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Read all stickys and topics...still lost!!!


lapoolboy
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I have read and read and read. I "think" I have the basic steps and principles down but I want to be absolutely sure I don't screw something up. I only have 7 line items on my CRs, but all 7 show up also as derogatory! I am in desperate need of help. I have 3 charge-offs - one was transferred to an unknown CA, one was transferred to Arrow, and the other is just sitting there. I also have the Blockbuster Video crap that CPA of Dallas, Tx is reporting. Anyone???

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one charge off was a household bank c.c. it was transferred and purchased by another lender. This lender isn't known because it isn't on my CRs. It was opened in 10/02 and last reported 6/04. no balance due, lates, or anything shown.

another charge off was a friedman's account assigned to arrow. friedman's has it opened in 8/00 and last reported in 2/05. $597 balance due. arrow has it opened in 2/03 and last reported in 1/05. $1026 balance due on it.

third and final charge off is a GE Capital motorcycle loan. I paid a tremendous down payment of $2400 and made half the payments. Had like 3k left owed. Lost my job and failed to make any more payments. STUPIDITY I KNOW!!! I didn't care about my credit at the time. The amount charged off is listed as $8100!!! I figure they never pursued repoing the thing because it is 7 yrs old now and the amount it is now worth is less than what they wanted. GE has it listed as a charge off. Opened in 6/98 and last reported12/00.

Am I a lost cause or what?

I don't know where to start.

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Household can tell you who they sold it to and when. It's out of Household's ownership, so they (Household) can't do anything "bad" to you if you simply call them.

Arrow re-aged the account, and doubling the amount owed sure sound a lot more than the interest they're probably allowed to charge. Arrow gets smacked down all the time for this. It's only a matter of time before they're shut down for good. You can start by filing complaints on this one with the FTC and both you and Arrow's state Attorney Generals.

The 7-year rule does not start from when the account was opened. It refers to the date the last payment was made that led to the negative information.

This will take some digging as it was a secured loan. The UCC (Uniform Commercial Code) governs secured transactions, and your state UCC may have required GE Capital to refund any unused interest to you, which they may or may have done.

Like I said, this stuff takes time - it'll get resolved, but not over night. First thing you do is play detective and find out who bought that Household debt...

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I'm afraid of opening a can of worms here. If I direct their attention back to these things, i'm afraid they will start attempting to collect again, etc.

I just noticed that on the Arrow line, it says "DMAN Ss" right under collection. Is this a letter of demand?

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That's why you're laying low. You're only calling Household to ask them who they sold the debt to and when.

You're not going to anything until it's determined exactly what's going on, and what the best plan of attack is.

I have no idea what that code means. As is stands, you have Arrow on one violation right off the bat - illegally re-aging account information.

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No...

You may end up waking a sleeping giant. Getting served with court papers right now is not the right thing to do.

Did you order reports from all three CRA's individually? Somebody had to have listed the DOLA on these accounts. From there, we look at SOL. From there we devise a strategy.

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Let me try to explain this way...

The account, by law, must be charged off 180 days from the date the last payment was received.

That date is your DOLA, and that's from where the SOL is determined, which appears to be 3 years for La for the credit cards.

If you're still within SOL and start poking around, it's called "waking a sleeping giant" and now you've got people serving you summons to appear in court. While they can still attempt this after the account is timebarred, you now have a defense you can prove - the SOL has expired.

So, did you stop paying these charge offs more than three years ago, or less?

You're looking at a 10 year SOL for the motorcycle, so you want to fly under the radar for a bit until you have a plan in place.

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I am sure that I didn't make a payment to Household in the last three years. Maybe this is why the new CA that bought it isn't listed??? It is pretty clear the SOL on it has run out since it is considered a revolving type account and La. is 3 yrs on that. But, the GE capital isn't a revolving is it?? I know for a fact I haven't paid on it in the last 3 years.

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You can dispute online or in writing. If you do it online, be sure to print the confirmation page showing the date and time your dispute was entered.

Now would be a good time to tell you not to throw away any old credit reports, letters, etc., in the event a papertrail needs to be established.

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