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Debt validation response came 8 months after my request


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The Law Office of Larry Roach replied today with some proof that the Citi card debt that CACH, LLC bought is legit. However, it's been 8 months since I sent them the validation letter, and 6 months since the form was notarized (they only sent a copy).

I checked the debt validation steps and I guess I should have been more vigilant on following up after I sent the letter, but since they didn't respond I didn't think they would bother digging this up, and I've been busily settling my other debts.

So now what? The debt has been validated and CACH is licensed in my state (NC).

Thankful for any advice.

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So now what? The debt has been validated and CACH is licensed in my state (NC).

So are they still trying to collect? I don't expect CACH is going to have the documents necessary to file suit under the revised Chapter 58 debt buyer statute. If they did, they probably would have sued you already.

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So now what? The debt has been validated and CACH is licensed in my state (NC).

You basically have two options (unless, of course, you want to send them money):

1. Ignore them

2. Write them a Cease and Desist letter

Then you wait for them to do one of two things: they sell the debt to another JDB, or they file a lawsuit.

If they do the first, you're going to be writing another DV letter. If they do the second, you're going to be defending yourself in a lawsuit.

Good luck,

DH

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The Law Office of Larry Roach replied today with some proof that the Citi card debt that CACH, LLC bought is legit. However, it's been 8 months since I sent them the validation letter, and 6 months since the form was notarized (they only sent a copy).

I checked the debt validation steps and I guess I should have been more vigilant on following up after I sent the letter, but since they didn't respond I didn't think they would bother digging this up, and I've been busily settling my other debts.

So now what? The debt has been validated and CACH is licensed in my state (NC).

Thankful for any advice.

Along with what Nascar posted, read the following article:

» New debtor-protection legislation puts the big chill on debt buyers North Carolina Lawyers Weekly

Excerpt:

"Under the act, prior to obtaining an entry of default, a debt buyer must produce properly authenticated business records showing, among other items, the amount of the original debt and the amount of interest claimed as well as the basis for the interest charged."

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So are they still trying to collect? I don't expect CACH is going to have the documents necessary to file suit under the revised Chapter 58 debt buyer statute. If they did, they probably would have sued you already.

Yeah, they are trying to collect. By the necessary documents to sue, do you mean they need the original signed CC application? They sent a copy of a notarized affidavit from Citi stating the debt is mine, and they sold it to CACH, as well as a handful of old account statements.

I'd really prefer not to get sued, are JDBs likely to accept lower settlement offers than the original creditors since they pay so little for the debt?

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By the necessary documents to sue, do you mean they need the original signed CC application? They sent a copy of a notarized affidavit from Citi stating the debt is mine, and they sold it to CACH, as well as a handful of old account statements.

Do you believe the documents they gave you complies with 58-70-150?

§ 58‑70‑150. Complaint of a debt buyer plaintiff must be accompanied by certain materials.

In addition to the requirements of G.S. 58‑70‑145, in any cause of action initiated by a debt buyer, as that term is defined in G.S. 58‑70‑15, all of the following materials shall be attached to the complaint or claim:

(1) A copy of the contract or other writing evidencing the original debt, which must contain a signature of the defendant. If a claim is based on credit card debt and no such signed writing evidencing the original debt ever existed, then copies of documents generated when the credit card was actually used must be attached.

(2) A copy of the assignment or other writing establishing that the plaintiff is the owner of the debt. If the debt has been assigned more than once, then each assignment or other writing evidencing transfer of ownership must be attached to establish an unbroken chain of ownership. Each assignment or other writing evidencing transfer of ownership must contain the original account number of the debt purchased and must clearly show the debtor's name associated with that account number. (2009‑573, s. 8.)

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Along with what Nascar posted, read the following article:

...» New debtor-protection legislation puts the big chill on debt buyers North Carolina Lawyers Weekly

Excerpt:

"Under the act, prior to obtaining an entry of default, a debt buyer must produce properly authenticated business records showing, among other items, the amount of the original debt and the amount of interest claimed as well as the basis for the interest charged."

Thanks, that is a very interesting article and made me feel a lot better. Wonder if still holds true that practically nobody is getting sued in NC by debt buyers?

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Do you believe the documents they gave you complies with 58-70-150?

If a claim is based on credit card debt and no such signed writing evidencing the original debt ever existed, then copies of documents generated when the credit card was actually used must be attached.

They sent things proving number 2. For 1, I guess it depends on what is meant by "copies of documents generated when the credit card was actually used" they sent copies of two account statements from Citi before the debt was sold, neither shows any card use, but one has a payment on it.

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You basically have two options (unless, of course, you want to send them money):

1. Ignore them

2. Write them a Cease and Desist letter

Then you wait for them to do one of two things: they sell the debt to another JDB, or they file a lawsuit.

If they do the first, you're going to be writing another DV letter. If they do the second, you're going to be defending yourself in a lawsuit.

Good luck,

DH

If I opt for 2, and write a cease and desist letter should I list any reasons as to why their verification is insufficient?

I'm not much of a gambler and having already settled 2 other cc debts this year I'd really prefer paying them like 20% and making them go away. But, based on what I read around here paying JDBs before they sue is a no no.

Thanks to everyone chiming in on these forums with great advice, I'd still be stuck with a huge debt load if I hadn't found this site. I can almost begin to see the light at the end of the tunnel.

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If I opt for 2, and write a cease and desist letter should I list any reasons as to why their verification is insufficient?

I wouldn't be too specific, just general. And don't focus on the verification being insufficient. Something like:

The documents provided are insufficient for me to properly evaluate the situation and determine an appropriate resolution, therefore I am closing my files and directing you to cease communication with me on this matter, in accordance with the FDCPA, section 15 USC 1692c.

But that's just me. YMMV.

Good luck.

DH

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