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Did CACH list the OC incorrectly?


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I’ve read quite a few posts about CACH, LLC and how they work, so I've got a few questions. I’ll try to condense it:

4/2007 - Opened Chase credit card as an individual acct under our business name

4/2009 – acct sold to WaMu

5/2010-Major first delinquency reported

Chase Charged off amount = $15,967

WaMu is not on any of my CRs, only Chase

Under “Collection”s on my CR for this debt is: CACH, LLC

Date assigned: 10/2010

Balance Owned: $15,967

Original Creditor: Washington Mutual

Financial Recovery Services (client of CACH) has been sending collection/settlement offers since 11/2010 (4/15/2011 offer was at 40%). Also, one letter from an attorney, 8/2011. No other correspondence since 8/2011.

2/23/2012- I sent CACH a simple DV.

3/6/2012 – I rec’d a letter from a different attorneys’ office as from the one from 8/2011, basically stating: “This office is a debt collector and has been retained to collect the debt owed by you to CACH, LLC. This is a demand for payment of your outstanding obligation.” There’s more, but basically it said I needed to dispute validity of debt within 30 days and as long as I write to them w/i 30 days, they will obtain verification of the debt.

3/12/2012 – I rec’d letter from CACH, LLC acknowledging my DV. Letter states: “We are in receipt of your written dispute. CACH, LLC is a purchaser of charged off receivables. Accounts are placed with third party law firms and/or collection agencies. This letter is not an attempt to collect a debt.” Then they listed info regarding the debt such as Original Acct Number, Balance, Original Creditor=Washington Mutual, etc.

My questions are:

1. Is it correct that CACH lists the OC as WaMu and not Chase?

2. I believe my next step is to send DV to attorney’s office from 3/6/12. Am I correct? Should the letter be a simple DV or something else? Then no more letters to CACH at this time?

I’m still learning, and any advice would be greatly appreciated!

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I don't think it matters whether the OC is given as Chase or WaMu. For all practical purposes they're one and the same.

Yes, you should send a DV letter to the attorney from 3/6. A basic DV letter. Is this attorney licensed in California? Or is this just a "scare" letter from an out-of-state attorney?

If I understand you, this account has gone through at least 3 collectors: Financial Recovery Services, the attorney of 8/2011, and now the attorney from 3/6/2012. It was probably a mistake, but not a fatal one, to send a DV letter to CACH. They are the (alleged) current owner of the account. DV letters are to be sent to the collector who contacts you about the account. Now, the previous 2 collectors are but distant, irrelevant memories. You are now able to start fresh with the latest collector, the attorney of 3/6.

Good luck.

DH

PS In my DV letters I like to parrot back the words from the FDCPA (which they have probably included in their letter) "I am disputing the validity of the debt, requesting verification of the debt, and requesting the name and address of the original creditor."

I then go on:

"Verification of the debt is to include the following:

- A copy of the agreement between your client and the original creditor which gives your client the authority to collect on this alleged debt.

- A copy of the agreement bearing my signature wherein I agreed to pay the creditor.

- An accounting of all transactions from the inception of the alleged debt. It must include all charges, fees, penalties, payments, and assessed interest."

You don't have to read these forums long before you will learn that "They don't need to send all that stuff to comply with the FDCPA." My response is "So what? No way am I sending money to someone without that information, and if I let them know that, maybe they'll give up and go after easier targets." YMMV.

Edited by debtorshusband
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Debtorshusband...Thank you so much for answering my questions! The law office that sent the letter I rec'd on 3/6/12 is NOT from the state of California (where I live). I quickly googled their name, J.A. Cambece, 100 Cummings Center Suite 365B, Beverly, MA, 01915 and based on what I read is NOT licensed in California. I also read that they are scum! Wow, this is my first collection acct I'm trying to clear up and I'm rapidly realizing the craziness of it all. I'm honestly trying to settle things, but it seems like I'm dealing with a bunch of crooks! Since they are not licensed in California, how do I approach this? Do I still send a DV letter? Thank you for your help!!

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Yes, send a DV letter. Since they are not licensed in California, they are absolutely powerless to do anything else. I predict you will not hear from them again. However, you will eventually hear from someone else, and you will repeat the process. We call this "whack-a-mole" after the arcade game.

Until you hear from an attorney who is licensed in California, the collectors are pretty toothless. The lawyers you have heard from work under a business model that goes "Hire us to send a letter to your debtors. A letter from an attorney on law firm letterhead will often scare debtors into negotiating a payment plan."

I respect your desire to "honestly settle things" but I respectfully submit that any moral obligation on your part was extinguished when the original creditor decided to accept pennies on the dollar for the debt, rather than pursue you in court themselves. Yes, you are now dealing with crooks, and I wouldn't send money to people like this until i am forced to by a court judgment, or at least they've shown me they have the documentation to win in court. If I were going to negotiate a settlement with a JDB, to start I want a complete accounting of the debt. Then I am going to subtract those exorbitant late fees, overdraft fees, etc. Then i may perform my own calculation of a fair settlement using reasonable interest rates. And I'm going to take into account how much already paid. And so on.

Good luck.

DH

Edited by debtorshusband
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