Arbitration response
Date: Tue, 02/05/2008 - 10:12
Hello Everyone,
I am hoping you can help me out with a letter I received. First please allow me to tell you a little bit of my story.
I pulled a copy of my credit report back some months ago and saw that Law Office of Gerald E. Moore had pulled by credit report for “Collection Purposesâ€Â. I called them and found out that they were trying to collection for west asset management and told them that I would like them to verify the debt. The lady on the phone told me that the original lender was HSBC; I told her that yes I did have a credit card account with HSBC that I had defaulted on in 2006 but I never had any knowledge of West Asset Management. Now is where it gets interesting. I told the women on the phone about how I had defaulted on the card because I had gotten into a payday loan nightmare and had been slowly paying off all my debts. The woman seems nice until it was time to make payment arrangements. She told me that WA Management had bought the debt back in 2005 and was charging me interest since then. My new balance was slightly over 5,000 dollars. The original default about was $1561.32. I told the woman that was insane and I was not paying that. First of all I defaulted in December 2006 so how could they have purchased the debt in 2005? Secondly I had never received any bills or notices from either Gerald E Moore or WA Management and had I received something I would have called right away to work something out. She then told me that they had been sending me letters (which I never received even one) with this the woman on the line told me I needed to make payments right away or they were going to follow through with legal action. I told her that I did not want that to happen and I would like to make payment arrangements. She told me in order to settle this debt I would have to pay 80% (4000.00) by the end of the day or I could pay in full by make three payments, one a week. I tried to explain to her that 3 payments would be almost 1700.00 per week and I would not afford that but she told me that is what I needed to do in order to resolve this issue. To keep this short this went on for about 3 weeks until finally I stopped taking their calls and told them to go ahead with legal action since they were not being reasonable at all. If I had 1700 per week to spare I would have paid the original debt. Anyway about 2 weeks ago I received a letter from the National Arbitration Forum they had finally followed through with their threats on suing me. I contact the Arbitration Forum right away and explained my story. I have received 2 letters from them. One that says they received my response and the second said they received a Stay Notice from the Claimant. Does anyone know what a “Stay Notice†is?
I am hoping you can help me out with a letter I received. First please allow me to tell you a little bit of my story.
I pulled a copy of my credit report back some months ago and saw that Law Office of Gerald E. Moore had pulled by credit report for “Collection Purposesâ€Â. I called them and found out that they were trying to collection for west asset management and told them that I would like them to verify the debt. The lady on the phone told me that the original lender was HSBC; I told her that yes I did have a credit card account with HSBC that I had defaulted on in 2006 but I never had any knowledge of West Asset Management. Now is where it gets interesting. I told the women on the phone about how I had defaulted on the card because I had gotten into a payday loan nightmare and had been slowly paying off all my debts. The woman seems nice until it was time to make payment arrangements. She told me that WA Management had bought the debt back in 2005 and was charging me interest since then. My new balance was slightly over 5,000 dollars. The original default about was $1561.32. I told the woman that was insane and I was not paying that. First of all I defaulted in December 2006 so how could they have purchased the debt in 2005? Secondly I had never received any bills or notices from either Gerald E Moore or WA Management and had I received something I would have called right away to work something out. She then told me that they had been sending me letters (which I never received even one) with this the woman on the line told me I needed to make payments right away or they were going to follow through with legal action. I told her that I did not want that to happen and I would like to make payment arrangements. She told me in order to settle this debt I would have to pay 80% (4000.00) by the end of the day or I could pay in full by make three payments, one a week. I tried to explain to her that 3 payments would be almost 1700.00 per week and I would not afford that but she told me that is what I needed to do in order to resolve this issue. To keep this short this went on for about 3 weeks until finally I stopped taking their calls and told them to go ahead with legal action since they were not being reasonable at all. If I had 1700 per week to spare I would have paid the original debt. Anyway about 2 weeks ago I received a letter from the National Arbitration Forum they had finally followed through with their threats on suing me. I contact the Arbitration Forum right away and explained my story. I have received 2 letters from them. One that says they received my response and the second said they received a Stay Notice from the Claimant. Does anyone know what a “Stay Notice†is?
A stay notice is a notice that will "stay" (put on hold) the pro
A stay notice is a notice that will "stay" (put on hold) the proceedings against you. What this does is give you and them time to prepare for a actual court proceeding. They may very well put a "stay" notice on this because they can't prove it to the satisfaction of the National Arbitration forum. You may want to contact the National Arbitration forum for a final disposition.
