lyrech Posted May 2, 2005 Report Share Posted May 2, 2005 I posted last week that my hubby received a letter from Enhanced Recovery Corporation concerning a BofA account that is no longer on our credit report. Today, he got a call from them (he was not home). I was thinking that we had BofA credit card, but now I'm thinking this might be for our repo. I am in MO and the DOLA is sometime around July '96. They repoed the car sometime around July '97. When I said he wasn't here, they did not ask for me and when I told them I was his wife, they did not offer to talk to me. I thought this was weird because it was a joint account...not that I would have actually talked to them on the phone. lolThe letter says Creditor: Cap 1 services, incOriginal Creditor: Bank of AmericaBalance: $6979.64They are offering to settle for $1744.91. Would they really settle a repo for 25%?? How can I find out what account this is for and who actually owns the account without pissing them off? I guess I should I DV the CA, correct? If Cap1 now owns it, does the same SOL still apply? In MO, written contracts have an SOL of 10 years. I thought I was really getting to know all this stuff, but now I'm confused again. *sigh* Link to comment Share on other sites More sharing options...
Xanathos Posted May 2, 2005 Report Share Posted May 2, 2005 Absolutely they would settle for 25%. They probably bought the debt for less than 1%.Of course, they'd then sell the remaining balance to some other CA to collect the other 75%... Link to comment Share on other sites More sharing options...
lyrech Posted May 2, 2005 Author Report Share Posted May 2, 2005 Thanks for the quick reply. So do you think I sould DV the CA? Then, what? Do you think BofA SOLD the account to Cap1? If so, do you think the CA owns it now, or is it still Cap1's account? If I send them a DV, will they not be able to verify since they aren't the original creditors? Sorry for all the questions. Just trying to get my moves planned out before I do anything.Thanks. Link to comment Share on other sites More sharing options...
divemedic Posted May 2, 2005 Report Share Posted May 2, 2005 Why DV? With a DOLA and Repo from that long ago, why not send a C&D? SOL has run, reporting period is done. Link to comment Share on other sites More sharing options...
lyrech Posted May 2, 2005 Author Report Share Posted May 2, 2005 Well, not really. A car loan is a written contract, right? In MO SOL for contracts is 10 years. I am worried about them taking us to court and getting a judgement for the full amount. But...since they sold it to cap1, maybe this is not an issue??? Please help me understand. Link to comment Share on other sites More sharing options...
divemedic Posted May 2, 2005 Report Share Posted May 2, 2005 Sorry, didnt see the MO reference. Even so, wait. They can't report to your CR, and if they sue then you can try to settle, but until then, wait. Link to comment Share on other sites More sharing options...
lyrech Posted May 3, 2005 Author Report Share Posted May 3, 2005 So if Cap1 owns the debt now, can they sue us? If they do sue us, can the judgement be reported to the CRAs...even though the original debt is over 7 years old? Link to comment Share on other sites More sharing options...
lyrech Posted May 4, 2005 Author Report Share Posted May 4, 2005 bumping this up with another question...What if they keep calling? Do I just avoid them and ignore their letters?And what about the question in my previous post? So if Cap1 owns the debt now, can they sue us? If they do sue us, can the judgement be reported to the CRAs...even though the original debt is over 7 years old?Thanks again. Link to comment Share on other sites More sharing options...
lyrech Posted June 6, 2005 Author Report Share Posted June 6, 2005 I am bumping this up again because they just called again today. At least I think it was them. She never said what company she was with, but this is really the only CA trying to collect from us. It was a very lengthy message telling my husband to call before she makes her "decision" at 3:00 tomorrow afternoon. Here's what I need to know...If Cap 1 bought the debt from BofA (which I think they did), can Cap 1 sue us for the debt? I'm assuming yes, but I am not sure.Should we just keep ignoring their calls and letters? I don't want to send a C&D because it's still within SOL. I have a bad feeling a lawsuit is right around the corner. *sigh*My hubby is against ignoring them. He wants to call them back right now. I will try to get him to communicate thru letters only, but I don't know if he is going to go for that. He just doesn't understand all the CRAP that CAs try to pull.Thanks again. Link to comment Share on other sites More sharing options...
nolo Posted June 6, 2005 Report Share Posted June 6, 2005 I am bumping this up again because they just called again today. At least I think it was them. She never said what company she was with, but this is really the only CA trying to collect from us. It was a very lengthy message telling my husband to call before she makes her "decision" at 3:00 tomorrow afternoon. Here's what I need to know...If Cap 1 bought the debt from BofA (which I think they did), can Cap 1 sue us for the debt? I'm assuming yes, but I am not sure.Should we just keep ignoring their calls and letters? I don't want to send a C&D because it's still within SOL. I have a bad feeling a lawsuit is right around the corner. *sigh*My hubby is against ignoring them. He wants to call them back right now. I will try to get him to communicate thru letters only, but I don't know if he is going to go for that. He just doesn't understand all the CRAP that CAs try to pull.Thanks again.Yes, if Crap 1 owns the debt and it is within the SOL, they can sue you. DV them and send a limited C&D notice. (limit all communication to writing only) certified mail with return receipt. Resist the temptation to call Crap 1. Communicate with them in writing ONLY. Link to comment Share on other sites More sharing options...
lyrech Posted June 6, 2005 Author Report Share Posted June 6, 2005 Actually, we are dealing with Enhanced Recovery Corp. I don't think they own it, they're just handling it for Cap1.Wouldn't sending a limited C&D letter just piss them off? I really don't want to do that at this point! If we got a judgement against us, would it show on our CR? Or would it not show, since the original debt is nearly10 years old? Just curious, as I seriously hope it doesn't go that far. Link to comment Share on other sites More sharing options...
Codger Posted June 6, 2005 Report Share Posted June 6, 2005 Does a credit card company buy accounts from other credit cards. Is the Cap 1 referered to in this string Capital One the credit card company?? Link to comment Share on other sites More sharing options...
lyrech Posted June 7, 2005 Author Report Share Posted June 7, 2005 Does a credit card company buy accounts from other credit cards. Is the Cap 1 referered to in this string Capital One the credit card company??Yes, it's Capital One...the credit card company. Apparently they buy JUNK debts from anyone, not just other credit card companies. This was a repo from BofA. Doesn't surprise me, actually. Crap1 is nothing but sleeze. They see a way to make a few bucks and they're all over it. Link to comment Share on other sites More sharing options...
Codger Posted June 7, 2005 Report Share Posted June 7, 2005 Well I'll be darned! So the next thing you tell me is they own their own collection agency too, I have suspected NCO, is it? Link to comment Share on other sites More sharing options...
divemedic Posted June 7, 2005 Report Share Posted June 7, 2005 The CA owned by Cap 1 is the Westmoreland group. Link to comment Share on other sites More sharing options...
lyrech Posted June 7, 2005 Author Report Share Posted June 7, 2005 Well, the letter saysCreditor: Cap 1 services, inc Original Creditor: Bank of America Balance: $6979.64The letter is from Enhanced Recovery Corporation, which I'm assuming is the CA. It doesn't say anything about Westmoreland Group, but I guess they could operate under more than one name. Link to comment Share on other sites More sharing options...
res0nzy7 Posted June 7, 2005 Report Share Posted June 7, 2005 I may be wrong but if someone else knows chime in. I thought that carrepo's fell under the UCC of that state and sometime have different SOL's than a regular written contract. Also before the vehicle was resold, you were supposed to be given an opportunity to take back the vehicle and after the vehicle was resold you should have been sent paperwork specifying the amount it was resold for and the balance. Please check the UCC statutes for your state on car repo's. Link to comment Share on other sites More sharing options...
breathing_easier Posted June 7, 2005 Report Share Posted June 7, 2005 If we got a judgement against us, would it show on our CR? Or would it not show, since the original debt is nearly10 years old?Yes, if Cap1 was to win a judgment against you, then it would be reported on your reports as of the date of the judgment. Date of the original debt wouldn't matter.Wouldn't sending a limited C&D letter just piss them off? I really don't want to do that at this point!You're not telling them not to contact you, you're only telling them that you want all communication to be in writing. It stops the upsetting phone calls and helps you to create a papertrail. If your plan is to tape the phone calls in an attempt to catch the JDB in some FDCPA violations, that's one thing. However, it's usually not recommended that you talk with a JDB on the phone. [Why are you worried about pi$$ing off a JDB? They're certainly not worried about pi$$ing you off! ] It was a very lengthy message telling my husband to call before she makes her "decision" at 3:00 tomorrow afternoon.This is a very common CA ploy just to get you to call them back. Once you send your limited C&D the annoying messages will stop. They're allowed one phone call after receiving your limited C&D to inform you of their intentions regarding the account. After that, any phone call is a FDCPA violation. Link to comment Share on other sites More sharing options...
lyrech Posted June 7, 2005 Author Report Share Posted June 7, 2005 I may be wrong but if someone else knows chime in. I thought that carrepo's fell under the UCC of that state and sometime have different SOL's than a regular written contract.Can anyone verify this? Where can I find out the SOL for a repo in my state? Written contracts are 10 years in MO...surely it's not any longer than that?!? Wouldn't sending a limited C&D letter just piss them off? I really don't want to do that at this point!You're not telling them not to contact you, you're only telling them that you want all communication to be in writing. It stops the upsetting phone calls and helps you to create a papertrail. If your plan is to tape the phone calls in an attempt to catch the JDB in some FDCPA violations, that's one thing. However, it's usually not recommended that you talk with a JDB on the phone. [Why are you worried about pi$$ing off a JDB? They're certainly not worried about pi$$ing you off! ] I don't want to piss them off because I don't want them to file a lawsuit. I'm afraid if I tell them to C&D, they'll just assume we don't want to deal with them at all, and they'll leave it up to the courts. The phone calls aren't "upsetting" to me. I can ignore them without a problem. Especially since they usually call when I am home by myself and only ask for my husband. Which is another thing I can't figure out. Both of our names were on the car loan...not sure why they just want to talk to him??? Link to comment Share on other sites More sharing options...
breathing_easier Posted June 7, 2005 Report Share Posted June 7, 2005 I don't want to piss them off because I don't want them to file a lawsuit. I'm afraid if I tell them to C&D, they'll just assume we don't want to deal with them at all, and they'll leave it up to the courts.No, if you send them a limited C&D then you are simply telling them to only contact you in writing, not by phone. You're not cutting off contact altogether. As I said, it also helps for you in keeping your papertrail and you have in black & white what each of you has said. If you do end up going to court later then it avoids the ol' he said-she said scenario with no proof of what really transpired.This JDB is counting on your being intimidated and afraid of a lawsuit as the average person usually is. Why give them that advantage? Cap1/JDB paid pennies on the dollar for this debt. Make them prove they have the right to collect on the debt and make them prove the amount they are demanding. You are entitled to it and why would you settle for anything less? If you are planning on settling this debt, either for a percentage or for the amount that you know that you legitimately owe, that's fine. But do it on your terms, not just because you're afraid of a lawsuit. The filing of a lawsuit is just another collection tactic. The JDB doesn't want to go to court anymore than you do. Costs them time and money. When they do file lawsuits they're hoping that the defendant will simply not respond and/or show up in court so they can win the easy default judgment. Show them that you know your stuff and that you won't be bullied and it will all work out well. The phone calls aren't "upsetting" to me. I can ignore them without a problem.You're different than most people then. Even if they aren't upsetting, they are almost always annoying. There is always the risk, too, that they will get you to agree to something on the phone that you will regret later and they are almost always recording. However, some people do like the calls, view them as a fun game, because they like playing with the CAs' minds. Especially since they usually call when I am home by myself and only ask for my husband. Which is another thing I can't figure out. Both of our names were on the car loan...not sure why they just want to talk to him???That is curious, but you probably don't want to bring the subject up with them lest this TL appear on your reports as well. Link to comment Share on other sites More sharing options...
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