Capital Management Agent admitted on phone unable to verify purchase.
Date: Wed, 06/10/2009 - 18:07
I have a conversation with Capital Management a few weeks ago and the person I was talking to said that they were unable to tell me what the debt was for just the company (JC Penney) and the Balance. At that time I also requested on the phone a debt verification.
I am pretty sure I reset the SOL on the account because I had agreed to set up a payment with them I didn't realize what I was doing and was surprised since I hadn't had a collection call in around 2 years.
The account is now listed on my credit report as open but prior to that date it was listed as closed. Doh! I'm learning though. :O)
They gave me a settelment offer that is for $3xx of my original $12xx balance. 29% of total. I'd like to pay it but I"m currently in college.
I am drafting a Debt validation letter from a sample included on this site I am including the following lines:
"What the money you say I owe is for;
Explain and show me how you calculated what you say I owe;"
Is their a way to word this more strongly since the lady admitted they don't have that information?
The settlement offer was supposed to be paid by 5/30. Is it possible that they will offer me that settlement at a future date or will I void that by the DV letter?
Thanks for any help and I'm sorry this is so lengthly.
I'm new but have gotten some great replies to the messages I"ve posted. They are much appreciated.
Oh I live in TX if that matters.
OK, first thing's first. There are two ways that you can reset
OK, first thing's first. There are two ways that you can reset the SOL. First is by making a payment. Second is with a written promise to pay on the debt. If you did not send them a letter, fax, or email that says "I agree to pay you for this debt", then you did not reset the SOL.
Second, you live in the best state to live in--TExas has the toughest laws against debt collectors. You need to send them that debt validation letter ASAP--be sure to send it by certified mail. Here's the thing, in Texas, they will have 30 days from the day they get your letter to provide you with proper validation of the debt. If they cannot do that in 30 days, they cannot collect. Period. So, send off that letter certified mail return receipt, and keep the green card the USPS sends back to you as evidence.
Third, am I getting this part right? You said that it is now listed on your credit report as an open account? That should be illegal right there. THey are not the original creditor, they have no ability to re-open this account. The status should show this as a closed account, and that it is a collection account. Do you know when this first went delinquent? The SOL begins on that day and depending on how old this debt is, they may be breaking the FCRA again by reporting it at all. Junk debt buyers like these guys often re-age a debt so they can continue to report it on your credit--it's illegal but most people dont know any better. Get back to us with info on the original debt if you have it and we can better help you from there. But the most important thing is to send out that DV letter ASAP.
Quote:There are two ways that you can reset the SOL. First is by
Quote:
There are two ways that you can reset the SOL. First is by making a payment. Second is with a written promise to pay on the debt. |
Payment alone will not reset SOL in TX so that is not a concern here
It was an agreement I made over the phone so I am good to go. :
It was an agreement I made over the phone so I am good to go. :O)
Capital Management is not even listed on my credit report the CA that is listed with that amount and Account Name is: SHERMAN ACQUISITION and they are the ones that list the account as open. Sorry for the confusion. I have NEVER been contacted by SHERMAN ACQUISTION but I've heard they are affiliated with Capital Management?!
The "Settlement offer" from Capital Management I mentioned above lists the current creditor as "Resurgent Capital Services LP." They are not listed on my credit report either.
The JC Penney account info is:
Date Open: 2002-05-17 Last Reported: 2007-03-19 Account Status: Closed It's a charge off transferred to another lender. This account has had several different lenders/buyers.
Sorry for the confusion. I just checked my credit report again and realized the error I'd made.
I appreciate the help! :O)
The credit report I got is from creditreport.com and it's confusing to read it lists a lot of different entries and there are several duplicates for the same amounts. It is listed as two seperated entries for Sherman acquisition one is "Closed" and a second entry that was started last month is listed as "Open." So confusing. Any suggestions of links I can read so I don't have to ask so many questions?
Is there a place I can post it but delete the identifying/account info and get suggestions from people? Is that unsafe to do?
