Debtconsolidationcare.com - the USA consumer forum

I defaulted on my Target account back in 2003

Date: Fri, 01/20/2006 - 08:44

Submitted by anonymous
on Fri, 01/20/2006 - 08:44

Posts: 202330 Credits: [Donate]

Total Replies: 13


I defaulted on my Target account back in 2003 and was contacted by a collector "northland group" who claimed my balance due was $335.00 but was willing to settle for 167.51 which made more sense because I think I only had a $200.00 limit on the card. By the time I was financially able to pay (I had other debts as well) I contactacted them and they told me they no longer had the account. I then tried to contact Target to see who was handling the account they could not give me any info on the account because it was no longer in their hands. With no where else to turn I threw up my hands and assumed I would be contacted again. Now, forgotten about and two years later I received a call from another agence "FBCS" who claim I owe $518.53 but would settle for $388.90 again way more than the $200.00 I charged back then. I am willing to settle in good faith but refuse to pay more than $200.00, what happened to the settlement of $167.51. I don't understand this process at all what do I do and who do I contact and mostly what amount am I responsible for.


Since you were taking time to set financially, your account was adding up with interest charges till the time you were contacted again. But, adding up of interest charges is only possible if it's stated in the agreement contract while you signed with your original lender.

The lenders have to mention this point very clearly in the contract that the collectors will be allowed to charge the permissible rates of interest as per the state laws where the account is being collected. Check the prevailing rates of interest with your local consumer protection office. They will give you more details regarding this matter.

Ask the collection agency to validate the debt in writing. In their debt validation letter, they must put every detail about this account in writing. It should show your account's break off with a separate column of interest calculations. This debt validation letter should also mention the date of last activity in the account. This will explain if it's within the legal SOL period. If the account is out of the statutes, you can legally refuse to pay them anything. Ask for proper paperwork before paying the collection agency anything. Send all your correspondences through certified mail with return receipt requested. Keep everything documented in a file for proving the facts.


lrhall41

Submitted by david on Fri, 01/20/2006 - 10:23

( Posts: 1229 | Credits: )


Quote:

Ask the collection agency to validate the debt in writing. In their debt validation letter, they must put every detail about this account in writing. It should show your account's break off with a separate column of interest calculations. This debt validation letter should also mention the date of last activity in the account


This is very good advice John. I totally agree with what you're saying.
Debbie, this is definitely what you should do. THis way you know the collection agency actually has the account and by getting validation, you can see what charges have been put on this account over and beyond the limit of $200 that you originally had. Which by the way is very common to have an account do this, but you can request to see it all so you will understand it better and not pay anything you don't agree with.
Most definitely get validation, you shouldn't just fork over the money without first seeing the details. You could just be flushing your money down the toliet by just paying and not first receiving the proper information on this account.
shirley


lrhall41

Submitted by imkimssister on Fri, 01/20/2006 - 10:41

( Posts: 1301 | Credits: )


I went on the website you listed to find the SOL. I'm not sure of what I looking at(Below)this is a Target Credit Card am I to assume the SOL is 6 yrs from the last transaction on the account?

Also the collector is asset acceptance llc, I see their name in several complaints on this forum, are they or aren't they ligit? How can I find out?

Pls help.


Massachusetts Statutes of Limitation

Debt instruments issued by banks, Contract under seal: 20 years.
Judgments: 20 Years.

Oral or Written Contracts: 6 Years.

Consumer Protection Actions: 4 Years.

Recovery of Property: 3 Years.

Probate Claims: 1 Year from date of death.

Claims on mortgage notes following foreclosure or on claims junior to a foreclosed mortgage: 2 Years.


lrhall41

Submitted by on Wed, 01/25/2006 - 12:32

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Quote:

am I to assume the SOL is 6 yrs from the last transaction on the account?


The statute of limitations for legally collecting the credit card debt in Massachusetts is 6 years. This period will be counted from the date of last activity in your account(last delinquency).

asset acceptance llc has lots of consumer complaints against them. This collection agency like any other is required to follow the rules laid down in the fdcpa. They have been violating the rules and misrepresenting the accounts of the consumers.

Know your consumer rights before making any payment agreement to them. Check them in the local AG's office and verify if they are licensed in your state. You can make payments to them if they are acting according the legal norms of the FDCPA2.


lrhall41

Submitted by david on Wed, 01/25/2006 - 13:37

( Posts: 1229 | Credits: )


Thanks David, below is the info I got from the BBB on the collector FBCS that is calling me and listing asset acceptance llc as their client (go figure). Any way they are not harrassing me in any way as I have contacted them to find a fair payoff amount as I suggested in my first post. I'm waiting for them to get back to me on my offer of $200. If they agree, is it safe/ligit to pay them? Will they do the right thing with my credit report? Also should I still persue the validation if I'm willing to pay the agreed amount? I honestly don't think the SOL applies here.

FBCS, Incorporated
841 East Hunting Park Avenue
Philadelphia, PA 19124
Philadelphia County

BBB File Opened December 01, 1997

BBB Member This company is not a member
Type of Business collection agencies

The information in this report has either been provided by the company, or has been compiled by the Bureau from other sources.

Customer Experience
The company has been responsive to any complaints brought to its attention by the Bureau.

Customer Complaint Data

Number of complaints processed by the BBB over the last 36 months: 57
Number of complaints processed by the BBB in the last 12 months: 24

Complaints Concerned:

Selling Practices (7 complaints)
6 Resolved
1 Company made every reasonable effort to resolve

Service Issues (12 complaints)
11 Resolved
1 Delayed Resolution

Credit or Billing Disputes (32 complaints)
30 Resolved
1 Unresolved
1 Company made every reasonable effort to resolve

Delivery Issues (1 complaints)
1 Resolved

Refund Practices (2 complaints)
2 Resolved

Contract Disputes (2 complaints)
2 Resolved

The company's size, volume of business and number of transactions may have a bearing on the number of complaints received by the BBB. The complaints filed against a company may not be as important as the type of complaints, and how the company has handled them. The BBB generally does not pass judgement on the validity of complaints filed.

Additional File Information
The company has responded to most complaints by researching and resolving credit disputes and by providing information in a timely manner.


Thanks so much for you input. :D


lrhall41

Submitted by on Wed, 01/25/2006 - 19:36

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Debbie, being a consumer, your first concern should be to remain proactive while dealing with any agencies. It is very important that you should get the worth of your money sent to them and not getting scammed.

Asset should have no problems in updating your account is have served you the validation properly in writing. But, you should be more interested in getting a statement from them in writing about how they will report to the bureaus. If they have been hired by your creditors, the account will be sent to them who will be further responsible to do the update.

It will be better for you to negotiate tactfully with this collection agency. Many have faced problems while dealing with them. So, it will be in the best of your interests to get everything in writing. They will say that if you don't pay them, your credit will get hurt. Well, at this point your credit is already hurt being the account reported in collection and there is nothing worse they can do further. It is they who will be accepting your deal more happily. But you should not move from your legal basis. I am hoping that the matter will get solved positively.


lrhall41

Submitted by david on Thu, 01/26/2006 - 10:53

( Posts: 1229 | Credits: )


David thank you so much for your help. I just got off the phone with FBCS and they have agreed to the $200.00 payoff I'm waiting for a validation letter as we speek before I pay anything.

For anyone who has to deal with these people I must tell you that I have spoken to every idiot in this company who think we are just dead beats and treat us as such, unbeknown to them that we have much higher educations and as for me experience in the Accounting world, that said I have been dealing with Lynette Lopez who is in a supervisory position, she is well spoken, polite, helpful and most of all knowledgeable !!!!!!! She will do everything she can to help you as long as you are willing to settle and not argue. It pays to ask to speak with someone who is athorized to make decissions, you bypass all the morons on the first call.

Thanks again David :D I'll let you know how it turns out.


lrhall41

Submitted by on Wed, 02/01/2006 - 11:47

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