My first victory!! (kinda of)

[Adalida]

Despite my post count I am on here quite often...and my proof of the knowledge I have learned is by this victory, and it was not even for me.

My parents, like everyone else in the US lately, had an issue keeping up with the one credit card they had. The Union Plus CC via HSBC. About a year and a half ago the delinquent account went to the infamous Mann-Brancken for collections. My parents, not wanting to screw the CC company out of the money they rightfully owed them, set up payment arrangements. I had no knowledge of this yet.

A few months in, I started working on my own credit and was sharing my new-found knowledge with my mom. She listened, however, didn't tell me of their situation yet. Well, as we know Mann-Bracken ceased operations and my mom had no idea who was now handling their account, so she started paying the OC HSBC. The gladly took the checks they sent and cashed them.

Fast forward to August/September of this year, and my parents got served for the balance with HSBC. The problem was, the new firm in Scottsdale had the monies owed thousands of dollars more than what my parents figured was owed after the payments they had been making. About 5 thousand more.

I began reading up on the firm and HSBC and told her what I had found out. She then asked me to assist them with answering the complaint. I did.

I spent a very long weekend pouring over this board and cases, as well as the ARS. I formulated an answer and gave it to my parents to read over. ( My Dad was a Union Arbitrator/negotiator until he was forced to retire mid Sept.) He was quite happy with the response. As is said many times over, I denied all I could but also admitted what was true.

The suit was only in my Dad's name and my mom was Jane Doe. That was funny because my mom was the only one who would deal with these people. Anyhow, the answer was filed in time. 2 weeks later, they got an amended suit with my mothers name on it. Also, got the Interrogatorries and a notice of Mandatory Arbitration.

So, I figured more research was in order. Before I got invested in my research, my now retired Dad got a call from the attorney reping HSBC, wanting a settlement. Of the 15k the bank said they owed, HSBC was willing to set up a payment plan for 36 months. Pass. After much discussion, my Dad decided he wanted to negotiate a settlement.

I filled him in on the things he needed to be aware of if doing this. Get his tape recorder for the calls, have the account marked paid in full and to have the case dismissed without prejudice; then he was on the phone arguing with the moron attorneys.

A little more back information: My mom has very immaculate and detailed reports of the original account balance when the account defaulted, what the stated balance was with Mann-Bracken, copies of the cashed checks for all the payment that were made and dated and time documented notes for all the people she ever talked to once this account went bad. I was amazed and happy to see this because I am not this organized and it was to their advantage.

After playing volleyball for a few weeks, the attorneys and HSBC accepted a settlement from my Dad. 7k, the account would be marked paid in full, no 1099 would be issued and the suit would be dismissed WITH prejudice.

My parents got to pay the account off, they would not be haunted by the debt years on down the line and they do not have to worry about another suit being filed over the same crap.

I credit all the experienced people here as does my mom, for helping us know what to do. Instead of burying their heads in the sand, we were able to respond and stand up to HSBC instead of letting them get their preferred Judgment. Plus, my parents scores have even gone up since that debt is paid off on their CR's.

Thank you CIC!! xdancexxdancexxdancexxdancexxdancexxdancexxdancexxdancexxdancexxdancexxdancexxdancexxdancexxdancexxdancexxdancexxdancexxdancex

Edited December 19, 2010 by Adalida
Meant WITH prejudice

[workingpoor]

I'm not one of the experienced folks on here that deserve any credit, but I'm still just as happy for you! Congrats!!