Looking for advice on HELOC

Mar 162011
 

Thank you in advance for your thoughts and experiences.  I had a California home which was foreclosed about 2.5 years ago by the first position lien holder.  I had taken a 2nd, which was a HELOC from Wells Fargo (non-purchase funds, making this a recourse loan) with a balance of about 150.  We stopped paying it about 3 years ago.  From what I understand the clock for the statute began when the last payment was made.

 

  1. Does anyone know what state the Statute of Limitations is based on?  I tried looking for the paperwork from this loan and could not locate it.  Is it California because it was a California home or is it Delaware because Wells is incorporated there, or is their lending division incorporated in yet another state? 
  2.  Is there a forum where specific lenders are openly discussed and their actions compared to get an idea for their internal policies?  This may not be relevant as it would be the collection agency who would have the option to take action. 

I was unemployed for a year and am just now getting back on my feet.  I don’t have the ability to settle this, and don’t see having that ability in the near future.  Opinions on riding it out or other options I hadn’t considered are welcome.  However, please don’t offer moral or ethical judgements, those are not needed or welcome.

 

Thank you

Recommendation on Cap One auto loan deficiency

Feb 282011
 

I had an auto repossession from Capital One with a reported $12,735 deficiency balance.  I’d like to work something out with them, but after reading about the SOL and waking these guys up, I want to get some advice before I take any action.

 

The DOFD was 06/2008, and from what I’m reading that’s when the California 4 year SOL clock starts.  Is that accurate?  Also, I don’t exactly have the 13K laying around so I wouldn’t be able to PIF and would have to set up some sort of monthly payment arrangement.  Anyone have any experience with Capital One’s willingness to do this for a balance that high?

 

Would it be best to completely leave this alone and see I can hold out until the SOL?  It’s no fun having that potential lawsuit hanging over my head, and I’d like to hear any suggestions.

 

Thanks in advance!

Which way for economy

Jan 192011
 

http://finance.yahoo.com/news/2010-ends-as-2nd-worst-year-apf-1089255127.html?x=0&sec=topStories&pos=3&asset=&ccode=

 

Glimpse of hope in numbers but plenty of foreclosures yet to go through and many more to come when banks readjust the rates on the low rate starter loans.

With gas prices going up and doubt about what the costs of health care will be expect things to slow down again.  California state workers to take ten percent cut can’t help.  Should we be looking at a depression like mentallity that we all just have to get through it together?

The Basics of California Workers’ Compensation

Dec 052010
 
Compensation
byInternational Rivers

How Workers’ Compensation Works

All California employers must provide workers’ compensation benefits to their employees under California Labor Code Section 3700. There are five basic types of workers’ compensation benefits – medical care, temporary disability benefits, permanent disability benefits, vocational rehabilitation services, and death benefits.

How Is Coverage Structured in a Workers’ Compensation Policy?

Workers’ compensation coverage is offered under Part One of a workers’ compensation insurance policy. In Part One, the insurance company agrees to promptly pay all benefits and compensation due to an injured worker. Employers Liability insurance can provide important coverage in addition to workers’ compensation insurance. Employers Liability is offered under Part Two of a workers’ compensation and Employers Liability Insurance policy. Employers Liability Part Two protects the employer against instances where an employee’s injury or disease is not considered work related.

How Is Workers’ Compensation Insurance Purchased?

Employers must purchase workers’ compensation insurance from either a licensed insurance company or through the State Compensation Insurance Fund (SCIF). SCIF is a state-operated entity that exists in order to transact workers’ compensation on a non-profit basis. SCIF competes with private workers’ compensation insurance companies for business and also operates as the insurer of last resort if private companies are not willing to offer workers’ compensation insurance.

What Happens to an Employer Who Does Not Purchase Workers’ Compensation Insurance?

Employers who fail to purchase workers’ compensation insurance are in violation of the California Labor Code. The Director of the Department of Industrial Relations has the authority to issue a stop order against any company who is discovered to be unlawfully uninsured for workers’ compensation. A stop order closes down business operations until workers’ compensation insurance is secured.

How Are Workers’ Compensation Premiums Calculated?

Classification

Workers’ compensation premium calculation is based upon how employees are classified according to their specific work duties and the rate assigned to each corresponding employee classification. Classifications are developed and assigned by the workers’ compensation Insurance Rating Bureau (WCIRB) in most cases.
Rating

Workers’ compensation insurers assign a specific rate to each occupational classification code. Currently, California workers’ compensation insurers operate under an “open” rating system. This means that individual companies set rates based on their ability to adequately cover losses and expenses in each classification (occupational business class). Open rating requires that all workers’ compensation insurers file their rates and all applicable supplementary rate information with the California Dept. of Insurance. Rates must be adequate to maintain the solvency of an insurance company. The Insurance Commissioner will not approve rates if they are inadequate to cover an insurer’s losses and expenses, unfairly discriminatory, or create a monopoly in the marketplace. The rate itself is expressed in dollars and cents and is multiplied by each 0 of payroll per classification.

Insurance Claims

The California Dept. of Industrial Relations, Division of Workers’ Compensation assists employers and employees with workers’ compensation claims. When disputes arise regarding a workers’ compensation claim, the Information and Assistance Unit attempts to resolve the dispute. If they are unable to resolve the dispute, then a formal application for adjudication can be filed with the Workers’ Compensation Appeals Board. The Workers’ Compensation Appeals Board has exclusive jurisdiction over dispute resolution.

Issues That Complicate the Workers’ Compensation System in California

Despite what appears to be a straightforward and well orchestrated system, there are many issues that complicate the efficient and cost-effective implementation of workers’ compensation in California, among those issues are:

• the cost to employers of insurance premiums;

• type and scope of coverage; determination of injury or illness;

• benefit amounts;

• cost of vocational rehabilitation; fraud on the part of doctors, workers and employers;

. timeliness of benefit payments; uncovered workers; attorneys’ fees.

More Compensation Articles

points to hit on in PFD

Nov 192010
 

I am undertaking the difficult task of negotiating with Barclays to try and clean my stuff up.  Being that they are the largest source of negative information on my report, while also my biggest revolving debt, it behooves me to at least try this now that I have secured the money to PIF.

 

The specifics:

 

Apple Mastercard/Juniper Bank (Barclays): opened 2004

 

closed by Juniper 2006, never charged off or sent to collections

 

original ‘loan’ amount: $3000

 

current balance: $4232 (haven’t paid since late September and am approaching my payment date for this month)

 

Derogatory:

90 days late Aug 2006

60 days late Feb 2006, Feb 2007

30 days late 10 different times from 2006-Jul 2010 (eek, and again now)

 

To date have paid: $3900 over 6 years

 

So, recommendations on points to stress in the letter?  Perhaps that I’m nearing bankruptcy or how much I’ve paid thus far in relation to the initial debt?  I’d like to write one from scratch unless this presents too many challenges in legal wording.  Lastly, might it be worthwhile to include a conditionally endorsed check?  I’m confused about which state laws govern these (I live in NY but the mailing address Barclays has for me is in California, which could of course be changed).

Help with vacating judgment

Oct 282010
 

I have a civil judgment against me — I paid it off but I want to attempt to get it vacated, as I was never served. I live in California — do I need a lawyer, or can I/should I do this myself? The website for the courts only has a form to vacate a small claims judgment, but none for a civil judgment. Also, the creditor has not yet sent in the satisfaction of judgment — should I wait until that goes through before attempting to vacate? Thanks!

Americans won’t do Farm jobs?

Sep 272010
 

Let me understand this…….unemployment in California is over 12%, Americans won’t do farm work, not enough pay. The only solution is to ………………………EXTEND Unemployment Compensation? That really makes sense. Get rid of this bunch in November. VOTE!

Collection placed on my CR; acct is past S.O.L., HELP!

Aug 112010
 

Hi everyone, new guy here!  This morning I received an alert from TrueCredit that a “Major Derogatory” acct was placed on my Experian report. I’m trying to determine what steps I can take to fight this, if any.  Below is a background and with many other americans, “life happened”, and I let my perfect credit go down hill after loosing a family member.  I know, it’s not an excuse, but I would appreciate positive responses.

 

Original Creditor:

American Honda Lease, voluntary repo.

Deficiency amount $7421

Original date of Delinquency:  Nov 2005.  No reaffermation of debt after this date. (PS, I’m in California).

 

Through the years, American Honda made minimal attempts to collect.  It was sent to various collection agencies but they would not contact me after a few months.  Those agencies never placed anything on my reports. 

 

As of 8/11/10, Experian reported:

NCO Financial

Alert type:  Grid Code G (Collections)

Derogatory Amount:  $7421

 

Along with this American Honda loan, I had some credit cards that were derog, I have sense paid those off.  From 2006-Current, I have no late payments or current negative reporting.  This Honda account is past the SOL, so legally they can’t pursue this as a civil matter, but how do collections work?  It’s my understanding that it will drop off after 7 years, but do I have to deal with a collection account on my report for two more years? 

 

My credit is (was) on it’s way to good standing and I need to do everything I can do resolve this.  As of last month, my True Credit Vantage Scores were:  TransUnion 743C, Experian 708C, and Equifax 740C.  I don’t even want to look at how much it dropped now!!  Obviously my true FICO score will be much lower than Vantage.  I need feedback from anyone who understands CA collection laws.  Thanks!

Related Blogs

Looking to confirm SOL date

Jul 212010
 

I have a charge-off with a soon-to-be expiring SOL, and I’m trying to pinpoint the SOL date so that I can send a “post-SOL pfd” letter to the collection agency.  I live in California with an SOL of 4 years.  I have a copy of my equifax report from 12/8/2007 with the following information about the OC:

 

Date of Last Payment: 07/2006

Date of Last Activity: 08/2006

Date Maj. Del. 1st Reported: 02/2007 (this is the charge-off date)

There are also some late payments listed.  The last string of lates includes a 30 day on 9/2006, 60 day on 10/2006, etc, up to a 180 day on 02/2007.  This is consistent with missing a payment in 08/2006.

 

I also have an equifax report from 1/9/2009.  The only difference is that “Date of Last Activity” is blank, and the 08/2006 is listed under “Date of 1st Delinquency” instead.  It looks like they just changed the column it’s under

 

Based on this, my understanding is that SOL expires sometime in 8/2010 (i.e. next month), which would be 4 years after DOLA.  Since there’s no way to confirm an exact date, would I be safe sending a PFD offer in September?  Also, if they hypothetically sued me later in the year (say, October), would copies of the equifax report be considered proof that SOL has expired?  If not, how do you prove it when the OC is unwilling to send old statements.

Related Blogs

  • Related Blogs on Looking to confirm SOL date
 Older Entries