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MCM - "in writing"

Date: Tue, 06/14/2011 - 05:53

Submitted by anonymous
on Tue, 06/14/2011 - 05:53

Posts: 202330 Credits: [Donate]

Total Replies: 6


I negotiated a settlement over the phone with the agent that called me from MCM. He kept wanting my debit card info or checking account number. I told him I would not agree to anything until he sent me the settlement IN WRITING at which time I would send a money order. He was insistent on my banking information.

Because I had heard horror stories of consumers giving away their checking information or debit card info only to be charged their full balance (versus the settlement,) I refused to do so. When I received a letter in the mail for my settlement, the "monthly payment" was higher than what I had agreed upon over the phone, and it omitted any information about the final pay-off balance at the end of six months (or paying the agreed upon monthly fee.)

When I called them and informed them of the "errors," they told me that their system could only print out one thing at a time, and they couldn't include "pay off" information as well as monthly payment information. I'm almost certain this is bogus. Is there any way I can request the specific details in written form from them?

I also noticed on the bottom of the letter that they will only remove or edit a credit report if the "federal reporting period" hasn't expired. This means they are admitting to attempting to collect debts beyond a state's statue of limitations or could also be collecting on paid-off debts - so BEWARE.


Thank you for your response. How do I ask for a proper settlement letter? I keep hitting brick walls with the same excuses (and I have not given them ANY financial account information either) that they cannot create a letter to those specifications, etc.

The SoL for our state is 7 years, and this debt doesn't meet the SoL criteria.


lrhall41

Submitted by anonymous on Wed, 06/15/2011 - 11:55

( Posts: 202330 | Credits: )


Quote:


When I called them and informed them of the "errors," they told me that their system could only print out one thing at a time, and they couldn't include "pay off" information as well as monthly payment information. I'm almost certain this is bogus. Is there any way I can request the specific details in written form from them?
The collection cannot calculated the final interest 6 months out. Interest accrues daily....depending on when your payments arrive, your final payoff cannot be determined. As a general rule, they can pull a payoff 15 days in advance.

Quote:
I also noticed on the bottom of the letter that they will only remove or edit a credit report if the "federal reporting period" hasn't expired. This means they are admitting to attempting to collect debts beyond a state's statue of limitations or could also be collecting on paid-off debts - so BEWARE.
You are interpreting this wrong. The 7 years they refer to is the 7 year reporting SOL...it has nothing to do with the individual states SOL. It is perfectly legal to collect on a debt outside both SOL's...however you cannot be sued outside of the state SOL.


lrhall41

Submitted by SOAPLADY on Wed, 06/15/2011 - 19:53

( Posts: 17315 | Credits: )


I was told by the Collection Agency that no additional interest would be accrued on the balance as presented as long as the monthly payments were made, and the final balance was paid at the end of 6 months (which was also stated in their letter;) therefore, why would interest need to be determined 6 months from now?

They just did not say what the final balance was. The final balance area said "unavailable."

So if the State SOL is 7 years, and it says that they will not change credit report status if the federal reporting limit has been reached (or whatever it says as I typed above while looking at the letter,) I'm back to my original question: what does that mean?


lrhall41

Submitted by anonymous on Thu, 06/16/2011 - 13:39

( Posts: 202330 | Credits: )