Please explain in detail the DOLA and it function as it relates to the SOL for the visitor to this forum. Please anwser questions to what they are asking. Those anwser are very vague and does explain anything.
However,is it true that MCM is a junk debt buyer, and companies like them have been the subject of recent FTC legal actions and penalties for illegal/abusive collection practices.
Where these companies such as MCM attemp to reage an account by forcing a person(s) into a settlement on a time barred, or expired SOL accounts, and to be able to report the debt delinquent to the FCRA/FACTA within 90-days of the settlement from the actual date that the debt became delinquent to bring a law suit against a person(s). It is the burden of the junk debt buyer to proof to verify the person(s) to be able charged the individual with the debt, and not the debt per say.
The fact is that the old debt has are ready been charged off by the original creditor(s), and sold to a junk debt buyer(s) to engage in illegal practice of debt collection by threaten a person(s) by selling their information and violate their privacy, or by offering an settlement to reage the account.
Moreover, such companies purchase debts to reage the debt that are outside the SOL for lawsuit against a person(s)and to place debt as new on a person's credit report as revolving account, which is illegal.
The anwsers obtained here were very vague, really does not address the questions. For example, does MCM go by other names. The is yes they do. MCM is the parent company of Encore Capital Group.
By responding to such companies with a DV is an admission of debt that is not yours,or to a old debt SOL is about to expire on the debt, which means that a person(s)will have the legal right not to repay the debt.
These companies like to misreporting the legal status on an open date charged off debt that was actually discharged, and also misreporting the open date and date of last activity on an account. These are the favorite illegal tactic these company like to use.
The only corrspondence one should send is a false claim to debt letter due to errors base on illegally to make a revolving account to an expired SOL on debt along with a warning of any further contact will be followed by legal action and a report to the FTC.
Send with no signature on any correspondence to these companies, the certified form (must be all typed no hand written on any documents), and the uses of a P.O. Box that is not registered to said person(s), and no email addresses to be used in any reply to said companies.
If a person feels necessay to send a DV, request the junk debt buyer scammer, you demand everything in writing, demand proof that they own it or have the right to collect it, and along with proof they are licensed to in your state they are operating in as well as the state you in live, and be very careful when you do. Remember, it their goal to obtain information on the individual. KNOW YOUR RIGHTS.
Then clearly dispute the debt, and demand a full itemized of charges and an account history. Remember, never speak to anyone who is a represintive of these companies. Its a waste on time.
Moreover, the DV only give a person(s) a comfirmation of the debt to the junk debt buyer,and does nothing to say that the debt is the person(s)or not. It is a tactic to be used to verify an address of the person, and to otbain other information on that person(s) to be used against said person(s).
As far as filing a class action lawsuit against said junk debt buyer. A person(s) will have to do a bit of research on these companies legal status to collect debt to file on them. Some companies has parent companies to report and file suit upon.
Junk debt buyer maybe operating through the parent company and may be immune from the suit bought against them (these companies are very slick and not to be trusted), and a person(s) can only file on the company their parent company, or other companies they may be using.
Here is the list of the top companies who are junk debt buyer, and some of these companies may be owned in part by others:
*Asset Acceptance(AAC)
*Sherman Acquisitions/Sherman Financial Group/Alegis
NCO Group
*Asia Funding
*Encore Capital Group(parent of Midland Credit Mgmt)
*Allied National/Interstate Risk Management
Alternative (RMA)
*IRC & Associates
*Arrow Finanical Services (major interest acquired by
Sallie Mae 9/04)
*RJM Acquisitions
*CAMCO (Capital Acquisitions & Management Company)
*Excallbur
*Cavalry Portfolio Services
*Unifund Group
*Phoenix Asset Acceptance
*First Select Corporation (part of Providian)
*Collins Financial Services
*Oliphant Financial Corp.
*OSI Portfolio Services
As mention above, these companies has been the subject of recent FTC legal action and penalities for illegal/abusive collection practices
Hopefully, this forum show individuals how to fight back and not to submit to these wolves, and not to appear as a wolf in sheep clothing in giving advice. In fact be that shepard and protect them with whom their are dealing with.
There many who are seeking help with their problem, but get the same information and nothing to fight back with other than send a DV.
It would be a shame to discover that those whom are given advice are agents of these companies in spike of stating that they are not apart.
Remember this:
My people are vitims for lack of knowledge and fool me once, shame on you, fool me twice shame on me.
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