Jackie1989

Arbitration, Staute of limitations or Standing

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Better image quality. They show a starting balance July 31 2013 principle and interest.  They start showing payments September 03, 2013. There seems to be some issue Sept. 25th. They show a balance of 28,534.49 September 3 then a balance of 28,512.20 October 4.  It seems off.  

spreadsheet1.JPG

spreadsheet2.JPG

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Forgive me if you've already provided this information.   When did you sign your agreement with BofA?

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This agreement/contract apparently was signed April 13 2012 . It was a restated and amended loan agreement for 38k

Inkedcontract1.gif

contract2.GIF

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billofsale.GIF

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Was there an Asset Schedule to go with the Bill of Sale (last document in the previous post)?  Also, are you able to go through your records beginning in 2012 to see if you made any payments not reflected on the spreadsheet?

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no asset schedule. i have no records but, the account history they are showing obviously had to be paid for the year previous to July 2013 or it would have been in court long ago. I no longer have any business with Bank of America - its been 3-4 years-. I am going to look and see for old bank statements and any loan statements they may have sent. I remember receiving late fee notices as well. Just need to locate and see if it is for this account.

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Don't start a new thread.  It's best to keep everything in one place.

The Asset Schedule referred to in the Bill of Sale would be the JDB's "proof" that your account was among the accounts included in the sale.  This is typically a one-page document that should include an account number, the name of the original creditor, and the name of the account holder.

Without the Asset Schedule, and with the issues involving the incomplete spreadsheet and unknown origin of the spreadsheet, your defenses appear to be lack of standing and lack of a business records affidavit.

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Do you know which state's laws govern your contract?  Was it NC?

According to the spreadsheet, your last payment was made in January 2016.  I believe the SOL for NC is three years for written contracts.

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Hi

I am wondering, do I object to their MSJ or motion to strike affidavit?

No asset schedule (although affidavit doesn't mention one)

Interest rates are contradicted by their own exhibits

One other thing I noticed.

On the contract they filed, under interest rates, it states that starting April 28 (which is 15 days after the contract went into effect) the interest rate would be 6.25% but, would rain the same as original loan document until that date. Petty I know but. Should they have to show original loan document that is referenced?

Finally, the affidavit states under "account damages" that the spreadsheet (exhibit d) shows all payments and that "plaintiff has not received any payments not reflected in the exhibit" They are saying that from April 2012 to July 2013 no payments were made?

Thanks for taking the time to reply!

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12 minutes ago, LaneBlane said:

Do you know which state's laws govern your contract?  Was it NC?

According to the spreadsheet, your last payment was made in January 2016.  I believe the SOL for NC is three years for written contracts.

Unfortunately, I don’t think CT has a borrowing statute. 

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12 minutes ago, LaneBlane said:

Do you know which state's laws govern your contract?  Was it NC?

According to the spreadsheet, your last payment was made in January 2016.  I believe the SOL for NC is three years for written contracts.

It is nortj Carolina but, I don't think that will work here in Connecticut

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The MSJ that was filed mentions the loan contract (Exhibit A) and the Bill of Sale (Exhibit B).  Do you know about the existence of any other documents they have with respect to the transfer of ownership?

The Bill of Sale alone doesn't prove conveyance of your account to the JDB.  In my opinion they would need the Asset Schedule which, according to the Bill of Sale, should have been attached because it's part of the contract.  Even the Asset Schedule may lack information definitively identifying this particular loan agreement.

I'm not sure how well your arguments regarding the spreadsheet will hold up.  The spreadsheet is incomplete.  I'd also express concern that its origin (who created it) is unknown.  There's a reference line at the bottom of the last page "Version 44901."  Do other "versions" exist?

 

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Lane

You are right about asset schedule. I didn't notice that it mentioned it in bill of sale.

How about their "account damages" the interest rates? They are much higher than spreadsheets and they did not purchase debt until September 2018 and yet they are seeking a higher interest rate than what bank was seeking at this period. According to spreadsheet.

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I have read a lot about " records in the normal course of business". I noticed in my case, the affiant makes no mention of this. Is it because it's a contract and not a credit card case?

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4 hours ago, Jackie1989 said:

I have read a lot about " records in the normal course of business". I noticed in my case, the affiant makes no mention of this. Is it because it's a contract and not a credit card case?

Business records apply to credit cards, loans, and lines of credit. 

14 hours ago, Jackie1989 said:

How about their "account damages" the interest rates? They are much higher than spreadsheets and they did not purchase debt until September 2018 and yet they are seeking a higher interest rate than what bank was seeking at this period. According to spreadsheet.

Your loan agreement has a "Default Rate" of interest (Paragraph 3.4).  The JDB may have recalculated interest based on the higher default rate.

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4 hours ago, LaneBlane said:

Business records apply to credit cards, loans, and lines of credit. 

Your loan agreement has a "Default Rate" of interest (Paragraph 3.4).  The JDB may have recalculated interest based on the higher default rate.

Business records: the affidavit does not mention business records at all. and according to connecticut law 52-180 there is an exception to the business records hearsay rule. the records must be created in the ordinary course of business

 

interest: good to know. so since they bought the alleged debt. they can, even though original creditor did not, charge the default rate on the principle for dates before they owned it.

Guess I better take that out of my objection 🙂

 

also no asset schedule.

 what about the referencing the "original loan documents" in that the interest rate would continue to be at "the original loan documents" rate until April 28?  Is this really grasping? Should they be required to present original loan documents? the "agreement" states that the "bank" has all the "original loan documents"?

 

Thanks Lane!

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3 minutes ago, Jackie1989 said:

good to know. so since they bought the alleged debt. they can, even though original creditor did not, charge the default rate on the principle for dates before they owned it.

Guess I better take that out of my objection 🙂

Yes.  Even if BofA didn't assess "default interest," the JDB has the ability to do so if it's permitted in the loan agreement.

Do you know how to use Excel?  If you do, I would recommend creating a spreadsheet of your own that will allow you to do your own interest calculations to see if things match up with the interest allowed under the contract.  This is the best way for you to really learn the numbers.  If you don't have Excel, a pen and paper will work, too.

I would also read the loan agreement at least three times from start to finish and highlight things you believe are important to organizing a defense.  You need to know and understand your contract and the numbers.

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great, I understand. I have actually gone through all of this stuff a few times and each time, something catches my eye.

Thanks again.

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5 hours ago, Jackie1989 said:

great, I understand. I have actually gone through all of this stuff a few times and each time, something catches my eye.

Thanks again.

This is exactly why I recommend reading through everything a few times.  You'll either pick up on something new, or you may intrepret something differently.

 

Out of curiosity, is there anything questionable about your signature on the loan agreement?  Your signature looks very light compared to the other two that were scanned.

 

 

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Yes, very much so. I had a few accounts with this bank. On one of the loans they wanted to add a maturity date. This was a loan that originated with another bank they took over. They actually took over a couple of loans. This contract is suspect, not only because of the spelling of my last name but, because I can not make out signature. I don't trust that someone at bank didn't copy it. There was a time when they stopped sending statements and  the spreadsheet, if correct, 

8 hours ago, LaneBlane said:

This is exactly why I recommend reading through everything a few times.  You'll either pick up on something new, or you may intrepret something differently.

 

Out of curiosity, is there anything questionable about your signature on the loan agreement?  Your signature looks very light compared to the other two that were scanned.

 

 

 is an indication to me ,showing  no payments from April 2012 to July 2013, of probably when the statements stopped. I had a lot going on for a few years and never paid attention to details. Money was withdrawn from my business checking account and I didn't give it much thought. Every so often double payments were withdrawn and I would sometimes only notice because of a returned payment. Any time I called, I would get bounced from department to department. From commercial to personal, then sometimes I would get the "special" department which would have some information and could correct issues with my account being overdrawn but, they couldn't send me anything in writing.

I always felt threatened that they would want account paid in full and kept quiet in order to not rock the boat.

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I am going to file an object, or at the very least an extension to file an objection, to MSJ next week. I am obviously out of my league and will probably get chopped and diced but, I am going to give it a go.

I am hoping to  prepare something that is not laughable by the courts.

I truly appreciate the insight!! 

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