mailbox Posted June 21, 2006 Report Share Posted June 21, 2006 I found a reference I've posted below on a report from Providian. I wonder if there is a way to find out about itIn early 2004 we received a demand in arbitration from Credigy Receivablesalleging a breach of contract by our subsidiary, First Select, Inc., inconnection with the sale of a portfolio of certain charged-off consumer creditcard accounts. We have reached agreement to settle this matter and have fundedthe settlement out of previously established reserves. Link to comment Share on other sites More sharing options...
nascar Posted June 21, 2006 Report Share Posted June 21, 2006 I am in possession of a document from Credigy which states that First Select was at one time a subsidiary of Credigy. That doesn't make any sense. Link to comment Share on other sites More sharing options...
mailbox Posted June 21, 2006 Author Report Share Posted June 21, 2006 Yea! I'm just wondering if Credigy is suing to collect accounts they don't even own any longer. I sure would like to see the documentation for the arbitration demand or settlement. Link to comment Share on other sites More sharing options...
smokenjoe Posted January 28, 2008 Report Share Posted January 28, 2008 Does anyone have any recent information regarding whether Credigy was/is suing First Select Corporation? Link to comment Share on other sites More sharing options...
flacorps Posted January 28, 2008 Report Share Posted January 28, 2008 OK, here's what I remember. First Select was Providian's more or less captive JDB. When Providian needed bad paper off their books, it was just sent over to First Select.Of course, First Select needs to do something with all that paper ... the options are to sue, sit on it or sell it. Standard JDB practice is to bundle up the unwanted paper into batches of accounts having similar characteristics and sell it. Other big JDBs like Credigy then bid on it. In the course of setting up the "auction" the seller has to describe the bundle of accounts. There is a standard industry terminology for all this. Think of it as a used car lot. Do you write "cream puff" on the windshield, or "runs good"? The description, if accurate, will give the buyers a way to calculate what they might collect as a percentage of the total face value, and to adjust their bids accordingly.The contract for sale will describe the characteristics of the accounts. It will also potentially include provisions that allow the buyer to return for credit those accounts that don't match the description. Say you liked to wear a different shirt every day, you were a medium who liked blue, and you bought a box of 365 medium, blue shirts ... except a few were red, pink, whatever and some others were large, small, XL, what-have-you. You get to take those back for credit. First Select must have sold Credigy a lot of paper, Credigy wanted to take sme of it back, a disagreement arose over whether some fit the bill or didn't, and ultimately they settled. Debt buying isn't a pretty business ... but you don't see a lot of these sorts of disputes ... most are worked out among "gentlemen". Link to comment Share on other sites More sharing options...
Tsandy7 Posted January 29, 2008 Report Share Posted January 29, 2008 I have an account verification statement from credigy, who is suing me. On this statement it says assignee is First Select Inc and then it says c urrent owner is Credigy. This alleged debt is from 1999. Also this scumbag company wanted sent a motion to the court for him not to have to make the drive to westfield,Oh from columbus, oh. He stated in the motion that it woulld be an incoveniecne to him. Well I got a letter from the court where they denied his motion,stating that I did not have an attorney.I just don't understand how they get away with suing people for old stuff that I do not recall. THERE OUGHT TO BE A LAW.tsandy Link to comment Share on other sites More sharing options...
Rick9972 Posted January 29, 2008 Report Share Posted January 29, 2008 I have an account verification statement from credigy, who is suing me. On this statement it says assignee is First Select Inc and then it says c urrent owner is Credigy. This alleged debt is from 1999. Also this scumbag company wanted sent a motion to the court for him not to have to make the drive to westfield,Oh from columbus, oh. He stated in the motion that it woulld be an incoveniecne to him. Well I got a letter from the court where they denied his motion,stating that I did not have an attorney.I just don't understand how they get away with suing people for old stuff that I do not recall. THERE OUGHT TO BE A LAW.tsandyWelcome Ohio native!!!! Probably the only State worse than Kentucky on SOL. In Kentucky the Judges just ignore it. In Ohio, a debt never reaches SOL. Link to comment Share on other sites More sharing options...
Tsandy7 Posted March 19, 2008 Report Share Posted March 19, 2008 hello, fellow Ohioan, I just saw your response. That is ashame we consumers have to put up with such crap. They need to change the laws to benefit the consumer. Link to comment Share on other sites More sharing options...
rachael24 Posted March 20, 2008 Report Share Posted March 20, 2008 hello, fellow Ohioan, I just saw your response. That is ashame we consumers have to put up with such crap. They need to change the laws to benefit the consumer.I doubt that will EVER happen. Let's not hold our breath. Link to comment Share on other sites More sharing options...
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