one JDB sold my SOL account to another JDB...

[circe801]

i lived in NJ at the time of the default.  now i live in SC.  as i have found from research, citibank regularly used LVNV for collections.  now that there is a class action suit on LVNV, i guess they are now selling to other JDBs.

today i received a letter from "sequium asset solutions".  i surmise that they are yet another JDB--or they are somehow clueless to LVNV's state of affairs--OR, sequium is really LVNV under "another name".  the collection attempt is--wait for it--for an original citibank account.  between the date of SOL and now, a few other CAs have tried to collect--can't recall their names.  in any case, the letter is showing LVNV as the current creditor and citibank as the original.

the mentioned account defaulted in 2007, and sequium is saying that the "judgment was awarded" on 1/1/08.  NJ's SOL is 6 years.  the account is now over 12 years old.  glad to say i am in much better financial shape---though not "too" much better--than i was at the time of the default.  in any case, this is past two times the SOL expiry.

and, get this--they are alleging that the original debt was for $6K plus--which it was not (guess it's the "interest and fees" and 'stuff')--and sequium is asking for every penny.  never heard of this.  i was expecting them to ask for $600 or less to settle.  from what ihave found, a SOL debt is often sold for pennies--or even as low as one cent--on the dollar.  so, sequium is looking for over $6K, but possibly spent less than $100 to buy it?  wow.  and, please exuse me for this, but every time i see "sequium", i think of 'NXIVM'.  you know, that cult.  lol.  sorry...

i am also thinking that this was triggered by a recent inquiry made for cosigner of an auto loan.  pretty sure the last one i received was right around when i had applied to cosign a motorcycle loan.  note: both were approved.

how do i deal with this?  i have never responded to any of the attempts, as i feared that could somehow cause a  current date, effectively cancelling out the SOL.  i now find that contact is not enough--a payment needs to be made in order for them to do that.  am i correct in this?

any input is greatly appreciated.

 

[WhoCares1000]

Even bankrupt debts get sold around all of the time. Usually it is a group of bundled debts that the purchaser is bidding on and they usually have no clue what is in the bundle other that what is described by the seller. This is especially true of older debts. Now, if you have not declared BK on a debt, the JDB has the right to nicely ask you to pay said debt. That does not mean they can collect and when buying debts this cheap, even if they collect on 5% of them, they made out.

That said, the letter does mention judgement. Are you sure there was not a judgement awarded against you in NJ or that you were sued. I suggest checking the courts where you resided in NJ. I say this because judgements have super long SOLs and can possible be renewed.

[Clydesmom]

5 hours ago, circe801 said:

sequium is saying that the "judgment was awarded" on 1/1/08

THIS is what you need to be checking on ASAP.  If you have already been sued and a judgment awarded then SOL takes on a whole different meaning.

The SOL to collect on a judgment can be as long as 20 years and include post judgment interest.

5 hours ago, circe801 said:

from what ihave found, a SOL debt is often sold for pennies--or even as low as one cent--on the dollar.  so, sequium is looking for over $6K, but possibly spent less than $100 to buy it? 

Under contract law the buyer of the debt gets all the rights and responsibilities of the original creditor.  So if you have a judgment against you for $6k they can sell the judgment and the buyer can collect that full amount.  What they paid for it is not relevant.  Whether you agree with it or not.

5 hours ago, circe801 said:

i now find that contact is not enough--a payment needs to be made in order for them to do that.  am i correct in this?

No, you are not correct if they have a judgment.  

5 hours ago, circe801 said:

how do i deal with this?

First you need to find out if you were sued.  Legally you can send them a debt validation letter and request a copy of the judgment.  Or you can check the dockets in NJ and see if you were sued and get copies of EVERYTHING (especially how you were served) in the case file.

Some things to keep in mind:  South Carolina does not allow wage garnishment for civil debts like this so that is not something you have to worry about.  Second:  if they do have a judgment from New Jersey they have to domesticate it in SC before they can get a bank levy.  Until you resolve this I would live "unbanked" meaning do NOT keep any money in a checking or savings account.  Have your direct deposit sent to a prepaid debit card which is a lot harder to find than a bank account while you sort this out.  That way you don't wake up to find account(s) frozen.

DO NOT delay doing any of this because clearly they are not going to give up and if there is a judgment they don't have to.