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 Posted: Thu Jul 31, 2008 9:23 am Subject: |
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Yeah, I'm not saying it won't work - I just believe that if you want to be taken seriously you should be quoting laws that actually apply to the situation. When you quote a law that doesn't, it makes it look like you don't always know what you are talking about.
It's really a personal decision - If you want to, go for it. I just wouldn't. 
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goudah2424
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| Posted: Thu Jul 31, 2008 9:28 am Subject: |
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I understand Goudah, and thank you again as you are extremely knowledgeable and helpful.
Can you tell me the difference between the thrid party and actual creditors? three of the ones i have listed use a company called 'Credit Protection Depot', is this the lender, third party or otherwise?
thank you again
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MagicMike0914
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| Posted: Thu Jul 31, 2008 9:36 am Subject: |
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That would be the lender. It's just that in that case, the lender has a bunch of subsidiaries that it lends under. The original creditor would be the company you took the loan out with. Since CPD is the same company as the other ones, just the head company, they are still the original creditor.
If the original creditor contracts with or sells the debt to a third party collector (collection agency), then the fdcpa and such comes into play.
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goudah2424
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| Posted: Thu Jul 31, 2008 9:59 am Subject: |
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Thanks again Goudah!
Does this apply even though they are operating in my state illegally?
I mean, will / should the creditor understand that i have already overpaid them?
Or do these 'interest-fees' go to the third party company and NOT the original creditor?
I can contact some of the companies which i have the loans with, but ones like SandPoint Capital, i cant even locate nd have no idea who the original creditor is! is it SandPoint Capital?
I do not plan to walk away from my moral obligation to pay what i borrowed, but i just want to ensure that i am taking the correct next step.
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MagicMike0914
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| Posted: Thu Jul 31, 2008 10:06 am Subject: |
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| Quote: | | Does this apply even though they are operating in my state illegally? |
Yes, because they are still the original creditor.
| Quote: | | I mean, will / should the creditor understand that i have already overpaid them? |
No, you have to make them understand that they broke the law and that they will not be receiving more money from you. It can be easy, and it can be very hard to get them to understand.
| Quote: | | Or do these 'interest-fees' go to the third party company and NOT the original creditor? |
No, everything you've done so far has been with the original creditor. None of your loans are at collection agencies yet.
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goudah2424
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| Posted: Thu Jul 31, 2008 10:07 am Subject: |
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If you can't find them, and they don't contact you, well, that's their problem. You did all you could to satisfy your obligation.
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How I make some extra cash
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
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goudah2424
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| Posted: Thu Jul 31, 2008 10:44 am Subject: |
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Goudah, again, you rock!
So if i am perceiving this correctly, i should wait until they get the heads up from my bank that they cant get into my account anymore, and then wait until the collection agencies begin calling before sending out any letters?
what about garnishment? if i do not send them the letters revoking my permission to ACH anything or deduct anything from my paycheck through my employer, will they still do it? or do i at least need to send a letter stating that i am revoking any wage declarations?
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MagicMike0914
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