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MCM Trying To Collect $19,000


Lewis8739
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Hello All,

I need a little help. I've been checking my CR and I've noticed MCM coming up from a past account I've had with BofA for $19,000. I know...HUGE!!!:cry: What would you do in my situation? Try to settle with BofA or with MCM? I've read other post concerning MCM but I didn't see one that had a balance as large as mine. This balance was brought on because of my divorce 2 years ago. They havn't tried to contact me yet so I'm trying to get prepared.

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:roll:

UGH!! MCM SUCKS!!

DV them and you'll see a dunning letter from a CA soon. As soon as you get it DV them too.

Once you do that and get replies seek more assistance from the GREAT people here!!

I am currently disputing an account with them. They are violating left and right so I am just building my case right now.

Good luck!

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First, you need to take a deep breath!!!

You'll need to start the debt validation process. If MCM is only assigned the debt by BofA, then if possible it's always better to try to work out a deal with the OC.

Read the site, read through the "Debt Settlement" Forum as well as the "While You're in..." Forum.

You're going to find tons of helpful information here.

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Hold On...I've made a mistake. This account was opened 10/02. I forgot that this was one of the accounts I took during the divorce. It doesn't show when the last payment had been made. It was charged off in 8/05. So 10/08 will be SOL?

If it was charged off in 08/05 then I doubt the SOL is up. Didn't you say the SOL for credit cards in TN is six years?

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OK, I've disputed with TU (1 mo ago) and EQ (3 weeks ago). TU said it has been validated and I'm waiting to hear back from EQ. I guess I've awakened a sleeping giant. Should I continue since I've already started?

I want to try and settle with two other accounts on my credit that have been charged off but I'm concerned about the 1099. Is there a certain amount that activates the use of the 1099 or is it any amount?

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I not informed on any information about the 1099C. As far as continuing with the DV process. I guess it is more a question to yourself of Do you feel lucky? lol

I will tell you about my most recent experience in disputing an account I wanted removed. I sent EQ a dispute in 01/07 and they verfied. Then I DV'ed the OC, they supplied information to me but still reported it wrong to EQ. So I sent EQ another dispute, disputing that I was never late and that I was now disputing the tradline for accuracy and completness. Basically I made a spreadsheet from the tradeline information and it contained about 30 data fields of which only 15 data fields where completed. They had data fields for duration that was blank, dates still wrong, etc. So the OC did not verified within the 30 days as required by law and they deleted the account from my report. I believe the FCRA states the tradeline information must be complete and accurate. Not incomplete and incorrect.

Here is an example of my letter, PLEASE CHANGE IT to fit your needs.

Dispute01.jpg

Dispute02.jpg

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