Woola

newbe Q? about wamu now chase accounts

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is Chase now the original creditor of wamu accounts?

chase sold it to midland. midland is tring to collect it, but the letter they sent claims the they purchased it from wamu. I sent them a VD letter requesting all the info on account. also sent VD letter to chase they replyed "this account sold to MCM and this is your dept", thats it. I'm mail them investigation/ verification letter today.

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This is rather complicated.

If the card was still WaMu when you defaulted, then WaMu is the OC, although Chase bought up WaMu, so Chase is the OC, but you are still under the terms of the WaMu CC agreement.

If Midland bought this from Chase, in court they would have to prove that Chase bought up WaMu, and that they bought it from Chase. This may be very difficult, because Chase is VERY bad about paperwork.

You said that Chase responded to your DV letter. Did Midland?

In my case, Chase sent the account to a CA. I DVed the CA. About a month later Chase sent me a letter saying they didn't have to validate because they are the OC! So, the CA never replied to my DV. They are now stuck.

Chase has to validate this. If they don't, and they might not, then Midland is stuck. If they sue, you have a nice counterclaim under the FDCPA. Also, you could get the case dismissed, because they don't have the evidence.

Good luck on this!

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I had a great account with Wamu.

I was never sent anything from chase that they now own the account or any bills to pay on the account.

MCM has not sent any info to support their clams.

I sent chase a OC letter to investigate and copies of any doc.

also requested if they can't to remove trade line for all 3 cra.

I was on the phone with NYS AG office today. I told them everything so far.

he said it's very possible that this may go to court, but to keep at it

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I had WaMu that defaulted due to job loss d/t illness. waMu and I reached an agreement whereby I paid all I owed EXCEPT their late fees. This was around the time WaMu was in trouble. NOW, I get stuff from CAs saying they are collecting for those late fees and of course list Chase as the OC. I sent Chase my proof of agreement/payment/etc and they now list hte account as paid zero balance on CR. But occasionally, I still get a CA who I have to DV (and they can't), so it continues. IF WaMu had done their part initially, this would never have happened, yet it did and I MUST deal with it rather than WaMu since they bailed! Oh well. At least I have proof.

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WaMu account was settled and paid 11/08. I pulled credit reports 11/09 and sent letters to all 3 CRA. Got a letter from Chase last week stating they own the account and if I thought otherwise to fill out the fraud request or the acceptance of debt. I have proof that the account has been paid as agreed, how do I get the listing off CR and Chase to dry up and blow away from this situation?

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I got the same thing from Midland on a small WAMU account. I have asked twice for DV and nothing from Midland. I sent them a cease all communications letter with the election of arbitration clause to resolve the issue. A member of this forum is going to provide me the WAMU customer agreement and I am going to file arbitration against Midland for failure to validate the debt, failure to provide documents to imitate arbitration and deceptive trade practices. I will keep everyone posted … I am thinking in the neighborhood of a $20,000.00 claim against Midland in arbitration. Once I initiate this dispute in arbitration the debt becomes litigation proof! Please Midland file suit against me after I initiate arbitration on you!!!!

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Got it! Thanks!

For those who have WaMu accounts that have changed into Chase accounts, this is good stuff. Chase can still sue if the claim is under $25,000. The WaMu agreement has no lower limit at all.

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