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Got surprised by Sherman Acquisitions last week, please help


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A couple of weeks ago we pulled my fiance's CR and found a lovely mess left by Sherman. It obviously came as a surprise becasue it was not there 6 months ago. We have not been able to trace where the debt has come from. From what I have gathered so far my first step is to send the DV letter and I have some good examples of letters to send. My first question is what happens if they do validate within 30 days and it turns out to be a debt she had forgot about or was not taken care of by CCCS? Do we try to settle then? If they do not validate what is the next step? Is that when you dispute it with the CBs?

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How old is it would be the first question. Is it still within SOL or not? Is it beyond 7 years?

Check the SOL for your state first. Remember that the SOL is based on the date of last activity (generally last payment date or contract date) not anything else like status date or date opened that Sherman may have reported.

Also, what are the licensing requirements in your state for CAs? If there are requirements, does Sherman have one?

You can find links all around to get the answers to this stuff but if you have problems, let me know and I will help sort you out. We just want to get as much infofmation before you send your first letter.

J

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It could also be a flat out mistake, since they can't trace where this debt came from.

Good to know that info you posted in any event. Just in case....

Oh-my bad... i read that they were able to find out where it came from...

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Actually my fiance and I not able to trace where it came from.

What is concerning us is the hit her credit score has taken because of this especially since we were going to start house shopping....anyway, she had gone through CCCS in another state and has not opened any new credit so if it is a debt that was left out of counseling then it would be at least three or four years old but Sherman listed as opening in Nov '03 (I am assuming that is when they bought it) She did live in Texas and I have read that there are more restrictions for collectors in that state than other state.

Would the first step be sending the DV letter and waiting for their response??

Thanks so much for the insight.

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Yes, DV is the first step. With their response in hand, you can see if the account was left out of CCCS, or if the fine CCCS people screwed up.

Either way, there's no sense in speculating until you find out what this is all about. From that point, there are numerous routes to take to address the issue based on what it is.

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Also, I would email Nina Weston (nweston@sos.state.tx.us) at the TX Secretary of State. Sherman isn't bonded in their home state of TX, and she will tell you for sure. If necessary, you can also request a certifcate of no record ($10) to have the official statement that they are not bonded. They aren't registered here in OR, so check for your states requirements and see if they meet them.

My experience with Sherman is that they do not respond to DV's at all. I've sent two and will be filing complaints against them with the AG/SOS/BBB/FTC if they aren't gone from EQ in a week. They dropped off of EX after I sent first DV, and they failed to validate with TU this month so they are gone from there as well.

Send out that DV :)

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Thanks Doc,

I know I am specualting here but best case scenario everything disappears and worst case scenario is that something is uncovered from the past that was in her name. If a past mistake is uncovered is that normally when you contact the CA and begin the negotiation stage???

Thanks for your help and all the work you do on this site. This is really nerve racking for me because my fiance had thought she had put all of her mistakes behind her before we met but I guess if this is the only baggage she has then I am not to bad off :D:D:D

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LOL. Be careful, some women can fit a lot of baggage in those little cosmetic carry-ons. :D:D

Once you get the results back, it can be determined if the SOL has expired on the debt (in which case you tell them to go fly a kite). Sherman (and the majority of bad debt buyers) purchase debts that have looong expired in the hopes they can get the unknowing to cough up money.

Post back the results you get from Sherman and we'll go from there.

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You're correct. There is no licensing / bonding requirements for Iowa.

Some states are far behind in this situation, letting CA's run around like wild dogs - New York being the worst.

Voice your thoughts to all those nice representatives you put in office - write it on the back of a $100 bill.

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