Sherman Acquisition LLP is listed as a Creditor by....

[NoMoneyNoHoney]

Aloha All. Ok, this is the situation. A friend of mine here in Hawaii, was being contacted by a collection agency for an old debt. The debt was with First USA Bank that got charged off. Then sold to Sherman Acquisition, who then hired Capital Management Services, Inc. , then it was assigned to Northland Group, Inc., finally it was assigned to Financial Recovery Service Inc.

Ok, Financial Recovery Service Inc. is trying to collect on this debt. In their letter, they are listing Sherman Acquisitions as the Creditor for the account. Now the OC for the account is First USA Bank which charged off the account and sold it to Shermans Acq.

1. Is listing Sherman Acq as a Creditor on the letters by Financial Recovery Service Inc. a violation of any sort.

2. The last date of activity for this debt according to his Equifax report is 04/1997. If I am not mistaken, the SOL to sue for the debt is 6 years from last activity in Hawaii. So if so, then am I right to tell him that no one can sue him or take him to court to collect this debt because it has already past the 6 year time limit to sue in Hawaii.

3. Now, if these collection agencies cannot sue him, because it has past the SOL of 6 years, then if he was to send a Cease and Desist Letter to this collection agency, would that be enough to get them to stop calling him. Of course, in the C and D letter we will let them know of the last date of activity per the Equifax credit report.

4. As far as being sued for this debt by any other CA that now is brave enough to buy this debt, because it has already past the 6 years , no one can sue him for this debt, Right. But they still can try to collect it, Right.

5. Last , if they cant sue him for the debt. If he was to get contacted again by another CA, all he needs to do is send them another C and D letter to them, and that should be that. This I am assuming he will constantly have to do as long as there is somebody trying to continuely collect this debt. Am I right.

Thanks all for your help. Just wanted to get the right advice before I let him know what exactly to do.

[timbercreektech]

Aloha All. Ok, this is the situation. A friend of mine here in Hawaii, was being contacted by a collection agency for an old debt. The debt was with First USA Bank that got charged off. Then sold to Sherman Acquisition, who then hired Capital Management Services, Inc. , then it was assigned to Northland Group, Inc., finally it was assigned to Financial Recovery Service Inc.

Ok, Financial Recovery Service Inc. is trying to collect on this debt. In their letter, they are listing Sherman Acquisitions as the Creditor for the account. Now the OC for the account is First USA Bank which charged off the account and sold it to Shermans Acq.

1. Is listing Sherman Acq as a Creditor on the letters by Financial Recovery Service Inc. a violation of any sort.

2. The last date of activity for this debt according to his Equifax report is 04/1997. If I am not mistaken, the SOL to sue for the debt is 6 years from last activity in Hawaii. So if so, then am I right to tell him that no one can sue him or take him to court to collect this debt because it has already past the 6 year time limit to sue in Hawaii.

3. Now, if these collection agencies cannot sue him, because it has past the SOL of 6 years, then if he was to send a Cease and Desist Letter to this collection agency, would that be enough to get them to stop calling him. Of course, in the C and D letter we will let them know of the last date of activity per the Equifax credit report.

4. As far as being sued for this debt by any other CA that now is brave enough to buy this debt, because it has already past the 6 years , no one can sue him for this debt, Right. But they still can try to collect it, Right.

5. Last , if they cant sue him for the debt. If he was to get contacted again by another CA, all he needs to do is send them another C and D letter to them, and that should be that. This I am assuming he will constantly have to do as long as there is somebody trying to continuely collect this debt. Am I right.

Thanks all for your help. Just wanted to get the right advice before I let him know what exactly to do.

Along with the C&D tell them that this is a time barred debt. Tell them that trying to sue for a time barred debt can have a very negative consequence to the law firm that would bring such action; ie state bar association. Once they know that you know the debt is to old, they will not sue.

I am no lawyer, but that is my understanding.

[nativechild48]

8) Sherman's Acquisitions buys Bad debts or time barred debts. This is how they "acquire" or own these questionable or SOL debts.

[ghacorp]

Sherman Acquisitions is a debt buyer, though it is doubtful they would purchase time-barred debts unless bundled in a portfolio. They purchase lots of Chase accounts for a few cents on the dollar.

[NoMoneyNoHoney]

Ok, Sherman Acq. is on the CA's letter , representing them as a creditor. Is this a violation of some sort, maybe under misrepresentation of some sort.

[retmar]

It's legal. What has happened is that Sherman has assigned the debt to the CA to collect for them. Remember, some debt buyers try and get you to think they are now the OC when, in fact, they aren't.