I am going to read it again tonight and let you know what I think

Enter Your Samebox Message:

Debtcruncher, I just read your complaint. How do I know what the or if the interest would be that a CA can charge? I'm in WA state so I assume it would be different.
It sounds like that if a CA doesn't respond, then they could sell the debt to another CA down the road and I would have to start the process over again. Theoretically, I could just keep playing these games with the CA's until the SOL has come up if no one ever validates the debt, right?

Enter Your Samebox Message:

Outlaw-that's what is happening to me. The first CA was LVNV,I did the DV thing, no response. They turned it over I repeated the process,they turned it over,etc.,etc.,etc., That has been since January of this year.They know they can't validate, so they turn it over or sell it again. I just keep validating and sending copies to everyone...KAren

Enter Your Samebox Message:

__________________
As long as you are alive, there's always hope

Outlaw,
(1) Theoretically, yes, they can just keep selling it to anyone who will buy it. I think if the buyer knew they account was disputed and unverifiable, they wouldn't want to buy a "bad" bad debt. But whoever is selling it probably does not disclose that kind of stuff to a potential buyer.

(2) It is the "owner" of that debt that can charge interest. Generally, if a collection agency is actually collecting for someone, it is not the collection agency that calculates the interest.

In a case where a collection agency buys the debt (aka junk debt buyer), they are obligated to charge interest according to the law. But I don't think that they really do.

Suppose you have a credit card with Chase Bank for 18% apr. Chase Bank is a licensed financial institution, and can charge you whatever interst they want. Account defaults, and Chase sells it to XYZ Collectors, Inc. XYZ takes the account and says, "Chase was able to charge 18%, so we can too." BUT NO... XYZ is not licensed to charge interest (just like the internet PDLs). So for them to charge interest (above the statutory rate) is illegal.

Somewhere you need to lookup your state laws to determine what the statutory rate is.

This is what my problem is... Chase charged off my account back in 2004, and stopped calculating interest (they showed the same balance for over 2 years). Resurgence bought my account, went back in time, and re-calculated interest from the date Chase charged it off, at the rate that Chase was able to charge. So I disputed it, requested validation, and they decided to sue me. I guess they are hoping I don't go to court so they can get a default judgment. I think they will have a nice suprise when they found out I filed a counter-complaint.

Enter Your Samebox Message:

Some states will continue to allow you to be charged a monthly to yearly intrest rate. It will also depend on what type of contract you signed.

Enter Your Samebox Message:

Thanks for the good info Debtcruncher. I guess the key then is to find out IF the CA can charge interest and what the statutory limit is in my state. How did you find out that Resurgence could not charge interest? I am having that battle now with an old credit card that had a balance of $2000 and now the CA is saying the balance is closer to $5000. Outrageous if you ask me. But it may come down to a court battle.

Enter Your Samebox Message:

I have fought debt collectors in court pro se and have discovered that judges 1. do not like pro se individuals 2. judges try to do everything in their legal power to get rid of you , hence , their 99% siding with the predatory debt collection attorney.3. ignore proof and facts and even worse ignore lack of proof. I managed to beat all the court cases except for American Express- but its been 4 years and they still can't collect. Missouri is a tenants by the entirety state so if law suit is against one spouse only they can rot in hell because they can't get anything unless its in your individual name. Big trick of theirs is to send out a supoena for a body attachment if you don't show up for a crditors grilling you for assets. I took 5th amendment judge ordered hearing over. In Mo they can drag you back to court 5 years and I believe once per year for the debtors hearing. Credit card companies don't have to prove anything when you have crooked judges.
As far as I am concerned all credit card debts are paid because of the Tarf funds these crooked companies received!

If you go to court- make sure you ask them in the deposition for a copy of your signed contract and /or signed charge receipts as proof of your breech of contract . They are all crooks! Predatory attorneys are the worst! Go to Bud Hibbs web site- just type in his name and you will be educated as to the sick predatory societ we live in with crooked greedy lawyers!

Enter Your Samebox Message:

I just love it when LVNV/Sherman calls themselves a "debt buyer". I wish they could explain to me how they took control of Credit One Bank (fka Bank of Marin) along with another one of their "subsidiaries" (MHC Receivables), supposedly charged off an account of my husbands in 11/08, "purchased" it as LVNV/Resurgent, and are attempting to collect it again. Seems to me that if they supposedly took the P & L tax write off, that equates to tax fraud.

Enter Your Samebox Message:

No, not really. They'll just report it to the IRS as Charge off Recovered and have it marked accordingly on your credit reports..

Enter Your Samebox Message:

__________________
FRAUD: RECOGNIZE IT. REPORT IT. STOP IT.
Rip-off companies - FTC.
Phone harassment by Debt Collectors - FCC.
Banking issues, like ACH problems - OCC.