Jump to content

Collection Agency Owns or Hired to Collect Debt


SoconfusedTX
 Share

Recommended Posts

NCO Financial is one of the 3rd party collectors that cap 1 uses, document everything, especially potential fdcpa violations, NCO hit me first, then another before the lawsuit was filed, they all violated and it can give you some good leverage if you document well and DV as they come along

Link to comment
Share on other sites

So I am assuming Capital One still owns the account if the CO shows it as Assignee.

My next question - since both of these accounts (Capital One and NCO) appears on my CR, what would be a violation.

Like I said, both of the accounts are appearing, but the balances on both are different - is that a violation?

I would think if Capital One still owns it, the balances should be in sync.

Link to comment
Share on other sites

No, the Capital One tradeline does not show anything about being transferred or sold.

Only the collection agency tradeline shows it as being assigned.

Chances are, Cap1 still owns the debt. If you want to be sure, call them and ask them if NCO has merely been hired to collect.

Link to comment
Share on other sites

Thanks BV80, I will contact Cap 1.

Something else that's interesting about this account: I got a dunning letter from a "Wyse Collection" a couple of months ago. After reading and studying information on this site, I immediately sent them a DV letter and have not heard anything else from them. And nothing from this company has been reporting to my credit report.

I don't know if NCO sold the debt to them or Capital One hired them.

Link to comment
Share on other sites

Guest usctrojanalum

Cap1 doesn't really have any incentive to lie about whether they own the account or not. What would be their motivation in selling an account then later lying about it and saying they own it?

Link to comment
Share on other sites

On my Credit Report, if the Collection Agency shows the account as "NCO Asgne of Capital One", does it mean that own the account or hired by Capital One to collect the debt?

I take it that you have received a dunning letter from NCO. Check your state law and you may find that an assignee must show proof of a valid assignment manifested by a written agreement( or some such language,) otherwise it would appear that their letter is based on conjecture, not supported by facts. Also ask NCO if they have been assigned to collect for Cap1 or if they have in fact purchased this alleged account. If purchased "please submit proof of that purchase manifested by a bill of sale or purchase agreement supported by showing valuable consideration paid for the account. Your state law may have specific language in this regard. Does your CR show Cap1 indicating a zero balance ? If so, more than likely the account has been sold. If not, then NCO or whomever may still be required to show proof of a valid assignment even if Cap1 still owns the account.

Don't let these guys blow smoke up your stack !!

Link to comment
Share on other sites

No I don't have a dunning letter from NCO. It could be that I was totally ignorant about all of this credit stuff and when it was sent by NCO, I did nothing with it, which is why it's on my credit report.

On my CR, Capital One is showing a balance on my CR in the amount of $1577and NCO is showing a balance of $2574.

As I posted earlier, I did get a dunning letter from Wyse Financial Services stating that they are taking over the account or I am assuming hired by NCO. Here's the exact verbiage:

Re: NCO PORTFOLIO MANAGEMENT

Balance Owing: $2561.16

NCO/ASGNE OF CAPITAL ONE

The above referenced credit has placed a claim against you with this office. Assuming your failure to pay this obligation previously was due to an oversight, we are mailing this notice in advance of any collection steps taken by our office so that you may have the opportunity to make payment in full.

It goes on to state they are a debt collector blah blah blah.

I sent them a DV letter and have not heard anything back from them.

I am just trying to understand if the account is sold, if it is sold, then Cap 1 is not reporting it correctly as it shows a balance and does not state it was transferred or sold.

Link to comment
Share on other sites

If the debt is sold, the Crap 1 TL will say "sold to another lender" and their balance will be $0. In your case, Crap 1 still owns the debt...

"Assigned" is one of those weasal words that OCs, CAs, and JDBs use to confuse us. An OC (or JDB) can "assign" (as in contract with) a CA to hassle you. An OC can "assign" (as in sell all rights and privledges to) a JDB.

In your case, Crap1 has contacted with NCO to hassle you...and they, in turn, may contract with other CAs to do the actual hassling...

Link to comment
Share on other sites

If the debt is sold, the Crap 1 TL will say "sold to another lender" and their balance will be $0. In your case, Crap 1 still owns the debt...

"Assigned" is one of those weasal words that OCs, CAs, and JDBs use to confuse us. An OC (or JDB) can "assign" (as in contract with) a CA to hassle you. An OC can "assign" (as in sell all rights and privledges to) a JDB.

In your case, Crap1 has contacted with NCO to hassle you...and they, in turn, may contract with other CAs to do the actual hassling...

..that being said, it's time to make the CA's or JDb prove they have the legal right to "hassel you" as in legal standing, proof of a valid contract, whether it's a contract of assignment or purchase contract...and those contracts must be manifested by written agreements, bills of sale, and proof of valuable consideration paid.

Link to comment
Share on other sites

..that being said, it's time to make the CA's or JDb prove they have the legal right to "hassel you" as in legal standing, proof of a valid contract, whether it's a contract of assignment or purchase contract...and those contracts must be manifested by written agreements, bills of sale, and proof of valuable consideration paid.

A CA is not going to show you a contract in order to prove they're working for the OC, and there's no law saying they have to. If you don't want them to hassle you, you tell them to cease and desist.

Link to comment
Share on other sites

A CA is not going to show you a contract in order to prove they're working for the OC, and there's no law saying they have to. If you don't want them to hassle you, you tell them to cease and desist.

But they are required to prove legal standing as in their right to intrude in your personal affairs, do they not ?

Link to comment
Share on other sites

Guest usctrojanalum
But they are required to prove legal standing as in their right to intrude in your personal affairs, do they not ?

No. If you are not in a Court room, throw the term "legal standing" out the window.

Link to comment
Share on other sites

A CA is not going to show you a contract in order to prove they're working for the OC, and there's no law saying they have to. If you don't want them to hassle you, you tell them to cease and desist.

If you go to court in Tenn they are required to show assignment,(written agreement) per the following:

TCA Chapter 674 Public Acts 2004 Section 62-20-127, which states in part

( I have previously posted the full scope of this act):

(1) The assignment was voluntary, properly executed, and acknowledged

by the person or entity making the assignment to the collection service licensee;

(2) The original agreement between the creditor and the debtor does not

prohibit assignments;

(3) The assignment was manifested by a written agreement stating the

effective date of the assignment and the consideration paid or given, if any, for

the assignment. ( I always ask for the names, addresses and telephone numbers of all executives who signed off on the written agreement. A written agreement suggests a written contract. As such, basic contract law requires "an offer and an acceptance". Who made the offer and who accepted the offer ?)

NOTE: Everyone should review their specific state code for similar language.

I have yet to have any CA or JDB furnish me proof of any written agreement or valuable consideration paid in my initial reply to their dunning letters. Of course they aren't required to answer as part of the validation process, but it puts them on notice they will be asked to comply when any Tenn litigant submits a "motion to compel production of documents" should litigation be required. It seems obvious that if no written agreement has been consummated, then the CA or JDB has no legal standing to intrude upon one's personal affairs...and I will certainly ask the judge for an opinion in this regard if I am ever sued.

If you insist on answers to all the right questions,with no answers forthcoming, the chances of a CA or JDB becoming very quiet is great, and chances of a lawsuit is greatly diminished, or at least dismissed should a lawsuit occur.

I can only share what the law indicates in my adopted state of Tenn, however similar laws may be available in other states, and other states may even follow Tenn Law...not sure about this. I do know that attorneys often cite other state laws, or case precedent in other states.

Edited by Noway
Link to comment
Share on other sites

To SoconfusedTX:

NCO, Wyse, TSYS, and others regularly collect for Capital One. Follow the standard DV procedures when dealing with them. They are not different than any other 3rd party collector.

There are plenty of good examples of DV letters on the board. In my opinion, the simple ones are the better ones.

Also learn the rules of the FDCPA and document any violations they commit. It can be used for leverage later.

Link to comment
Share on other sites

If you go to court in Tenn they are required to show assignment,(written agreement) per the following:

TCA Chapter 674 Public Acts 2004 Section 62-20-127, which states in part

( I have previously posted the full scope of this act):

(1) The assignment was voluntary, properly executed, and acknowledged

by the person or entity making the assignment to the collection service licensee;

(2) The original agreement between the creditor and the debtor does not

prohibit assignments;

(3) The assignment was manifested by a written agreement stating the

effective date of the assignment and the consideration paid or given, if any, for

the assignment. ( I always ask for the names, addresses and telephone numbers of all executives who signed off on the written agreement. A written agreement suggests a written contract. As such, basic contract law requires "an offer and an acceptance". Who made the offer and who accepted the offer ?)

NOTE: Everyone should review their specific state code for similar language.

I have yet to have any CA or JDB furnish me proof of any written agreement or valuable consideration paid in my initial reply to their dunning letters. Of course they aren't required to answer as part of the validation process, but it puts them on notice they will be asked to comply when any Tenn litigant submits a "motion to compel production of documents" should litigation be required. It seems obvious that if no written agreement has been consummated, then the CA or JDB has no legal standing to intrude upon one's personal affairs...and I will certainly ask the judge for an opinion in this regard if I am ever sued.

If you insist on answers to all the right questions,with no answers forthcoming, the chances of a CA or JDB becoming very quiet is great, and chances of a lawsuit is greatly diminished, or at least dismissed should a lawsuit occur.

I can only share what the law indicates in my adopted state of Tenn, however similar laws may be available in other states, and other states may even follow Tenn Law...not sure about this. I do know that attorneys often cite other state laws, or case precedent in other states.

You state, "I have yet to have any CA or JDB furnish me proof of any written agreement or valuable consideration paid in my initial reply to their dunning letters. Of course they aren't required to answer as part of the validation process"

The highlighted part was my point. We weren't talking about court...we were talking about validation. You even admit they've never shown you a contract in response to a DV request and that they're not required to do so.

I know what you're getting with the rest of your reply, but that wasn't the point of my post. Nor was it the point of my post to which you responded with "legal standing" and "personal affairs".

Link to comment
Share on other sites

You state, "I have yet to have any CA or JDB furnish me proof of any written agreement or valuable consideration paid in my initial reply to their dunning letters. Of course they aren't required to answer as part of the validation process"

The highlighted part was my point. We weren't talking about court...we were talking about validation. You even admit they've never shown you a contract in response to a DV request and that they're not required to do so.

I know what you're getting with the rest of your reply, but that wasn't the point of my post. Nor was it the point of my post to which you responded with "legal standing" and "personal affairs".

No they aren't required in the validation process. The point is, without a written agreement, all other points become void, validation or not, should litigation be required.and in most cases, they have never even replied to my validation request, more than likely because they were caught with their pants down, backed into a corner if you will.

The point is to use all available tools to include your state law, federal law , the fdcpa, the fair credit billing act and the fcrpa to counter any claim made.

Throw all these laws into the hat, and you can usually put together a good defensive game plan.

The point is to keep it from ever going to court...right ?...and if it should go to court, you can demonstrate to the judge that you have previously sought specific answers in an effort to determine if the CA or JDBA has legal standing to sue., then the judge can ask his own questions and decide.

Sorry if I keep referring to my own personal situations, but these are the only examples I can provide.

I need to look again, but I don't think the above state code distinguishes between validation and litigation in this law. Not sure if the FDCPA trumps state consumer code or not....will check to see.

Edited by Noway
Link to comment
Share on other sites

Thanks you all for your response to my posting.

I am even more confused - but I will continue to request that they DV the debt. It appears when I did this for "WYSE", they went away.

However, every couple of days I am being notified by "MY FICO" that a change has been made to my credit. When I go and look, it's NCO increasing my balance in $5 dollar increments.

Can they assess charges multiple times a week like that?

I have the sneaky feeling they are up to "NO GOOD"!!!!

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.