Old Capital One credit card judgement......

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Elliot Castro
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Postby Elliot Castro » Wed Jan 26, 2011 11:51 am

To the best of my knowledge, once a debt is sold off to a 3rd party


We don't know if this is the case, and the higher the debt is, the less likely it is going to be sold since the creditor only gains a % back from each debt sold.

I'm curious if he has received a type of collections letter in the mail. Often 3'rd parties LIE and act as though they are the original creditor, or they act as though they are acting on BEHALF of the original creditor.

BTW, are we 100% sure this debt went to the courts? There have been some un-ethical collections operating out of New York that have gone so far as to falsely claim such things when it was not the case, amoungst some very far-out threats.

We may be bordering across some privacy issues, but I'm starting to wonder about the total debt amount here..


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Postby dmband » Wed Jan 26, 2011 12:49 pm

I am in New York and it is my girlfriends debt but we consider everything we have eachothers so that why I probably got confused. We pulled all three reports and all three say the debt is in the courthouse of the county she has lived in most of her life. The card was for $2,000 but the debt on the report shows an amount of $2,192.

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Postby dmband » Wed Jan 26, 2011 12:50 pm

A lot of the debts say they will remain on the reports until 2014-2015 even though they are already 4-5 years old so it would probably make sense to pay them off.

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Elliot Castro
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Postby Elliot Castro » Wed Jan 26, 2011 2:32 pm

Alright, I was worried it was in excess of 50K or something. 2K doesn't seem like something that should take that long to pay off.

About the 2014-2015 calendar year, remember that it's not the AGE of the debt that always counts, but ACTIONS surrounding that debt. If the creditor re-files something with the courts, or YOU do a certain action, that re-sets the 7-year cycle, and you start the ticker all over again.

Hopefully you can bargain for some good advantages here. I tried to do a bit of barganning with Capital One just recently but got no where. On the other hand, I wasn't really pushing very hard just yet for an advantage either.

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Postby DoingHomework » Thu Jan 27, 2011 3:28 pm

Elliot Castro wrote:If they are mean enough to not cut off the juice after all this time, then you could still be paying interest on those debts (that would be bad)


If CapOne actually got a court judgment then they don't get to keep charging their exorbitant interest. There is usually statutory interest on judgments of around 6-10% per year. Once there is a court judgement the amount owed is fixed except that there is stautory interest added.

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Postby DoingHomework » Thu Jan 27, 2011 3:31 pm

dmband wrote:I read somewhere that if I pay off the judgements and debts now they will remain on the report for another 7 years because I have done something with them (activity) but I could just wait for them to fall off. So basically all these debts are 5 years old and if I pay them all off today they will remain on the report for another 7 years from today vs waiting the 2 more years instead and having them fall off. It seems like a no brainer to me to wait the 2 more years if this is the case.


Wait a minute. If there is a judgement against you that is different than a debt. It shows up in the judgement section of your report. It can be collected for 10 years after the judgement in most cases and can be easily renewed. If you owe it you should pay it!

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Postby DoingHomework » Thu Jan 27, 2011 3:38 pm

dmband wrote:A lot of the debts say they will remain on the reports until 2014-2015 even though they are already 4-5 years old so it would probably make sense to pay them off.


Now this is starting to make sense. Those are judgements. Judgements remain forever. They will only appear on your credit report for 10 years but someone will always be able to find them.

Most judgments are collectible for 10 years with the help of the county sheriff. After that it has to be renewed by the court.

You say the debts are 4-5 years old. That likely means teh judgment was against her in 2004-2005 so that 2014-15 is ten years from that.

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Postby dmband » Fri Jan 28, 2011 3:00 am

Yes the capital one is in the judgements section nothinig else is though the others are all in collections but some are also still with the OC.

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Postby dmband » Fri Jan 28, 2011 3:05 am

We are defintely paying off every debt she has if we get approved for our loan. We are sending out pay to delete letters to every debt she has so hopefully we can get most stuff permentely deleted.

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Postby Mogul of Pineapples » Mon Jan 31, 2011 12:59 am

We don't know if this is the case, and the higher the debt is, the less likely it is going to be sold since the creditor only gains a % back from each debt sold.


That very well could be the case. I don't think though that banks can write off a debt until it has been charged off, which is the big reason they don't like holding onto them.

Most judgments are collectible for 10 years with the help of the county sheriff. After that it has to be renewed by the court.


You sure know a lot about this legal stuff, DH!

I wonder how easily or how likely debts get renewed by courts after the 10 year mark?
We are defintely paying off every debt she has if we get approved for our loan.


Besides this, what's the total amount of debt owed?
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