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hello i was reading through the forum and noticed i have the same problem im dealing with now lvnv on my cr for sears . i was wondering if you can lend a hand here. lvnv sent papers for small claims in 07 i hired a lawyer and they never showed so i got a letter "case withdrawn from all parties" then i get a letter from bay area credit demanding payment ,i sent that to ct dept of banking and got that taken care of letter of appology from bay area credit now i got another demand this time from capitol manegment for the same sears account ..i disputed with experian they verified it in 2 days, i disputed with equifax and they are on the 28th day of the investigation which makes me belive they are doing a thourogh job whereas equifax did not .what can i do here ?last payment was on 4-13-03 thank you for your imput sorry for spelling its late here lol

Depends on the SOL for your state; some states are 15 years

If you determine that you are defintely beyond the SOL for open accounts/ oral debt & written contract ( to be conservative, don't include the months that you were in litigation with LVNV; the statute is tolled),

Then send them a FOAD letter stating that the account is betond the SOL and they cannot sue on a time barred debt.

then send a letter to the CRA's.

sample letters; http://whychat.5u.com/nottoca.html

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Yeah, I've read that, but none of it is really substantive enough to make me comfortable enough to bring it up as a sole violation in court.

I have been able to gather some arcane stories about how it is one of the things that the Sherman Hydra tends to shy away from, but it's only strong if you have other solid violaitons. So again, I'm still undecided about the issue.

business owners use factoring companies to get a loan on their recievables because their credit is not good enough to get a loan from a bank.

the difference with a factoring company account is that the OC still legally owns the account, but assigns the collection and payment to the factor in exchange for a loan.

The factor then can file a financing statement that they have a security interest in the goods sold under the UCC title 9

However, Banks don't 'factor' their loans because their credit is too poor to get a loan .....

LOL LIke to see them tesify in court that they had to get a loan from a factoring ocmpany, their stocks would be in the toilet!

When an account is sold to a JDB, the banks are very careful to distingush that the money recieved for the account is not a loan, and that this is a true sale of accounts.

Which is another reason why the JDB's never come forth with the actual assignment in court; not only would it expose the pitiful amount paid, it would also give proof to the FCRA violations regarding the TL as a factored account.

Drag the bank into the lawsuit and have them testify that the account was never "factored', but sold instead, and you'll have your win.

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thanks ping ..what i see on my CR is that lvnv is reporting a open account..loan type: factoring company account

remark: placed for collection

on trans union: item will be removed 8/09

also it was always $2,501 now its at $2,676

i dont see anywhere if it was charged off by sears

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thanks ping ..what i see on my CR is that lvnv is reporting a open account..loan type: factoring company account

remark: placed for collection

on trans union: item will be removed 8/09

also it was always $2,501 now its at $2,676

i dont see anywhere if it was charged off by sears

it's probably beyond the seven year reporting limit

what's the SOL in your state for credit cards?

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