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Wolpoff and Abramson


brunettescorpio
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I am being hounded by Wolpoff and Abramson for a Bank of America credit card debt. The account was charged off by Bank of America and ended up with Wolpoff and Abramson. Since April 2006, I began receiving numerous calls from them, both at home and at work. One collector in particular continued calling me at work despite the fact that I had told her on several occasions NOT to call me at work. She would also leave messages on my cell phone saying that she was not going to go away and that I needed to call her. On April 11, 2006, I received a letter from them stating that they were a lawfirm representing LVNV Funding, LLC Assignee of Bank of America and were attempting to collect a $21,000 debt. Then on May 15, 2006, I received a letter stating that they would settle for $14, 811.27 if paid by May 30, 2006. Now, let's get real, who can come up with that kind of money in 15 days ??!!!!!!!! Once again, on June 30, 2006, I received yet another letter. This time the beginning of the letter had a heading that said, "Notice of Intent to Sue" and that they decided to initiate litigation against me. Out of fear and uncertainty of what to do, I ignored the phone calls and letters. From August 27 to Sept. 1, each day there was a missed called on my cell phone from them. On Friday, Sept. 1, when I returned home from work, there was a business card from the Deputy Sheriff left in my door. We all know what that means.......Wolpoff and Abramson followed through on their threat to sue me !! On Sat, Sept. 2, I received a call from Wolpoff and Abramson, which I again ignored. Once the paperwork that is awaiting me is served, should I contact W&A and try to stop it by attempting to get a settlement and payment arrangements? Should I consult a collections attorney? I read on an internet website that some attempts are being made by people to defend their position in that technically, the debtor entered into a contractual agreement with the original creditor who charged-off the account, not W&A who just bought the account for pennies on the dollar; and therefore, are under no contractual obligation with W&A and owe them nothing. Is this true? Sorry to be so long winded but I wanted to try to get everything in.

:confused:

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I don't see why you would wait until you are served to try to negotiate a settlement; you might as well start now UNLESS there is a valid reason why you would not pay on this account. As for the contractual obligation, all credit card user agreements have a clause (or clauses) that address transfer of rights through sale or assignment, and sending accounts to collection. I haven't heard of anyone who has been able to get around that, but I haven't researched it either.

Is there anything on your credit report that indicates you have paid all other debts in a timely manner? Does it show a solid employment history? If they think they can attach your wages or bank accts, they will be a bit more aggressive in trying to collect even a portion of a $21K debt. Your advantage is if LVNV Funding is a junk debt buyer, you -- or your attorney -- should be able to negotiate down to $10K or below.

Here's a question people don't often ask: what do YOU think is the best course of action, and what is most suited to your situation (realistically)?

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There are real defenses, not technicalities, available to someone facing suit by an assignee or JDB.

W&A may have broken the FDCPA in someof their actions. Did they tell you, for example, that there was a atx ramification to taking that settlement? How did they get your cell phone number? There is a law against that, too.

Go see a decent lawyer. You might find one conversant in these issues at NACA.

The previous poster hit the right note. There are things that may be available to you to mitigate your damages, but you also have to know how you want to resolve this.

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Next question.. when did you stop paying BofA in the first place ?? When was your LAST payment to BofA ?? PA has a short SOL of 4 years. If it's been more than 4 years since you last paid, the SOL is your prime defense.

I read on an internet website that some attempts are being made by people to defend their position in that technically, the debtor entered into a contractual agreement with the original creditor who charged-off the account, not W&A who just bought the account for pennies on the dollar; and therefore, are under no contractual obligation with W&A and owe them nothing. Is this true?

THAT is a crock of crap is what that is. ALL credit card agreements have sections in the for defaults. In that section it will always give all the 'successors and assigns' virtually the same rights to collect from you as the original.

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Unfortunately, the SOL has not run out..........the last time I paid BOA was around June of 2004. Several months prior to June 2004, another creditor jacked up my interest rate from around 9.99% to 27.99% because I was making minimum payments and I was near the limit on my account. They refused to work with me for a more reasonable interest rate. My minimum payment went from around $100+ to $400+. With that, I was in over my head. I struggled for a while to make the minimum payment cashing in savings bonds, getting a second job, etc, but I just couldn't keep up. In Aug 2004, I enrolled in a debt relief program. They told me to stop paying on my accounts. In 18 months, they settle one $2,200 account for $1,200 but by that time, I had paid $3,000 in fees for their services so March 2006 I got frustrated and canceled the program. April 2006 I applied for a home equity loan thinking that if I had cash in hand I could settle several accounts in collections. The bank required that if the loan was approved the funds would be paid directly to the creditors so the bimbo mortgage broker contacted my creditors for settlement amounts which stirred the hornets nest and gave them (the collection agencies) all kinds of good information about me, then I was denied for the loan anyway. Her contact the collections agencies put me in even a worse position because now they knew I was trying to get equity out of my home to settle these accounts. Anyway, the Deputy Sheriff for my county served me with the paperwork today that W&A is suing me. I outlined my situation in an e-mail to Budd Hibbs who recommended I contact a local consumer law professional. So I went to the NCAC website and found an attorney in my area and have a consultation scheduled for Fri to get some direction on what I need to do now. I realize that getting in over my head in the first place was my own fault, but creditors and scum like W&A certainly don't make it easy for people to try to make things right. Thanks to all who repled. I really appreciate the helpful information and advice. ;)

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