Been_Ponzied Posted May 4, 2005 Report Share Posted May 4, 2005 I settled with CHASE's collection agency for $3,000 and after I disputed the charge-off on my Experian file, CHASE refuses to take off the $2,756 "balance." Is this what they always do? Or are they just making me jump through hoops to get this balance off my files? Are they setting it up to send the "balance" to another CA? Can I sue them? Link to comment Share on other sites More sharing options...
breathing_easier Posted May 4, 2005 Report Share Posted May 4, 2005 I had the same thing happen on a cc account that I settled in 2002. It took a few disputes with the CRA and some polite but strongly-worded letters to the OC before they reported a $0 balance. Link to comment Share on other sites More sharing options...
Been_Ponzied Posted May 4, 2005 Author Report Share Posted May 4, 2005 I did speak to the OC and they flatly refused to put it at a Zero balance!I need to know if this is illegal if they continue to do this (keep the partial balance on). Link to comment Share on other sites More sharing options...
chatter2960 Posted May 4, 2005 Report Share Posted May 4, 2005 good luck!I had the EXACT SAME THING happen to me. They charged off the balance and sold it to a collection that I am still fighting with. You can read some of my other posts about it. Link to comment Share on other sites More sharing options...
DocDon Posted May 4, 2005 Report Share Posted May 4, 2005 This is why simply getting a written agreement from the CA isn't enough when settling.The CA must get approval from the OC, so you'll want to see an authorized signature from the OC before agreeing to any terms/conditions.Too often a CA will "agree" to a settlement they're not even authorized to make, mostly without the knowledge or consent of the OC. They'll simply turn over the money they got from you with a "well, it's the best we could do" note, and the OC will find a way to get the rest. Link to comment Share on other sites More sharing options...
Been_Ponzied Posted May 5, 2005 Author Report Share Posted May 5, 2005 The OC would not talk to us while settlement was going on. That would have been impossible to obtain!I wouldn't even have tried settlement if I hadn't talked to a lot of people on the boards about it first. I mostly spoke to people at About.com's credit and debt area). I guess I blew it, but I think that with time and repeatedly disputing and sending proof of payment, with the CA's settlement offer letter, we will get it fixed some day. Link to comment Share on other sites More sharing options...
DocDon Posted May 5, 2005 Report Share Posted May 5, 2005 Then get the CA to provide you with a document, signed by an authorized agent from the OC showing they agree to the settlement. Link to comment Share on other sites More sharing options...
Been_Ponzied Posted May 5, 2005 Author Report Share Posted May 5, 2005 The collection agency will not answer my phone calls. They transfer me to the collector's voice mail, who never returns the calls. Should I send them a validation letter CMRRR at this late date, then? Link to comment Share on other sites More sharing options...
divemedic Posted May 5, 2005 Report Share Posted May 5, 2005 What is the exact wording of the settlement? Link to comment Share on other sites More sharing options...
DocDon Posted May 5, 2005 Report Share Posted May 5, 2005 I guess my comments are more "if this ever happens again" in nature...Dive's onto something.... if the verbiage of the letter is written so as to make you believe the creditor is agreeing to the settlement, you may have a case... Link to comment Share on other sites More sharing options...
GreatGadsby Posted May 5, 2005 Report Share Posted May 5, 2005 yeah but if Chase charged it off, then don't they have to report a zero balance to be 'complete & accurate' ? you don't still have a balance with them b/c they charged it off as a business loss....? Link to comment Share on other sites More sharing options...
DocDon Posted May 5, 2005 Report Share Posted May 5, 2005 No, they have to report a $0 balance if they sell it. Simply reporting a profit/loss chargeoff does not make the balance $0, which is how they get away with selling these charged off debts...http://debt-consolidation-credit-repair-service.com/phpBB2/viewtopic.php?t=29227 Link to comment Share on other sites More sharing options...
Been_Ponzied Posted May 5, 2005 Author Report Share Posted May 5, 2005 The exact wording of the collection settlement letter is:"As duly authorized agents for Chase Manhattan Bank USA, we are authorized to settle your Chase Manhattan Bank account for $3,000. Not only will you have this account paid, but our client will report to the credit bureau that you have settled this debt. The above client is required to report indebted forgiveness in excess of $600. to the Internal Revenue Service. "Looks ok to me...? I will send Experian a copy of this, plus copy of the cashier's check. I already faxed it to CHASE after they refused to mark the account settled. It also sounds like they should mark it paid...? Link to comment Share on other sites More sharing options...
divemedic Posted May 5, 2005 Report Share Posted May 5, 2005 You have one of two cases here. Either the CA lied and they are NOT agents of Chase and have commited fraud, or Chase is not honoring the agreement of their agent. One of the two of them is wrong. Link to comment Share on other sites More sharing options...
Been_Ponzied Posted May 5, 2005 Author Report Share Posted May 5, 2005 I'm sure that what it is, is CHASE is not honoring the agreement with their client. Link to comment Share on other sites More sharing options...
divemedic Posted May 5, 2005 Report Share Posted May 5, 2005 What you know and what you can prove are 2 different things. You may have to name both as defendants and let the court figure it out. Link to comment Share on other sites More sharing options...
Been_Ponzied Posted May 6, 2005 Author Report Share Posted May 6, 2005 I spoke to the man I settled with at the CA and told them that CHASE is not honoring the agreement. He didn't care, and made me repeat it 10 different ways to him to get me totally frustrated. He said that they did their part and reported it PAID to Chase. And he has no control over what CHASE does with that information.I was shocked that even though the stressful dealings with him are over, he still has to try to raise my blood pressure so that I might have a stroke!So, I'm back to square one. I did dispute the investigation again, this time with all the documentation. If they are doing this to Experian, then I guess I will have to do it with all 4 other credit files (my husband and I were joint on this one). Link to comment Share on other sites More sharing options...
DocDon Posted May 6, 2005 Report Share Posted May 6, 2005 I don't think you're quite understanding this. Send a copy of that agreement to your State Attorney General and their State Attorney General, then file a complaint against them with the FTC.Why are trying to call them? What did you expect their reaction to be? Link to comment Share on other sites More sharing options...
Been_Ponzied Posted May 6, 2005 Author Report Share Posted May 6, 2005 I guess I was hoping beyond hope that the CA would care that they are working with a sleazy corporation (CHASE). Not very bright of me. I wanted them to know that their letter was not being honored by CHASE.However, he did say to try with Experian one more time, which I did. If they still don't correct it, I will take it to my State Attorney General. I have a form for that right here.Thanks and will let you know what happens! If they did this on our Experian report, then I may have to go through this with all the other credit reports, too. Link to comment Share on other sites More sharing options...
Been_Ponzied Posted May 12, 2005 Author Report Share Posted May 12, 2005 I found out that they did it to ALL our credit reports. Reported the supposed balance left after we settled, LIKE IT WAS A PAYMENT, and kept it as charged off, NOT SETTLED. This is going to take a long time to get it corrected. We contacted CHASE and frankly, scarlet, they don't give a damn!BEWARE OF SETTLING!! Link to comment Share on other sites More sharing options...
DocDon Posted May 13, 2005 Report Share Posted May 13, 2005 Who doesn't care? Their $9 an hour phone jockeys? Who cares what they think. They wouldn't understand the legalities of a settlement if it was posted in their cubicle.Hopefully your formal complaints will get you the proper results. Link to comment Share on other sites More sharing options...
Been_Ponzied Posted May 13, 2005 Author Report Share Posted May 13, 2005 I spoke to people in the Recovery Department who remembered what they had reported to Equifax. I need to find out the legalities of settling. Is it here somewhere? Link to comment Share on other sites More sharing options...
DocDon Posted May 13, 2005 Report Share Posted May 13, 2005 O.k. .... they make $12 an hour. There's an entire executive level that makes real decisions - not some peon that has no idea of legalities of not honoring a written settlement agreement.You need to direct your issue to the higher-ups that can comprehend what's going on...Did you file a complaint with your state AG as well? Link to comment Share on other sites More sharing options...
Been_Ponzied Posted May 14, 2005 Author Report Share Posted May 14, 2005 A complaint to the FTC really does nothing in my experience, as they only act if they receive numerous complaints.How would I reach the higher-ups at CHASE?I have not complained to the AG yet, but I will! I am waiting for 2 more disputes to come back for the 2nd time. Link to comment Share on other sites More sharing options...
DocDon Posted May 14, 2005 Report Share Posted May 14, 2005 You are correct about the FTC, but that's even MORE reason to file a complaint....Too many people believe you can't take on corporations, so they don't file complaints. If it weren't for complaints being filed, companies like Providian and CAMCO would still be practicing their predatory ways.... Link to comment Share on other sites More sharing options...
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