Twitchrdrm Posted March 19, 2011 Report Share Posted March 19, 2011 I received a notice from Tate & Kerlin regarding an HSBC credit card. According to my credit report this is what shows:HSBC BANK Account No.: 19**** 19**** 10**** Condition: Closed (Paid) Closed (Transferred) Derogatory Balance: $0 $0 Type: Credit Card Credit Card Pay Status: Collection/Chargeoff Collection/Chargeoff Collection/ChargeoffIt looks like it is now w/ The Bureaus who has sent it to Tate & Kerlin for collection. The high balance of the card is $5,960.00 and I figured it was best to get this settled for less than the amount. Well, according to Tate and Kelin the full amount is $7,445.00 (obviously interest and other charges) and it is also important to not that only The Bureaus Inc shows on my credit report, not T&K.THE BUREAUS INC Creditor Name: THE BUREAUS THE BUREAUS INC Account No.: 45**** 45**** 45**** Original Creditor: 01 HSBC CARD SERVICES INC HSBC CARD SERVICES INC. HSBC CARD SERVI Responsibility: Individual Individual Individual Condition: Derogatory Derogatory Derogatory Original Balance: $5961 $5961 $5961 Balance: $7445 $7445 $7445 Date Opened: 09/30/2008 09/2008 09/2008 Date Reported: 02/27/2011 02/27/2011 02/2011 Remarks: [TransUnion] Placed for collection [Experian] [Equifax] Subject has not satisfied debt. I called T&K in an attempt to settle and the guy was very rude, laughing at my offer of 1500.00 to settle and stated that they could only offer 3980.00. Everything I have read on the net said to start at 20% of the amount of the actual debt minus interest and charges. I have settled other accts. (granted for much less balances owed) and the people I talked w/ at the other CA's were much nicer than this guy was. What would you recommend based off what I have posted? Should I try the Bureaus? Or should I just keep trying to get a lower amt from the ignorant jerk at T&K?Any info/insight would be greatly appreciated Also, according to my credit scores (using the vantage score model) i am in the low 700's and was recently approved for a small 300 CC through Capital One (unsecured) does this mean that there is light at the end of the tunnel for me as long as I'm responsible w/ this new CC? Link to comment Share on other sites More sharing options...
BV80 Posted March 19, 2011 Report Share Posted March 19, 2011 Your CR shows transferred with a $0 balance. Are you sure the Bureaus hasn't purchased it? Link to comment Share on other sites More sharing options...
Twitchrdrm Posted March 19, 2011 Author Report Share Posted March 19, 2011 Thanks for your reply. According to the jerk at Tate and Kerlin it is owned by The bureaus and they have T&K collecting on it. Link to comment Share on other sites More sharing options...
BV80 Posted March 19, 2011 Report Share Posted March 19, 2011 If the Bureaus claims to own it, I would make them prove it. If they can't prove it, I wouldn't pay them a dime. What is the SOL in Illinois? Link to comment Share on other sites More sharing options...
Twitchrdrm Posted March 19, 2011 Author Report Share Posted March 19, 2011 Illinois: Statute citation 735 Ill. Comp. Stat. 5/13-201 et. seq. says that the statute of limitations for a written contract is 10 years, and for an oral contract is 5 years.**How can I figure out whether the contract was oral or written? Link to comment Share on other sites More sharing options...
BV80 Posted March 19, 2011 Report Share Posted March 19, 2011 According to the Appellate Court of Illinois, First District, Third Division, the statute of limitations on credit card debt is 5 years.http://scholar.google.com/scholar_case?case=18054658369523130311&q=Portfolio+Acquisitions,+L.L.C.+v.+Feltman,&hl=en&as_sdt=2,10 Link to comment Share on other sites More sharing options...
Twitchrdrm Posted March 19, 2011 Author Report Share Posted March 19, 2011 Well with the SOL is almost half up shouldn't I be able to settle for less than those jerks offered? Should I threaten bankruptcy as well? Link to comment Share on other sites More sharing options...
BV80 Posted March 19, 2011 Report Share Posted March 19, 2011 (edited) The problem with settling with a JDB is that they probably won't remove their TL from your credit report. Then they may turn around and sell the remaining amount to another JDB who might decide to try to collect. You should also remember that the JDB purchased your debt for only a percentage of the balance. How much they paid for it? They won't tell you. I doubt threatening bk would phase them. They've probably heard that threat countless times.If you really want to settle, I'd first make them prove they own the debt AND prove the amount they're claiming down to the penny. If your satisfied with their "proof", get everything in writing...that the settled amount is payment in full. That way, if another JDB tries to collect, you've got written proof the debt is paid. OR...you could try to get them to include in writing that they won't sell the remaining balance. If another JDB did come after you at a later time, you might have a cause of action against the 1st JDB. I'd be very surprised if they would agree to include that, though.I would not talk to them without the ability to record the conversation as long as your state and their state laws allow. If you can't record the conversation, keep everything in writing.Personally, I would not pay a JDB. If they sued, they would have to prove their case. But...that's just me. Edited March 19, 2011 by BV80 Link to comment Share on other sites More sharing options...
LearningasIgo Posted March 19, 2011 Report Share Posted March 19, 2011 I doubt threatening bk would phase them. They've probably heard that threat countless times..One of my four or five "...for your info 'realities'...." was always this:"Bankruptcy ready? Yes."Whether or not it fazed them, who could know? My personal working model was, if it can't hurt, it might help.... Link to comment Share on other sites More sharing options...
BV80 Posted March 19, 2011 Report Share Posted March 19, 2011 Yes, you could threaten bankruptcy, but I don't believe in threatening anything you're not willing to go through with. If they say "so what", are you willing to follow through with bk? If you are, then fine. If not, I wouldn't make the threat. Link to comment Share on other sites More sharing options...
Twitchrdrm Posted March 19, 2011 Author Report Share Posted March 19, 2011 Thanks for all of the feedback. I appreciate it, in regards to a settlement I'm looking for the best way to leverage a settlement. If anyone can provide advice and also tell me if I should negotiate from the amount that has all of the added fees and interest, or the actual debt amount that would be great. Link to comment Share on other sites More sharing options...
LearningasIgo Posted March 19, 2011 Report Share Posted March 19, 2011 Yes, you could threaten bankruptcy, but I don't believe in threatening anything you're not willing to go through with. If they say "so what", are you willing to follow through with bk? If you are, then fine. If not, I wouldn't make the threat.The harm? Whether I would go through with it or not, doesn't seem, to me, a problem. It would be up for them to digest. Who knows what would be the straw that might tip their decision? Regardless, I want them to know of the "possibility". The barometer for me: No harm, no foul. I don't see the "harm" to any extent, just the "possible" benefits. Different strokes....etc... Link to comment Share on other sites More sharing options...
Recommended Posts