credit card for my failed business start up and medical expenses. From reading many thoughts and experiences on this great website, I am lost on the arbitration potential strategy. I have read that you file an MTC with arbitration as a defense in your ANSWER in NEw York if the debt collection law firm sues you. But I DONT have a credit agreement showing the ability to arbitrate to attach as an exhibit. Plus, Rubin and Rothman (R&R) seem to be BOA's lawyer? Yet, according to the letter R&R sent, none of their attorneys have review my account. I think I am getting better at summing things up and writing my situation out while simultaneously researching has brought a little stress down. Thanks everyone!
  3. @nobk4meBecame a Merrill client in 2005 (initial credit agreement-- I can't find) and now under Bank of America with outstanding amount of $42K. Spoke with Merrill agent (not BOA) today, and it was charged off on Feb 2021 -- IS THIS THE DATE OF DEFAULT?. Then Merrill recovery unit said they 1) Sent to ARSI for collections??? and 2) now a debt collection NEw York Law firm, Rubin & ROthman sent me a letter to dispute the validity. After checking my credit report per @BV80's advice (never ever seen a credit report before), I have a Cavalry SPV I, LLC of about $6500 in collections. BOA still shows an outstanding on my Credit report. Thank you all for your thoughts!
  4. Thank you BV80. That is to me is very tricky language. Or I am just not a good reader...!!!!
  5. I just read this slowly, its from the Rubin & Rothman NY law collector firm : "Unless you dispute the validity of the debt, or an portion thereof, within 30 days after your receipt of this letter, we will assume the debt to be valid. If you notify us in writing within the 30 day period that the debt, or any portion thereof, is disputed, we will obtain verification of the debt or A COPY OF A JUDGEMENT AGAINST YOU and mail a copy of such verification or JUDGEMENT TO YOU. Upon your written request within the 30 day period, we will provide you with the name and address of the Original creditor, if different from the current creditor" And than at the bottom, it says No attorney has reviewed the particular circumstances. This letter seems to be very tricky or I am just plain dumb, which I completely feel. Is there a judgement already? I have not received a summons or complaint that I am aware of. I am now so unsure of how to interpret this. The charge off based on my conversation with Merill today was early 2021.
  6. So are my steps the following with R&R, the debt collecting lawyer the following: 1) Call them and ask about a settlment or DV? I have 30 days to where "they will assume the debt to be valid" And when I speak with them, what words should I use? I am actually nervous speaking with them. Thank you!
  7. I suppose you could contact ML to find out if they have copies of agreements for 2005 to the year B of A acquired ML. I tried getting my agreement from ML and going online. My online is no longer valid. I just spoke with them (ML) and they said, my account was charged off and went to collections with ARSI and now the law firm Rubin & Rothman. What was interesting was when I called Bank of America, they transfered me to a Merrill division. I was never a Bank of america client, I was a merrill and a client beyond using their credit card. I use to use their brokerage but stopped and kept their credit card. Would the credit card be subject to the clause below? SOrry of this is repetitive or coming in pieces, but this is all so new to me. I am just so dazed and confused. May I ask is it worth it to call the collecting law firm Rubin&Rothman? Or is this wrong? If it wasn't for COVID, our startup probably would not of failed and I would not be behind in payments. Is a payment plan worth it or negotiate a percentage of the $40K? I can borrow from my family, I think. Or just wait and get sued? THanks again!
  8. 1) In another post, you cited language from an ML arbitration provision (predispute arbitration). Where did you find it? Could you please provide the link? Its not a link. I have a hard copy of the ML services agreement. 2) Is this your credit card? https://card.ml.com/RWDapp/ns/home?mc=ml Yes, I have this personal Merrill Signature VIsa card. I have had it since 2005.
  9. Also, we need to find out if this is a personal or business credit card. This is a personal credit card that I used for business as well. Startup didn't raise funding and everything was halted as of last year. Is there a difference in strategy or how I should conduct my research given its a personal card with $40K outstanding?
  10. You never mentioned your state. If it is not NY your situation is very different. The state is in NY. Are there issues with being in NY that I should research? The information given isn’t really sufficient to answer all your questions. What information should I be looking for? ANother dumb question, aren't these situations or when the collection is now with a law firm like Rubin&Rothman (Newyork) is involved, very similar or repetitive in process and nature? Thank you and enjoy the day!
  11. How old is that agreement? Did you sign an arbitration agreement? -- It is a Client Services agreement ("CSA") is from when I received the Merrill Visa Card in or around 2005. Does your agreement state who issued the credit card? The CSA is with Merrill Lynch. I am looking for the actual Merrill Visa Signature terms and conditions, but can not locate it. Since I had the card pre financial crisis (2008), it may be lost.
  12. The collecting law firm, New York Based, R&R, stated in their letter that no attorney is with this firm has personally reviewed the particular circumstances of your account. And there is an assistant collections manager in addition to forwarding instructions for payment. I apologize, I am confused - if i don't send a DV letter, I will get sued and lose. How would I lose? May I inquire about arbitration? Or is arbitration with a collecting law firm impossible? Again, thanks for the time and perspective. A few wrinkles in life have really brought a thunderstorm on me. And now I am trying to read as much as possible as I can't afford an attorney
  13. ML Debt of $40K - I would prefer to avoid bankruptcy. When will or will R&R initiate a lawsuit? Or will Merrill/BOA try to sell their debt to a junk debt buyer? I been simultanaously reading this website and looking for old documents. I am assuming R&R will sue or take me to court. I found this clause within Merrill agreement. Would this be something to consider interms of a long term strategy? Whats a predispute arbitration clause? Dumb question, is arbitration a strategy for way down the road? Sorry for all these questions, I am trying to think of all the scenarios.. Its amazing how much the stress goes to your shoulders.. Thank you! AGREEMENT TO ARBITRATE CONTROVERSIES Tis Agreement contains a predispute arbitration clause. By signing an arbitration agreement the parties agree as follows: • All parties to this Agreement are giving up the right to sue eacho ther in court, including the right to a trial by jury, except as
  14. Hi BV80 - I have 2 credit cards and one that I now recall, my ex used ad left me during COVID. Merrill/BOA, AMEX and Cavalry (looks like Capital One). Only Merrill/BOA and Cavalry are default per my credit report. I dont have other liabilities yet - but I have a pinched nerve and knee problems which has amounted to medical bills over the last couple of years that I am worrying about. What should I do about the R&R letter/collector? I can't afford the $40K w current and upcoming medical bills. What scenarios should I be thinking about? And how do I handle the Cavarly? --- do I wait to get sued by them and go arbitrary route? Thank you! R-
  15. Hi Miss Abbie, I am a newbie. And been receiving debt collection letters from a collections lawyer, Rubin&Rothman on a $40K liability and now noticed I actually have a collections from Cavalry on my credit report which has destroyed my credit. Thank you for taking the time to relay your thoughts. I am taking notes and hoping my work and research will help my current challenging situation. Congrats! R-
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