There is a huge SCAM, a multimillion dollar SCAM, being forced on the american public!!
And our legal system is in on it!
third party debt collectors!!!
When you stop paying on a credit card debt,
The original creditor is mandated by federal law, to charge-off an account when no payments have been received for 180 days.
That date is refered to as the �Date of Last Activity (DLA)’ and reported as such, to the credit reporting agencies by the creditor.
After they write it off, they "Bundle" all these uncollectable accounts and sell them for pennies on the dollar on the open market, this is where the 3rd party debt collectors come in.
They BUY a "BUNDLE" of this uncollected debt info from the original bank.
However what they buy is your name, account number, and what you owed to the original bank.
They rarely or never get your "original signed contract" with the credit card company, your last statement of payment on the account, and the original writeoff amount.
This is what they need to "PROVE" in court that they now have "TITLE" to your original debt.!!
This information is usually sold several times within the "networks" still as a BUNDLE
of uncollectable debt!
They will harris you on the phone, send threating letters, saying that they represent
"XYC LLC" who now has title to your Bank of Bundi account in which you owe some
First off the "XYC LLC" company is usually some "shell" company that the collection law firm has setup, because by law, the law firm itself cannot hold title and try to enforce a judgement against you.
So they have to "represent" a client who holds title, so they claim against you.
The law they are trying to collect on is "CONTRACT" law, , which requires them to have "the original signed contract", and the "deeds of transfer", indicating your account specifically with the "deeds of transfer", and a copy or original of your last statement, indicating your last payment on the account, and the "charge Off" amount. Which the original bank "wrote Off" its books.
They never have any of this information, what they present to the court is a hodge podge of information, a pasted piece from an excell spredsheet with your name, address ect, usually 2 pages sideways, "certifications" which are assembled by their own staff on their own computer systems, including usually an amount you owe which they assembled from their own computer system. From this "Budle" they bought for pennies on the dollar!!
The problem is unless you "ANSWER THE LAWSUIT" Requiring you to file an answer to the suit, contesting the "CONTRACT CASE" Pay the $15.00 fee to the court, and Show up on the Date of the court hearing and contest the case by demanding that they supply the original contract, deeds of transfer, and last payment statement, "
indicating your account "specifically" and the "charge Off" amount...
They will request a default judgement from the Judge..and he will grant it!
I have specifically fought 3 cases against me, taking several court dates, time off from work, endless hours of waiting, but they realized
I knew what I was talking about and that they could't proof their case,
IE get over on me...and they dismissed their suits...
here Collection Agencies Illegal Practices ~ New Jersey
and here for a expose on tv
The reason the courts are usually on their side is "MONEY"
each time they file its $15.00 fee, each time you answer its $15.00 fee,
multiply that times the thousands of collection cases and you can see how the courts make money..not to mention that its a "Buddy" system..
you can email us at email@example.com
for more info!!