Jump to content

7 Years ! Will I be free of Providian?


Money Magnet
 Share

Recommended Posts

First ...HAPPY NEW YEAR TO ALL YOU WONDERFUL PEOPLE!

You have helped me tremendously through the years...and I hope you are enjoying excellent credit reports and scores!!

My current storyline, to a old crappy saga.

Past: Had a debt of $ 900 with Providian ...they accrued fees...its listed as $2000 over the years.

Listed as closed on 4/01

Present: Last year ( Jan.06) my last letter to TU, CSC, EQU (never responds)

stated that this debt was BOUGHT by Washington Mutual, therefore was not owed by me. They sent me a report saying " verfified, the debt is mine, and stays" . On the next page, in captial letters , under Washington Mutuals listing , it says " BOUGHT BY ANOTHER LENDER".

So if they just admitted it..in writting, am I not right?

In utter frustration I gave up.

Now its 2007... it marks 7 years after closing the account.

I am ready to send letters asking/ demanding them to delete it...but on my reports it say " esitimated deletion 8/07"...

DOES THE MONTH MATTER? If its 7 years... its 7years , do you guys see me having a problem with this?

If so help me avoid it, tell me what I should do.

I think they should have deleted this long ago, since it was bought by another lender, and my letters/demands go ignored...they say its verified...but wont say how.

New year , new fight... I want to win this one.... please advise me ASAP!

tHANX !

Link to comment
Share on other sites

Listed as closed on 4/01

Now its 2007... it marks 7 years after closing the account.

Hey Money,

Good luck with the disputes. Keep trying- it is close to the 7 year mark ayway so they might just delete or the OC may not respond to the CRA request.

fyi- I know you didn't give a definitive date that your account was closed, but 7 years from the 04/2001 date listed is 04/2008, not 2007.

Link to comment
Share on other sites

Because, I didnt make the contract with the lender that bought it from the original one.

The credit card agreement makes it assignable by the issuing bank. That means they can sell the account to another bank ... or to a junk debt buyer ("assignment being" the legal term for transferring ownership of "commercial paper").

Banks sell their entire credit card portfolios ... or portions of them (their best accounts, worst accounts, or accounts that simply meet some set of arbitrary criteria, be it geographic or something else) all the time.

If the debt was sold to Washington Mutual, that's who owns it now and that's who you owe.

Link to comment
Share on other sites

Because, I didnt make the contract with the lender that bought it from the original one.

They purchased your debt. You owe it. With your reasoning, I would not owe my bank over a quarter million dollars since they bought my mortgage debt from my original lender three weeks after closing.

In any case, if you dispute it, the CRAs may remove it anyway. Or they may not. But keep trying. When you reach 7 years (from the looks of it, at the end of March 2008), they must remove it or face a demand letter by you...and if they refuse, a federal complaint.

Link to comment
Share on other sites

Reporting period starts with date of first delinquency that immediately preceded placement for collection, internal or external, and/or charge-off and runs for 7 years PLUS 180 DAYS from that DOFD.

Under the law, it's 7.5 years, but I wonder why the CRAs who include on your CR the month/year when a TL will be removed calculate it as 7 years. Why wouldn't they take advantage of the full reporting period they are legally entitled to? Maybe because the CRAs are so nice. :wink:

Link to comment
Share on other sites

Reporting period starts with date of first delinquency that immediately preceded placement for collection, internal or external, and/or charge-off and runs for 7 years PLUS 180 DAYS from that DOFD.

I thought it was date of first delinquency, period.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.