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Midland tried to collect two store credit card accounts I had never heard of... OP installment loan lenders for bad credit bears some responsibility, absolutely, but that changes literally nothing about the responsibility that debt collectors have to pursue collection timely and legally.
Oh, by the way, TILA is a federal law that requires periodic statements when interest is charged. Even though many debt buyers claim that TILA does not apply to them, courts are mixed on that. When a debt buyer gets to claim that it stands in the shoes of the original creditor, then the same consumer protections should apply as well. So Veripro, IMHO, cannot add interest to the balance unless they have been sending periodic statements this whole time. There are some caveats to that but the periodic statement issue is required by law. They will lie, falsify, and do what ever to collect that debt. My debt was discharged, I never have to worry about that.
You are, with respect, talking about two different issues. The issue of bankruptcy and the issue of SOL are apples and oranges. The lien can remain on the property until one of three things happens....
I requested to be contacted by mail only and they send me a letter once or twice a year trying to enforce their lien. They make it clear in every letter that they are not attempting to collect a debt.
Its still a pain to have to deal with this, but I only have to deal with the lien, not the debt. But again, you dealing with the lien means you have the same exact options as you do for dealing with the debt itself. You can either continue to pay the mortgage payments, or you can surrender the house. The only two real differences are that, since you discharged a BK, they cannot report outstanding balance due on your credit and they cannot pursue you for deficiency balance if they foreclose.
Same as anyone else if they are facing foreclosure. Your credit can heal quicker, possibly, with a BK than with a foreclosure, but that again depends on your further actions. I talked to them in march got a verbal settlement 15,000. Then other day I get a letter says that we have 60 days to pay or going to tack. Anything thing i can do they kept harressing me via email bc i sent a no phone calls letter Bankruptcy is not for everyone and its a hard decision to make. You have a few options if this is your only debt you are concerned about.
We feel defeated and have pay day loan direct lenders I guess no leverage on this..
Ohio they can collect there are no restrictions on time frame We tried to get a settlement on this debt but there not willing to even go up to 18,000. So we are going to just pay it off before they place there years of interest on it in July... We feel defeated and have I guess no leverage on this.. Ohio they can collect there are no restrictions on time frame Also, why are you trying to negotiate based on such an inflated balance? If they were not providing you with periodic statements, then they cannot charge you all that interest. You have a significant amount of leverage here--more than you know, in fact. There is case law in your state that backs up what I am saying here.
The court also found that the original creditor waived its right to collect even the contract interest when it charged off the account--thus writing off the debt as a loss--and in the process, they stopped charging interest and stopped sending periodic statements. According to I could be wrong, but that sounds like what has happened in your case. Did you ever receive any periodic statements from Veripro? Does not matter that it was in the original contract, because those periodic statements are a legal requirement for them to continue charging it. If best cash advance they have not sent you any--and it sounds like they have not--then they cannot charge you interest. Also, from what point in time are they charging you interest thus far? Debt collectors have a nasty habit of charging interest for periods of time PRIOR TO their acquisition of said debt. If the original creditor did not do it, then they cannot do it. Like I said, you have more leverage than you think you have. It just depends on how much you are pay day loan direct lenders pay day loan direct lenders willing to look into this.
If they cannot prove the amount is legit, why should I pay it?
Debt collectors have a long and distinguished history of lying to consumers. When Veripro tried to get the complaint dismissed, they were shot down.
Mortgage debt usually does have a lien attached, but I addressed that in my post when I mentioned that the mortgage is only enforceable in some states to the same extent that the note is.
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The mortgage is the security interest that is the basis for the lien.
If the note is no longer enforceable, in some states, then the mortgage is not either. In my state, there are actually court rulings on the books that say online loans today that the mortgage is no longer enforceable because the SOL on the note has expired, and thus, the recording of the lien against the property can be removed. In Ohio, where OP lives, there has been some debate on this point. Either way, OP is pretty much safe from lawsuit on this, or I should say, if OP gets sued on this, they need to invoke expired SOL as an affirmative defense. In Ohio, promissory notes have a 6 yr SOL, and written contracts have an 8 yr SOL.
So, those last two years, they would sue to foreclose based on the security interest alone--taking the property back, but not collecting any sums on the note itself. Look around any debt collection forum and you will see lots of people saying what I said.
Simple--because there is no provision within any debt collection law that allows you to demand that they only communicate in writing. And again, many debt collectors will look upon that request and err on the side of caution and treat it as a total cease comms demand..... There simply is personal loans san antonio no provision in the law for a partial cease and desist, which is what you recommended doing. I agree with you, we must take responsibility when we do not keep our promises. I never pay a debt collector unless at least three things happen: It is that simple.
I have had numerous debt collectors--Midland and PRA among them--try to collect debts that turned out to be unsubstantiated. PRA has done it three times themselves, the most recent one being earlier this year. Midland tried to collect two store credit card accounts I had never heard of... OP bears some responsibility, absolutely, but that changes literally nothing about the responsibility that debt collectors have to pursue collection timely and legally. Oh, by the way, TILA is a federal law that requires periodic statements when interest is charged. Even though many debt buyers claim that TILA does not apply to them, courts are mixed on that.
When a debt buyer gets to claim that it stands in the shoes of the original creditor, how to get money with bad credit then the same consumer protections should apply as well.
For a statute to prevent them from earning interest would be major. After all interest is the bread and butter of banking. For a statute to prevent them from earning interest would be major. It would also be a violation in other ways too--because interest on a third party debt is often very tricky. If they are not permitted to collect that interest, then this also becomes a violation of FDCPA, where they mischaracterize the amount, character or status of the debt. When I say prevent , I mean it would prohibit them from collecting interest only if you do the right things in response. I cited above actual 5000 personal loan case law where the court ruled that the debt collector could not be entitled to the pay day loan direct lenders interest. That is as close to prevent as we can get in our system. So, you could pay day loan direct lenders assert a claim that all that interest is unlawful because they failed in their requirement to provide periodic statements to you. There are two types of interest we need to consider--statutory interest, and contractual interest. Statutory interest is what the given laws of your state say is the acceptable rate.