Credit Card Account Sold
Author: ET
Guest
Posted: Wed Nov 05, 2003 3:31 am
Post subject: S&P Capital Investments, Inc.
Here's a company claiming that they have bought a Circuit City credit card debt of mine and that they expect me to pay. They're threatening me with wage garnishment, liens against property, and they're insinuating that they're going to find out if I have any checking accounts, and I presume they're going to try to take money from the accounts or something. That's kind of how they're making it sound.
The first letter I got was this one: web-recon.com/img/s-and-p-dist.gif
Then I sent them a cease communication letter recommended by Bud Hibbs. budhibbs.com/budhibbs/cease_communication.asp
Then I received two more copies of the letter at the first link.
Then I received a third letter:
web-recon.com/img/s-and-p_2003-10-30.gif
Notice how the balance is $40 higher than the first letter. Also, I checked the internic records for spcapitalinv.com and found that they're hosted by this outfit:
emenem.com
S&P Capital Investment website nameservers are at ns.emenem.com
What do you guys think?
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Author: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 19 May 2003
Posts: 713
Location: NJ
Posted: Wed Nov 05, 2003 11:13 pm
Let's start with the most basic of all questions: do you owe the money? Depending on your answer we can decide which way to go.
Do not let what you cannot do interfere with what you can do.
Ira
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Author: ET
Guest
Posted: Wed Nov 05, 2003 11:26 pm
I owe money to Circuit City, not S&P Capital Investments, and not that much. Plus, Bud Hibbs of budhibbs.com has said that he's working on a case against this collection company for violating several laws. He says they're real scam artists. Now I don't mind paying money to Circuit City. But I'm not giving in to threats because in my opinion, a company that will use threats like that will probably not hold up their end of the deal.
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Author: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 19 May 2003
Posts: 713
Location: NJ
Posted: Thu Nov 06, 2003 8:14 pm
Ok, if you owe money to Circuit City, then pay them. Best advice I can give you is to totally ignore S&P Capital Investments. If they happen to collect they get paid. If not, they lose. You can threaten all day long and write letters, etc., but if you pay your bill and ignore the collection agency they'll simply dry up and blow away.
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Author: ET
Guest
Posted: Fri Nov 07, 2003 7:24 am
Ira wrote:
Ok, if you owe money to Circuit City, then pay them. Best advice I can give you is to totally ignore S&P Capital Investments. If they happen to collect they get paid. If not, they lose. You can threaten all day long and write letters, etc., but if you pay your bill and ignore the collection agency they'll simply dry up and blow away.
If I pay Circuit City, could S&P happen to get a judgment to garnish my wages since (they claim) they bought the debt? One friend of mine said that it would be stupid for a company to buy an account belonging to someone who couldn't pay it. I know that collection agencies will lie about having bought the debt, but I assume it's possible for a company to buy the debt. However, once Circuit City writes off the account, isn't that it? Also, I just bought another credit report. S&P is listed with a Zero balance on the report, yet their mails to me say I owe nearly $2100. Does that mean anything?
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Author: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 19 May 2003
Posts: 713
Location: NJ
Posted: Fri Nov 07, 2003 11:30 pm
Call Circuit City and tell them you want to pay off your balance. Also, ask them to report to the CRAs that you paid off the amount direct to them. If you pay the merchant direct the collection agency has no leg to stand on. In order to get a "judgement" against you they must bring suite against you and personally serve you with a Subpoena. You would then get a chance to respond in court. If you can show evidence that you've already paid the debt, you win, they lose. Understand that they can't get a summary judgement unless you refuse to respond. I'm not a lawyer so please don't take this as legal advice.
Do not let what you cannot do interfere with what you can do.
Ira
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Author: Guest
Posted: Thu Nov 13, 2003 5:09 am
I imagine that most likely, I'll get a much better deal paying Circuit City than paying S&P Capital Investments. Maybe Circuit City will start me off at what I last owed unlike S&P who has been piling on interest charges for years. According to my bankruptcy papers, I owed Circuity City about $680. S&P says I owe them over $2,000.
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Author: ET
Posted: Thu Nov 13, 2003 5:33 am
What if I start making payments to Circuit City? I can't pay them OFF right now, but I can make some progress toward that end. And what happens if I request validation from S&P? Can I still pay Circuit City instead of S&P? What if I start making payments to Circuit City and then S&P sends validation afterward?
Then what?
ET
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Author: nativechild48
Credit Expert (100+ Posts)
Joined: 10 Nov 2003
Posts: 315
Posted: Sat Nov 15, 2003 6:47 pm
Post subject: S&PCapital
Don't send any money to them or Circuit City just yet. When you sent them the DV, did you send it certified mail return receipt requested? If you did, they still have not validated the amount of money, they claim you owe. What state do you live in? Are these people licensed to collect Debts in your state goto: lawdog.com and check out your states policy on licensing of Debt collectors, and while you are there check out the SOL for your state; see if your state has its own TILA laws. If Circuit City sold the acct. , any money you send to Circuit City will be hard to return to you. If the Sol is in effect (this is DOLA --the date of last activity by you). Remember this is a credit card and not an opened end contract. Let us know this info and we will try to help. When a lender sells your account, he has written it off as a bad debt and is going to balance his book and report this to the IRS as a loss. He sells the acct. to a bad debt buyer and still makes more profit. Check out edcombs.com and save all these letters and send him copies because under the provisions of the FDCPA a debt collector cannot threaten to sue, garnish, harrass, but he is supposed to validate the debt. Get back to us and good luck to you
Native
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Author: nativechild48
Credit Expert (100+ Posts)
Joined: 10 Nov 2003
Posts: 315
Posted: Sat Nov 15, 2003 7:11 pm
Post subject: Do not Call collector
Don't call collectors, write them CRRR. Also do not call and ask Circuit City can you pay them as they have sold the debt. The letters from the CA's say this and they debts have been charged off and sold. Bad debt buyers do this (buy bad debts all of the time) and use threatening tactics to get many who do not know or are aware of their rights under the FDCPA to pay. If they don't validate, (not printouts) and keep threatening to sue and garnish etc., they are in violation and can be sued. Also let them know you are making a complaint to the FTC about their threats. There is another member on this website Sisflomi, goto her name and you will see letters are here there are many to choose from.
Good luck
Native
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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2132
Location: Illinois
Posted: Sat Nov 15, 2003 11:09 pm
I see a problem here - that first letter you show as having sent S&P is a cease communications (cease & desist) letter not the necessary debt validation letter you needed for them to process your dispute. You had a 30 day window to send S&P a dispute for them to be bound to researching the matter. When you send a Cease letter - you left them with no choice but to contact you one final time explaining what their final step would be! They should of not sent you 2 letters, but none the less you won't be hearing from them any further unless it is legal notice to appear in court. Call your court house immediately to research what is legal service of notice in your state: 1. Certified Letter 2. Public Notice (local news paper) 3. Process Servicer - personal delivery Once you know this - then ask the clerk if there is a court date set already? They will need your name - I know there is a technical term here for what exactly to ask for (but it is when the judgment is in the beginning stage, not having been filed yet). Anyway - by all means file a response and show up for court... Debt Validation will be late, but you can still point out to the judge that you did not get to properly dispute and that now you want ask for discovery. That should still protect your right to go back and accomplish debt validation.
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Author: nativechild48
Credit Expert (100+ Posts)
Joined: 10 Nov 2003
Posts: 315
Posted: Sat Nov 15, 2003 11:36 pm
You want to find out this info and if you have not been served, you want to file an answer. You want to make sure they did'nt get a judgement without being properly served if they have tried to do this. They have your address and if they tried this you want to file a motion to set aside or overturn because you were not served. I don't think its come to this yet but check and if it has not send a proper DV, CRRR.
native
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Author: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 19 May 2003
Posts: 713
Location: NJ
Posted: Sun Nov 16, 2003 12:08 am
In some states improper service is considered fraud. This happened to me some years back here in New Jersey. A summons was left in my mailbox and a judgement obtained as a result. It was thrown out at the speed of light when I told the court I hadn't been served, and they then went after the process server. My, that was fun!
Do not let what you cannot do interfere with what you can do.
Ira
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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2132
Location: Illinois
Posted: Sun Nov 16, 2003 12:27 am
Ok, if you know they mess up - I think timing is needed here to hit them just right with something like that. Want to let them complete the filing and setting of court date - then present it to the judge. A judgment can be vacated (also called vacation of judgment) or dismissed - meaning that if it had been added to the credit report - it will need to be removed. There are two ways which a judge will throw out a case one is with prejudice and without prejudice. One means that the creditor / collection agency is done - barred from filing again. Second one means that the creditor / collection agency has to start again fresh (and know they are not going to mess it up the second time around for sure). Sorry - still looking - just can't remember which is which
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Author: nativechild48
Credit Expert (100+ Posts)
Joined: 10 Nov 2003
Posts: 315
Posted: Sun Nov 16, 2003 12:31 am
The letters that the person has is proof they knew of his whereabouts and some of these CA's love to get sneaky ones so they can have this thing on you and you find out much later. Some will not get the judgement properly filed in the correct area. I know that you can find out through PACER but do not know the correct website. Nightstar help Ira glad you got it tossed out, that is not fair.
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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2132
Location: Illinois
Posted: Sun Nov 16, 2003 12:51 am
Found a PACER site: pacer.psc.uscourts.gov/
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Author: EvilTwin
Guest
Posted: Tue Apr 13, 2004 6:26 pm
Post subject: About collection debt
google.com/custom?q=statue+limitations+debt+collection&cof=T%3A%23006666%3BLW%3A175%3BALC%3A%2300CCCC%3BL%3Ahttp%3A%2F%2Fwww.suthlib.nsw.gov.au%2Fimages%2Flibrary_logo.jpg%3BGFNT%3A%2399CCCC%3BLC%3A%23006666%3BLH%3A80%3BBGC%3A%23FFFFFF%3BAH%3Aleft%3BVLC%3A%23009999%3BGL%3A0%3BGALT%3A%23009999%3BAWFID%3Ab018d44865ba22eb%3B&domains=suthlib.nsw.gov.au&sitesearch=
this will tell you the statue of limitations for debt collections laws by states. I had a collection agency contact me 10yrs after the fact. It is leagal for them to do so but not without reprecutions.
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Guest
Posted: Wed Nov 05, 2003 3:31 am
Post subject: S&P Capital Investments, Inc.
Here's a company claiming that they have bought a Circuit City credit card debt of mine and that they expect me to pay. They're threatening me with wage garnishment, liens against property, and they're insinuating that they're going to find out if I have any checking accounts, and I presume they're going to try to take money from the accounts or something. That's kind of how they're making it sound.
The first letter I got was this one: web-recon.com/img/s-and-p-dist.gif
Then I sent them a cease communication letter recommended by Bud Hibbs. budhibbs.com/budhibbs/cease_communication.asp
Then I received two more copies of the letter at the first link.
Then I received a third letter:
web-recon.com/img/s-and-p_2003-10-30.gif
Notice how the balance is $40 higher than the first letter. Also, I checked the internic records for spcapitalinv.com and found that they're hosted by this outfit:
emenem.com
S&P Capital Investment website nameservers are at ns.emenem.com
What do you guys think?
View our latest credit card ratings!
Author: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 19 May 2003
Posts: 713
Location: NJ
Posted: Wed Nov 05, 2003 11:13 pm
Let's start with the most basic of all questions: do you owe the money? Depending on your answer we can decide which way to go.
Do not let what you cannot do interfere with what you can do.
Ira
View our latest credit card ratings!
Author: ET
Guest
Posted: Wed Nov 05, 2003 11:26 pm
I owe money to Circuit City, not S&P Capital Investments, and not that much. Plus, Bud Hibbs of budhibbs.com has said that he's working on a case against this collection company for violating several laws. He says they're real scam artists. Now I don't mind paying money to Circuit City. But I'm not giving in to threats because in my opinion, a company that will use threats like that will probably not hold up their end of the deal.
View our latest credit card ratings!
Author: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 19 May 2003
Posts: 713
Location: NJ
Posted: Thu Nov 06, 2003 8:14 pm
Ok, if you owe money to Circuit City, then pay them. Best advice I can give you is to totally ignore S&P Capital Investments. If they happen to collect they get paid. If not, they lose. You can threaten all day long and write letters, etc., but if you pay your bill and ignore the collection agency they'll simply dry up and blow away.
View our latest credit card ratings!
Author: ET
Guest
Posted: Fri Nov 07, 2003 7:24 am
Ira wrote:
Ok, if you owe money to Circuit City, then pay them. Best advice I can give you is to totally ignore S&P Capital Investments. If they happen to collect they get paid. If not, they lose. You can threaten all day long and write letters, etc., but if you pay your bill and ignore the collection agency they'll simply dry up and blow away.
If I pay Circuit City, could S&P happen to get a judgment to garnish my wages since (they claim) they bought the debt? One friend of mine said that it would be stupid for a company to buy an account belonging to someone who couldn't pay it. I know that collection agencies will lie about having bought the debt, but I assume it's possible for a company to buy the debt. However, once Circuit City writes off the account, isn't that it? Also, I just bought another credit report. S&P is listed with a Zero balance on the report, yet their mails to me say I owe nearly $2100. Does that mean anything?
View our latest credit card ratings!
Author: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 19 May 2003
Posts: 713
Location: NJ
Posted: Fri Nov 07, 2003 11:30 pm
Call Circuit City and tell them you want to pay off your balance. Also, ask them to report to the CRAs that you paid off the amount direct to them. If you pay the merchant direct the collection agency has no leg to stand on. In order to get a "judgement" against you they must bring suite against you and personally serve you with a Subpoena. You would then get a chance to respond in court. If you can show evidence that you've already paid the debt, you win, they lose. Understand that they can't get a summary judgement unless you refuse to respond. I'm not a lawyer so please don't take this as legal advice.
Do not let what you cannot do interfere with what you can do.
Ira
View our latest credit card ratings!
Author: Guest
Posted: Thu Nov 13, 2003 5:09 am
I imagine that most likely, I'll get a much better deal paying Circuit City than paying S&P Capital Investments. Maybe Circuit City will start me off at what I last owed unlike S&P who has been piling on interest charges for years. According to my bankruptcy papers, I owed Circuity City about $680. S&P says I owe them over $2,000.
View our latest credit card ratings!
Author: ET
Posted: Thu Nov 13, 2003 5:33 am
What if I start making payments to Circuit City? I can't pay them OFF right now, but I can make some progress toward that end. And what happens if I request validation from S&P? Can I still pay Circuit City instead of S&P? What if I start making payments to Circuit City and then S&P sends validation afterward?
Then what?
ET
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Author: nativechild48
Credit Expert (100+ Posts)
Joined: 10 Nov 2003
Posts: 315
Posted: Sat Nov 15, 2003 6:47 pm
Post subject: S&PCapital
Don't send any money to them or Circuit City just yet. When you sent them the DV, did you send it certified mail return receipt requested? If you did, they still have not validated the amount of money, they claim you owe. What state do you live in? Are these people licensed to collect Debts in your state goto: lawdog.com and check out your states policy on licensing of Debt collectors, and while you are there check out the SOL for your state; see if your state has its own TILA laws. If Circuit City sold the acct. , any money you send to Circuit City will be hard to return to you. If the Sol is in effect (this is DOLA --the date of last activity by you). Remember this is a credit card and not an opened end contract. Let us know this info and we will try to help. When a lender sells your account, he has written it off as a bad debt and is going to balance his book and report this to the IRS as a loss. He sells the acct. to a bad debt buyer and still makes more profit. Check out edcombs.com and save all these letters and send him copies because under the provisions of the FDCPA a debt collector cannot threaten to sue, garnish, harrass, but he is supposed to validate the debt. Get back to us and good luck to you
Native
View our latest credit card ratings!
Author: nativechild48
Credit Expert (100+ Posts)
Joined: 10 Nov 2003
Posts: 315
Posted: Sat Nov 15, 2003 7:11 pm
Post subject: Do not Call collector
Don't call collectors, write them CRRR. Also do not call and ask Circuit City can you pay them as they have sold the debt. The letters from the CA's say this and they debts have been charged off and sold. Bad debt buyers do this (buy bad debts all of the time) and use threatening tactics to get many who do not know or are aware of their rights under the FDCPA to pay. If they don't validate, (not printouts) and keep threatening to sue and garnish etc., they are in violation and can be sued. Also let them know you are making a complaint to the FTC about their threats. There is another member on this website Sisflomi, goto her name and you will see letters are here there are many to choose from.
Good luck
Native
View our latest credit card ratings!
Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2132
Location: Illinois
Posted: Sat Nov 15, 2003 11:09 pm
I see a problem here - that first letter you show as having sent S&P is a cease communications (cease & desist) letter not the necessary debt validation letter you needed for them to process your dispute. You had a 30 day window to send S&P a dispute for them to be bound to researching the matter. When you send a Cease letter - you left them with no choice but to contact you one final time explaining what their final step would be! They should of not sent you 2 letters, but none the less you won't be hearing from them any further unless it is legal notice to appear in court. Call your court house immediately to research what is legal service of notice in your state: 1. Certified Letter 2. Public Notice (local news paper) 3. Process Servicer - personal delivery Once you know this - then ask the clerk if there is a court date set already? They will need your name - I know there is a technical term here for what exactly to ask for (but it is when the judgment is in the beginning stage, not having been filed yet). Anyway - by all means file a response and show up for court... Debt Validation will be late, but you can still point out to the judge that you did not get to properly dispute and that now you want ask for discovery. That should still protect your right to go back and accomplish debt validation.
View our latest credit card ratings!
Author: nativechild48
Credit Expert (100+ Posts)
Joined: 10 Nov 2003
Posts: 315
Posted: Sat Nov 15, 2003 11:36 pm
You want to find out this info and if you have not been served, you want to file an answer. You want to make sure they did'nt get a judgement without being properly served if they have tried to do this. They have your address and if they tried this you want to file a motion to set aside or overturn because you were not served. I don't think its come to this yet but check and if it has not send a proper DV, CRRR.
native
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Author: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 19 May 2003
Posts: 713
Location: NJ
Posted: Sun Nov 16, 2003 12:08 am
In some states improper service is considered fraud. This happened to me some years back here in New Jersey. A summons was left in my mailbox and a judgement obtained as a result. It was thrown out at the speed of light when I told the court I hadn't been served, and they then went after the process server. My, that was fun!
Do not let what you cannot do interfere with what you can do.
Ira
View our latest credit card ratings!
Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2132
Location: Illinois
Posted: Sun Nov 16, 2003 12:27 am
Ok, if you know they mess up - I think timing is needed here to hit them just right with something like that. Want to let them complete the filing and setting of court date - then present it to the judge. A judgment can be vacated (also called vacation of judgment) or dismissed - meaning that if it had been added to the credit report - it will need to be removed. There are two ways which a judge will throw out a case one is with prejudice and without prejudice. One means that the creditor / collection agency is done - barred from filing again. Second one means that the creditor / collection agency has to start again fresh (and know they are not going to mess it up the second time around for sure). Sorry - still looking - just can't remember which is which
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Author: nativechild48
Credit Expert (100+ Posts)
Joined: 10 Nov 2003
Posts: 315
Posted: Sun Nov 16, 2003 12:31 am
The letters that the person has is proof they knew of his whereabouts and some of these CA's love to get sneaky ones so they can have this thing on you and you find out much later. Some will not get the judgement properly filed in the correct area. I know that you can find out through PACER but do not know the correct website. Nightstar help Ira glad you got it tossed out, that is not fair.
View our latest credit card ratings!
Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2132
Location: Illinois
Posted: Sun Nov 16, 2003 12:51 am
Found a PACER site: pacer.psc.uscourts.gov/
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Author: EvilTwin
Guest
Posted: Tue Apr 13, 2004 6:26 pm
Post subject: About collection debt
google.com/custom?q=statue+limitations+debt+collection&cof=T%3A%23006666%3BLW%3A175%3BALC%3A%2300CCCC%3BL%3Ahttp%3A%2F%2Fwww.suthlib.nsw.gov.au%2Fimages%2Flibrary_logo.jpg%3BGFNT%3A%2399CCCC%3BLC%3A%23006666%3BLH%3A80%3BBGC%3A%23FFFFFF%3BAH%3Aleft%3BVLC%3A%23009999%3BGL%3A0%3BGALT%3A%23009999%3BAWFID%3Ab018d44865ba22eb%3B&domains=suthlib.nsw.gov.au&sitesearch=
this will tell you the statue of limitations for debt collections laws by states. I had a collection agency contact me 10yrs after the fact. It is leagal for them to do so but not without reprecutions.
View our latest credit card ratings!
posted by CardRatings.com at 9:47 AM
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