Need help resolving fiance's credit card debt issue(seeking collection) | TigerDroppings.com

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ThaBigFella
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Need help resolving fiance's credit card debt issue(seeking collection)


So I've spent alot of time and money helping my fiance fix her credit and bring up all her past delinquent car payments,student loan, and 1 cc up to good standing. She made alot of mistakes when she was younger but she's 30 now and has her stuff together.

The issue is 1 card opened in 2003 and in good standing till 2006, well today she got a call from a receiver who gave her a summons to appear in court blah blah and the info to an attorney for bank of america to call and see what was up with her case. Well apparently she rang up $3500 in charges and when she stopped paying in 2006 the interest is up to $15,000 in total today.

I talked with the guy on the phone and in a minute he offered to settle for $2300. Sounded way too easy to me, how am i supposed to handle this? This card doesn't even appear on her credit report but worse, due to an inheritance she received she has significant cash to her name today and I don't want them to end up after her for the full $15,000 which the guy promised me would be her payment if she didn't settle.

I have no experience with his bc I've never had a delinquent account, I don't want to pay an attorney a ton of money to help if $2300 is worst case scenario, Im just wondering how serious this stuff is. Its been 6 years almost 7, isnt there some sort of statute of limitations?

Thanks for any info you can provide...



This post was edited on 6/12 at 12:19 pm



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Chad504boy
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re: Need help resolving fiance's credit card debt issue(seeking collection)


quote:

Need help resolving fiance's credit card debt issue



break up with her.


tadahhhhhhhh






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Broke
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re: Need help resolving fiance's credit card debt issue(seeking collection)


So she got a call or received a summons?





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ThaBigFella
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re: Need help resolving fiance's credit card debt issue(seeking collection)


Got a call notifying her of a summons, they left a voicemail and she had me call and talk to them. The guy was Asian and I didn't fully understand him but I got something about the $15k being taxed as income maybe? I don't know I was gonna call bank of America when I got home tonight to try and deal with them directly! They offered $2300 settlement on $15k should I take it or try for lower? Or should I ignore it bc it's not on her credit report and it's been nearly 7 years?





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Kingwood Tiger
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re: Need help resolving fiance's credit card debt issue(seeking collection)


I'd at least have them send you something in writing/email saying they will settle for the $2300.....do that before you do anything.





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ZereauxSum
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Member since Nov 2008
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re: Need help resolving fiance's credit card debt issue(seeking collection)


quote:

I talked with the guy on the phone and in a minute he offered to settle for $2300


This is because:

quote:

This card doesn't even appear on her credit report


And

quote:

she stopped paying in 2006


Basically, a bad debt buyer has purchased the debt and they know it will be difficult to compel your fiancé to pay. They purchased the debt for a fraction if the $3500 so $2300 would be a huge win for that collector.

Now, they can still sue her. The likelihood of this will be based on the balance (they will TRY to sue for the $15K), the age relative to the applicable statute of limitations, and whether they believe your fiancé has the ability to satisfy a judgement (income, liquid assets, etc).

Here's what you should do.

1.) request a validation letter. This will serve as proof that they own the debt and buy you some time.

2.) find out what the applicable statute of limitations is. This will be based on the state that she lived in when the card was opened. If it is outside of the SOL, they have nothing with which to compel you to pay. They can still call/mail letters until you give them a cease and desist letter.

If you want to negotiate with them, this will give you a basis on which to do so. If you settle with them, make sure you keep a copy of the check and get a letter from the stating the debt as been settled. This, along with your validation letter will be helpful if they "accidentally" sell the settled debt to another entity.

Good luck.






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Teddy Ruxpin
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New Orleans, LA
Member since Oct 2006
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re: Need help resolving fiance's credit card debt issue(seeking collection)


quote:

2.) find out what the applicable statute of limitations is. This will be based on the state that she lived in when the card was opened. If it is outside of the SOL, they have nothing with which to compel you to pay. They can still call/mail letters until you give them a cease and desist letter.


In LA its 3 years. Also, being sued on this could be a violation as well, since under the FDCPA you cannot sue on a debt that has passed its statute of limitations. WHAT WHAT






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rmc
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re: Need help resolving fiance's credit card debt issue(seeking collection)


If she hasn't paid on the debt in over 3 years, and hasn't otherwise acknowledge the debt in over 3 years, it is prescribed if you are in Louisiana.

I'd want a copy of the 'summons.' I would be interested in what they are summoning her for.

I'd probably look into filing a FDCPA claim against them if the debt is prescribed. Let me know if you want, I've got a good friend who is an expert at them in BR.






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ThaBigFella
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re: Need help resolving fiance's credit card debt issue(seeking collection)


Thanks for all the info it's in Texas fwiw you guys are great ill call them tonight how do I find out the statute of limitations there on this matter?


This post was edited on 6/12 at 1:58 pm


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ZereauxSum
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re: Need help resolving fiance's credit card debt issue(seeking collection)


quote:

I'd want a copy of the 'summons.' I would be interested in what they are summoning her for.


I found this to be a little strange as well. In most jurisdictions, I believe papers have to either be sent certified mail or served by the sheriffs office.

If there is no summons, that's an FDCPA violation right there.

I think a validation letter should be the first step. As old as that debt is it wouldn't surprise me if they lacked the documentation to validate it.






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JonTheTigerFan
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re: Need help resolving fiance's credit card debt issue(seeking collection)


quote:

In LA its 3 years. Also, being sued on this could be a violation as well, since under the FDCPA you cannot sue on a debt that has passed its statute of limitations. WHAT WHAT


This. She's outside the statute of limitations and they are just trying to scare you into paying them. Bank of America likely sold that account and charged it off long ago. The collection agency is trying to play on her and your ignorance of the laws. If you or she don't feel a moral obligation to pay it off, send them a validation letter (which they won't be able to validate the debt since it is outside the SOL) then a cease and desist letter and be done with it. They won't sue and it's fallen off her credit report.

ETA: I think the SOL for revolving debt in Texas is 4 years. Just google it.



This post was edited on 6/12 at 2:04 pm


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Volvagia
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re: Need help resolving fiance's credit card debt issue(seeking collection)


Isnt it sad that my first thought when trying to get to the bottom of it is "scam?"

It's putting up a bunch a flags that its legit but I've received far too many calls offering a low settlement straightaway for some large balance that came out of nowhere.

Wouldn't they even try to collect the 15k before offering a settlement on a legit debt?






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VABuckeye
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re: Need help resolving fiance's credit card debt issue(seeking collection)


quote:

I talked with the guy on the phone


By law he can't talk to you about her debt without her permission.






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ZereauxSum
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re: Need help resolving fiance's credit card debt issue(seeking collection)


quote:

Thanks for all the info it's in Texas fwiw you guys are great ill call them tonight how do I find out the statute of limitations there on this matter?


According to Bankrate.com, it's 4 years in Texas.

If the Asian dude told you that an attorney was about to serve you with papers, I'm pretty sure that is a violation of the Fair Debt Collections Practices Act.

You don't have to pay them and beyond that, you can file a complaint against them by going to the Federal Trade Commmision.






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ThaBigFella
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re: Need help resolving fiance's credit card debt issue(seeking collection)


She acknowledges the debt but it was lower guy said $2900 and with 7 years of interest total is $15k. He spoke with me after I gave him her dob and social but from googling seems statute of limitations for cc in Texas is 4 years.....so should I tell this guy to get lost? I just don't want her to lose $15k in anyway if $2300 is an exit now





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VABuckeye
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re: Need help resolving fiance's credit card debt issue(seeking collection)


Me? I'd pay the $2300 knowing that a debt that I legally owed was considered paid in full. I don't walk away from my obligations.





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ThaBigFella
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Member since Apr 2006
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re: Need help resolving fiance's credit card debt issue(seeking collection)


I would to, but I'm not her haha she says it was when she was 22 and couldn't find a job right out of school. I agree it's not good to do this but it's apparently not even going to bank of America but to some debt collectors





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Volvagia
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re: Need help resolving fiance's credit card debt issue(seeking collection)


Yeah, BoA already has all the money they'll ever see from her.







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ZereauxSum
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Member since Nov 2008
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re: Need help resolving fiance's credit card debt issue(seeking collection)


quote:

Me? I'd pay the $2300 knowing that a debt that I legally owed was considered paid in full. I don't walk away from my obligations.


Why $2300? The original CC balance was $3500.

Not flaming, but the $2300 is totally arbitrary. The collector knows he has zero ability to collect on this and has possibly broken the law here so I wouldn't feel incredibly duty bound to just pay them what they ask.

The original creditor was already been "compensated" when the debt was sold, so IMO, the original obligation is settled in a way.






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Broke
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re: Need help resolving fiance's credit card debt issue(seeking collection)


quote:

The original creditor was already been "compensated" when the debt was sold, so IMO, the original obligation is settled in a way.



I would still feel like I backed out on a debt. Because that's what happened. Somebody somewhere got left holding the bag and that was BOA. I would consider it settled if she sent the credit card company what she initially owed them.






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