credit2011

I sent a 623 Letter To Bank and They Responded account was sold

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I sent a 623 Letter To Bank and They Responded account was sold another bank.

 

Direct Merchants Bank was who I filed dispute with.

Got a letter back from HSBC stating  account sold to a JBD,  They ask me to direct inquiries to the JBD.

 

What now? I was disputing the debt that appeared on my credit profile, the amount and date of last payment.

 

Help!

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If it was sold, then the HSBC tradeline should say $0 balance and sold to another lender.  If that's not what's on your reports, then dispute with the CRAs.

 

If it is, there's nothing you can do about the "lates".

It does not as of last time I checked and that is one of the reasons I sent the 623 letter

I will contact the CA again, but it seems as if the bank- the original creditor cannot verify the records, so it should be removed then.

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The OC sends the letter that the account is sold and they did not verify any of what I requested- so does this mean that they don't have the info anymore, because now I received a letter from a  law firm but the name of the creditor on the letter  is the JDB. The latter states account was sold to (name of JDC) and its an attempt to collect a debt- letter states I can request (basically send them a debt validation letter)  The letter has the law firm name but also states the firm is acting as a debt collector and no attorney has reviewed the account. 

 

Sounds sort of threatening to me that the law firm and not JDB sends a letter right after dispute with OC on Transunion right away.

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I get a letter now from JDB asking for money- I responded to them by sending a DV letter. They never responded now almost 2 months- On my CA it still shows only the OC and account transferred and sold, zero balance. What now? What are my rights when they dont respond to the DV letter

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I get a letter now from JDB asking for money- I responded to them by sending a DV letter. They never responded now almost 2 months- On my CA it still shows only the OC and account transferred and sold, zero balance. What now? What are my rights when they dont respond to the DV letter

What now? Nothing. They are only required to cease collection activities until the do respond to your DV. They are not reporting therefore there is nothing you can do until they make their next move. What the JDB does has zero affect on the OC ability to report the accurate status of the account.

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@credit2011Debt collectors are not required to respond to a DV request unless they want to continue collection efforts. They can choose not to respond and to cease collection.

 

So basically its sit and wait and see but I thought if they were to continue to collect they have 30 days to respond by law and the FDCRA. So they can start again by sending another letter and I will send another DV? It seems as if they intended to collect and perhaps just decided not to when I sent that letter?

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So basically its sit and wait and see but I thought if they were to continue to collect they have 30 days to respond by law and the FDCRA. So they can start again by sending another letter and I will send another DV? It seems as if they intended to collect and perhaps just decided not to when I sent that letter?

NO. They do not have to respond to you in 30 days. They only have to cease collection efforts until they DO respond. This is a commonly misunderstood part of the FDCPA. Once the JDB sends the FIRST dunning letter you have 30 days from that point to dispute it. There is nothing that says they must respond to YOU in 30 days.

How you respond depends on what the next move is. Keep in mind that ALL they are required to send for DV with you is the name/address of the original creditor and the amount they allege you owe. So if they send that and then ask to pay up they are not in violation. At that point you either wait for the SOL for lawsuit to expire, wait for the reporting period to expire, ignore them and hope they do nothing, settle it, or get served and fight a lawsuit.

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I have another collection issue and I got a letter from a company called ARM- I sent a DV letter and they sent back to me that they received my letter and they will forward my dispute to the OC. What type of company is this? They state in the letter that they do not report to the credit bureaus.

The original letter they sent stated that they were assigned this account for collections .

I thought that was strange that they said they would be forwarding my dispute to the OC.

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I have another collection issue and I got a letter from a company called ARM- I sent a DV letter and they sent back to me that they received my letter and they will forward my dispute to the OC. What type of company is this? They state in the letter that they do not report to the credit bureaus.

The original letter they sent stated that they were assigned this account for collections .

I thought that was strange that they said they would be forwarding my dispute to the OC.

ARM is a collection agency, collecting on behalf of the OC. When you DV, they are supposed to go back to the OC for details on the debt. Technically, its the OC that's supposed to send those details to you.
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 I got a  2nd response from ARM from my DV letter sent way over 30 days ago, their first communication above states they will contact the OC for information I requested in my DV letter.That was if from their first response.

 

I got in the mail recently copies 2 years of statements 2011-2012. Not from when the account was opened from I think 2009. Nothing else.

I will look through all these statements and see when they say  a last payment was made. If it goes back beyond the SOL then its good, but of not I guess I wait till another move is made.

 

The issue with this card was minimum payments set to $1400 per month on a balance never over 4800  per month. After a while could not do it and negotiated for lower300 then  100 payments, but then they would not lower from there.They kept the card open for so long after I stopped paying as they would not work with me, then, they finally closed it when they should of closed it earlier and were jacking up 32 percent interest, late fees etc. The interest alone was insane, like 245 per month and late fees of 35 each month . They should of closed the card but they did not they kept it opnm. I think I told them to close it and they never did- this was all on the phone, not on writing

 

Idiots would not work with me- I even asked for 50-75 per month payments instead of 100 - they said no.

 

So what is the point of DV is they end up not responding on time and giving  non- sufficient evidence asked for in the DV

 

I read above they don't have to respond to a DV in full, but they just have to stop collections when they get one?

This makes no sense to me and there seems to be no consumer protection here at all since they are not required to do this and that in regard to the DV..

 

And a plaintiff not responding at all to  a DV does not seem to help getting a trade line  changed on the Credit Report as well it seems. There seems to be no violation of that in the FCRA and no benefit to the consumer other than to stop calls and more threats?

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@credit2011

 

They are not required to respond in 30 days.  They just can't resume collection efforts until they do validate.   If they choose to stop collection efforts all together, they don't have to validate.

 

It was not necessary for them to provide cc statements from the date the account was opened.  That's not required by law. 

 

Does one of the statements indicate the same amount that they claimed in their letter?

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@credit2011

 

They are not required to respond in 30 days.  They just can't resume collection efforts until they do validate.   If they choose to stop collection efforts all together, they don't have to validate.

 

It was not necessary for them to provide cc statements from the date the account was opened.  That's not required by law. 

 

Does one of the statements indicate the same amount that they claimed in their letter?

I will check this tomorrow and reply - thanks for follow up so quick

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@credit2011

 

They are not required to respond in 30 days.  They just can't resume collection efforts until they do validate.   If they choose to stop collection efforts all together, they don't have to validate.

 

It was not necessary for them to provide cc statements from the date the account was opened.  That's not required by law. 

 

Does one of the statements indicate the same amount that they claimed in their letter?

The last statement they send shows a balance of about a couple of hundred dollars less than the amount in the ARM Collection letter -lat payment they have that shows is in 2011  - So if they hold off any threat of suit or suit- The statute SOL gives me  2015 free and clear-  If i made a settlement arrangement with them before if they sued and then stopped paying after the SOL - would I be free in the clear or that restarts the debt?  I am using this as an example, just in case.

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