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account sold to CA-not-on-CRA-OC on CR-


energizer
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Is this a dunning letter or should it be treated as such? from the CA?

 

In the mail today I received a letter from my original creditor CITI, shell account (Kansas City, MO) that your loan ending in XXXX has been sold to

Absolute Resolutions Corp and is no longer owned by CITI?

 

Effective immediately, please send any future payments or correspondence to Absolute resolutions Corp at

 

Absolute resolutions Corp
POBOX 343467
San Diego, CA 92168

 

may also be reached at 877-546-4356

 

In case you have already sent payment to Citi, the payment will be forwarded to Absolute Resolutions Corp

 

Sincerely

 

Vice President, Citi

This CA is not yet on any CRA's.

 

Is this CA part of LVNV, Midland Funding, CACH or the likes? the DOFD is 12/2010 and the balance on it is $885.

 

I would like to settle this account only if its deleted? Have nearly 7 months before SOL expires in Texas.

 

What should I do?

 

Send a DV letter including the TX TFC 392
Wait to receive a dunning letter from Absolute Resolutions Corp; then DV

Send a Cease & Desist letter.

Write letter saying do not want to work with this CA, to send it back to the original Creditor

Call them up to feel them if a settlement is possible? PFD?

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What should I do?

 

First and foremost learn the difference between a collection agency and a junk debt buyer.  There are major differences in how you handle each one.

 

Send a DV letter including the TX TFC 392

Wait to receive a dunning letter from Absolute Resolutions Corp; then DV

Send a Cease & Desist letter.

 

You can do any of these and it will not affect their ability to file suit against you up until the end of this year.

 

Write letter saying do not want to work with this CA, to send it back to the original Creditor

 

THIS you cannot do.  Your account has been sold to the new entity and there is NOTHING you can do to get it returned to CITI.  You may not want to work with them but CITI sold the debt and now no longer can work with you at all legally.

 

Call them up to feel them if a settlement is possible? PFD?

 

ANYTHING you offer should be in writing and not done by phone.  NOTHING they promise you on the phone is trustworthy and has the weight of wet toilet paper.

 

All you can do is offer a settlement and that can include PFD.  They will either accept or reject it. 

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@energizer

 

Just to be clear, what the OC sent to you was not a dunning letter from the current owner of the account.  It was merely a letter from the OC informing you that the account had been sold to another company. 

 

To which section of TX TFC 392 are you referring?

 

so then wait for the dunning letter from the CA/JDB and then DV. I m not sure i can tell the difference whether its a CA or a JDB? 

In texas, there is a DV that you can send under TX TFC392 (Texas finance code) that is more stringent than a regular DV. The way I understand it is under TX TFC 392 the CA/JDB is required to respond to DV within 60 days or delete the tradeline (if on CRA's) while non TX TFC392 doesn't have stringent rules/guidelines and only requires the CA/JDB to stop collection acitivity until DV is responded to. We in TX  most certainly bet that under TX TFC392, CA/JDB do not respond and as texas residents we can demand removal of tradeline from CRA's after 60 days. An exact remedy/cure must be mentioned in your DV letter to CA for it to be enforcable. 

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Write letter saying do not want to work with this CA, to send it back to the original Creditor

 

THIS you cannot do.  Your account has been sold to the new entity and there is NOTHING you can do to get it returned to CITI.  You may not want to work with them but CITI sold the debt and now no longer can work with you at all legally.

This account before going into ChargeOff was with GC services and i remember writing to them that i no longer wanted to work with them? This is back in Nov 2010 before chargeoff. Now that its sold, i m not sure if it works or not?
 
Does the CITI account also have to remain on CRA's.? if i am negotiating a PFD with Absolute Resolutions, then even after the 4 year SOL in texas the reporting period doesn't end? its not to my advantage to have Citi show up on CRA's
 
I dont have much leverage here for settling this account
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This account before going into ChargeOff was with GC services and i remember writing to them that i no longer wanted to work with them? This is back in Nov 2010 before chargeoff. Now that its sold, i m not sure if it works or not?

 

What happened almost 4 years with a collection agency that is no longer in the picture is irrelevant now.  The account has been sold and is now owned by a different business.  GC Services as a CA could return it to CITI.  A buyer of the account cannot.

 

Does the CITI account also have to remain on CRA's.? if i am negotiating a PFD with Absolute Resolutions, then even after the 4 year SOL in texas the reporting period doesn't end? its not to my advantage to have Citi show up on CRA's

 

ANYTHING you negotiate with the buyer of the account has ZERO affect on CITI.  

 

There are TWO SOLs.  One for filing a lawsuit and one for reporting on a credit report.  Even if the SOL for filing a lawsuit expires the reporting SOL may not have and a negative trade line can still be reported.

 

Whether it is to your advantage or not to have them reporting legally they can and more than likely will continue to do so until the 7.6 year reporting SOL expires. As long as the trade line states charged off and sold to another creditor they can do so.

 

I dont have much leverage here for settling this account

 

Settling is ALL about who has the leverage.

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If it were me--and it's not--I would lay low. Seven months can pass quickly, and your state has pretty stringent laws for collecting, even if the JDB sues you and wins. For example, they can't garnish wages. The day after it passes SOL, I would do a little dance, and know that I was free.

 

Even if you have the money to negotiate a PFD, and the skills to do so, as well, you'll just have to accept the fact that you will have a derogatory TL from Citi for another four years on your CRs. PFD from the current owner of the debt doesn't oblige the OC to do anything.

 

But it's already an old enough derog that it's not impacting much. And since it will soon show "Charged off-sold" it won't need to be paid to CIti before you can, for example, pass underwriting for a mortgage. Once you are past the four year SOL, it's entirely possible that the JDB will go away. If they don't, and send you anything, at that point, you can send them a FOAD.

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i do have another one that is also from Citi for $1661 that hasnt been sold yet. The DOFD on it is 12/2011 and i m thinking of settling it before the end of this year. Dont really have the money now, however, should have $1661 to pay in full.

 

What agreement would work best i.e. Paid in Full or Paid less than its still not deletion, however, its dealing with OC versus JDB/Ca

 

Ya i m going to lay low, but if i do get their very first dunning letter from Absolute Resolution, i will respond with a DV. most likely TX TFC 392 Dv. when doing PFD with JDB wouldn't you request/make it a condition that the OC also remove its Tradeline. How would it ever make sense to pay a JDB for a PFD and let the OC tradeline hang in on my CRA? Its unconscianable. Nobody would do  that? 

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