[Lost In Debit]

My question involves an auto loan or repossession in the State of: Illinois

I basically defaulted on a loan on a atv back in 7/2005. I have not heard for creditor since. No repo, nothing. It says "charged off" on my credit report from them. Now I got a letter from another company saying I owe them this money now. The name of the company that purchased my account is LVNV Funding company. Is there a statute of Limitations on this? The loan type listed is "Installment Sales Contract". I have scraped together the amount they will settle for. Should I pay them? Should I contact the original creditor? All the accounts are listed as closed on my credit report.

[Lost In Debit]

I just noticed that LVNV shows that they have my "Date of First Delinquency" as 11/2004. So there 4 years is up?

[jk]

written contracts and promissory notes have a 10 year SoL in Illinois.

You are far from that period expiring so there is plenty of time to sue you should you refuse to pay.

as to the items being "charged off" that is an accounting action by the creditor for tax purposes and has no effect on the debt.

what you at this point is up to you but it seems they have you dead to rights in seeking this money from you.

The only reason to contact the original creditor is to be assured they have sold the debt to somebody else. The only argument I can see is the validity of the debt being owed by this LVNV Funding. You may want to verify their rights to this claim but other than that, I would suggest paying.

[Lost In Debit]

OK. Next question is the letter says I have 30 days to dispute the validity of this debt. Those 30 days are gone. Do I wait for another letter? Can I call them and ask for them to send there proof of this debt or do I have to write a letter?

[jk]

you basically have lost your opportunity to dispute the claim in the court action you received the summons for.

[Credithis]

He never said there was a court action being taken yet. They do not have to respond to a DV outside of the 30 day limit however, they must mark it as disputed on your credit report. This also give you ammo in court to contest the fact there is some item of dispute. Did LVNV send you the letter from SC??? If so do this, they tend to shy away from doing more damage to their rep with an SC AG on their tail.

From:http://www.scstatehouse.gov/code/t37c005.htm



d) causing or threatening to cause injury to the consumer's reputation or economic status by disclosing information affecting the consumer's reputation for creditworthiness with knowledge or reason to know that the information is false; communicating with the consumer's employer before obtaining a final judgment against the consumer, except as permitted by statute or to verify the consumer's employment; disclosing to a person, with knowledge or reason to know that the person does not have a legitimate business need for the information, or in any way prohibited by statute, information affecting the consumer's credit or other reputation; or disclosing information concerning the existence of a debt known to be disputed by the consumer without disclosing that fact;

File the SC dept of consumer affairs complaint send it Cmrr to SC and a copy to CMrr LVNV. They never have direct proof or knowledge of the alledged debt, they rely on 3rd party affidavits that will not stand the light of day in a court of law.

[jk]

whoops!!!

sorry about that. Fatigue had set in long before I typed that and caused me to err.

this is an excerpt from the FDCPA:

§ 809. Validation of debts
(a) Within five days after the initial communication with a consumer in connection with the collection of any debt, a debt collector shall, unless the following information is contained in the initial communication or the consumer has paid the debt, send the consumer a written notice containing—
(1) the amount of the debt;
(2) the name of the creditor to whom the debt is owed;
(3) a statement that unless the consumer, within thirty days after receipt of the notice, disputes the validity of the debt, or any portion thereof, the debt will be assumed to be valid by the debt collector;
(4) a statement that if the consumer notifies the debt collector in writing within the thirty-day period that the debt, or any portion thereof, is disputed, the debt collector will obtain verification of the debt or a copy of a judgment against the consumer and a copy of such verification or judgment will be mailed to the consumer by the debt collector; and
(5) a statement that, upon the consumer’s written request within the thirty-day period, the debt collector will provide the consumer with the name and address of the original creditor, if different from the current creditor.
(b) If the consumer notifies the debt collector in writing within the thirty-day period described in subsection (a) that the debt, or any portion thereof, is disputed, or that the consumer requests the name and address of the original credi15
USC 1692g
12
§ 809 15 USC 1692g
tor, the debt collector shall cease collection of the debt, or any disputed portion thereof, until the debt collector obtains verification of the debt or any copy of a judgment, or the name and address of the original creditor, and a copy of such verification or judgment, or name and address of the original creditor, is mailed to the consumer by the debt collector. Collection activities and communications that do not otherwise violate this title may continue during the 30-day period referred to in subsection (a) unless the consumer has notified the debt collector in writing that the debt, or any portion of the debt, is disputed or that the consumer requests the name and address of the original creditor. Any collection activities and communication during the 30-day period may not overshadow or be inconsistent with the disclosure of the consumer’s right to dispute the debt or request the name and address of the original creditor.
(c) The failure of a consumer to dispute the validity of a debt under this section may not be construed by any court as an admission of liability by the consumer.
(d) A communication in the form of a formal pleading in a civil action shall not be treated as an initial communication for purposes of subsection (a).
(e) The sending or delivery of any form or notice which does not relate to the collection of a debt and is expressly required by the Internal Revenue Code of 1986, title V of Gramm-Leach-Bliley Act, or any provision of Federal or State law relating to notice of data security breach or privacy, or any regulation prescribed under any such provision of law, shall not be treated as an initial communication in connection with debt collection for purposes of this section.

that is what the 30 days is about. Basically, if you dispute the debt within 30 days of first contact, the creditor must suspend collection activities until the debt is validate. Since you have let the 30 days lapse, there is no requirement for them to cease any activities. They do still have to validate the debt though if requested inwriting.

credithis: What good are South Carolina statutes when the OP is in Illinois?

Did I miss something here?

[Lost In Debit]

Thank you everyone for your help. I call the orginal lender where I first had it financed through. The said the loan was sold to LVNV, so I called them. We worked out a settlement, wasn't easy. I paid the amount we agreed on and there suppost to update my report with paid and send me my title. We will see.

[jk]

this is a bit after the fact but you should always get a settlement committed to writing. It gives you proof of the agreement should they claim you are wrong.

[Credithis]

LVNV,Sherman,Resurgent, the entire Sherman Dysfunctional Family, the head office for collection is in Greenville, SC. Most of the dunning comes outta here.

SC State law mirrors that of the FDCPA, whilst a letter to the AG may get no respose, a letter to the SC Dept. of Consumer Affairs gets their attention.