CACV LLC Need Advice
Date: Mon, 04/21/2008 - 20:35
CACV sent me some letters that they sent to the National Arbitration Forum in which it has statements from MBNA, and other things it such as previous addresses and etc. I sent them a Validation of Debt letter, could this be it? And is this valid?
Has anyone recieved this before? It has exhibit 1-15 or something like that, and it seems pretty legit. Any help or advice would be appreciated I am pretty nervous now.
Sounds like they validated the debt to me. If it is within the S
Sounds like they validated the debt to me. If it is within the SoL maybe you should try budgeting in a payment plan. They have been known to sue.
Get in contact with Bud Hibbs. budhibbs(dot)com - (had to rem
Get in contact with Bud Hibbs.
budhibbs(dot)com - (had to remove links)
From what I've read CACV (and it's numerous affiliates) are debt collectors (aka investors who bought your debt) not Credit Lenders. You never went into contract with them - you went into contract with MBNA and then they bought your debt.
Bud Hibbs has been helping me with a similiar situation and recommended using legal help from consumer law advocates www.naca.net
I've also read stories of people who have gone through arbitrations with Debt Collects (one of which being CACV) and most cases rule in favor of the ones being served as the burden of proof lies on the Debt Collectors suing you. While they may have records of credit you owe MBNA, they have to prove that you owe them (CACV) the money. Denying the debt is key, as you have no idea who CACV is and never went into contract with them. In a worst case scenario where the court rules in favor of them - well all they can collect on is ROI (return on investment - which is pennies to the dollar of debt owed) not on the amount of credit listed on MBNA's statement - because they can only sue for losses incurred not the potential of the investment. Debt collection agencies hate providing this information (how much they purchased the debt for) and will be required to do so. Do not ignore the arbirtration and seek the help of a consumer law advocate and any advice Bud hibbs provides (which he does for free - his website has a wealth of information)
Someone mentioned they've gone through this process several times and uses the example of a stock broker - you make an investment with the broker and end up losing all your money - can you sue the stock broker? You just ended up making a bad investment.
Good Luck