Follow this maze: My wife made a serious mistake with a credit card and made some decisions without my knowledge (she panicked a bit when a company threatened legal action), but here are the dots I’ve connected looking through her credit reports.

 

She had a Chase account with a balance over $8,000. The account is listed as transferred to another lender in Dec. 2007. My assumption is Arrow Financial (who I’ve seen mentioned negatively on these boards and elsewhere) took the debt, as there is an entry on her credit report from Arrow beginning in Dec. 2007 w/ a similar balance. From there, I believe the account was sent into collections beginning in the summer of 2009, to a company called Brachfeld Law Group in Texas. A quick Google search showed that Arrow and Brachfeld appear to be connected.

 

My wife was contacted by Legal Advocates for Consumers in Debt, a company I believe that is located in Chicago. They are paying $245 a month to Brachfeld (the statements from LACD are how I tracked down their name) and taking their $40/month off the top. Not ideal and probably not what I’d have done had I really known the situation, but at this point, it is what it is.

 

Here are my questions.

 

1.) On her credit report, Arrow continues to show balances in the $8,000 range and is listing the account in Collections, though it appears in the Closed Accounts section of her report. Is this OK? Should the entry from Arrow be reflecting a new balance? Should it continue to appear every month as in collections?

 

2.) Without knowing the full balance of the account as I’m typing this message (my guess is she’s paid between $3-5,000 by now), what is the best way to go about having this item removed from her report as a collections account? It seems Arrow is awfully difficult to deal with based on what I’ve read. Is it even worth contacting them or their collection agency to determine a settlement?

 

Hopefully this isn’t too confusing. I normally just read and don’t post, but I’ve worked hard the last year or so getting my credit straightened out and would like to do the same with hers. I wasn’t in nearly as bad a shape as she is at this point (I just had some debt to pay down), but it seems like we won’t be able to get much done before tackling this issue and would appreciate any help.

 

Ok let me start off by saying I make no income I am a stay at home mom and my husband is the sole income provider. Back when I was not married in 2003 I got approved for a chase credit card for $7000 well I maxed it out and was very irresponsible. Fast forward to this year and they are attempting to garnish our state income tax according to the state tax representative that I called there is a garnishment in my name for midland/37th district court. This is were I am wondering how they can do this. the SOL is out, its over BUT midland is on my report as saying opened in 2008 with the 13k balance (7k  then you add  interests and fees) even though the originial chase debt says 2003 so how they can start the SOL over if I have not spoken with them? How is this legal? And how are they attempting to garnish our state taxes when i have no judgements on my report can they still attempt to garnish without a judgement or without serving me? They are wasting their time because according to the garnishment department with the state of michigan they will find out that they cannot have any of the money because I made none and have no assets. I just feel like they are being so shady with having the date say 2008 where do I report this? Will they attempt to garnish every year even without a judgement?

 

I called a OC that obtained a judgement against me on 2005 for about 450. The OC (medical service) says they sold it to a local CA, and didn’t want to be bothered with it. If I pay off the CA, do they have the legal right to give me a release for my judgement? How does it get satisfied?

 

I filed BK13 in 2004, completed the repayment plan and was discharged in 4/08. Up until the time of filing, all accounts were up to date with zero late payments. I’ve been trying to get my credit reports to reflect accurate information since my discharge. After much time, effort & frustration, almost everything is now reporting correctly with the exception of Chase. They WERE reporting my CC account with them as charged-off in 5/2005 and showing late payments from the time of BK filing until the “charge off”. I disputed with the CBs but of course the dispute came back as invalid and information verified. I then contacted Chase via phone and inquired as to why were reporting my account as such. The rep informed me they were reporting accurately and that’s the way it is. I sent Chase a CMRR letter with copies of my BK filing paperwork including the creditor matrix. Even though they are well aware of their legal responsibilities, I informed them they were reporting inaccurate information in violation of the FCRA and requested an investigation along with a written response of their findings upon completion of their investigation. It has now been 6 weeks since my letter to them. I have not had any response from them. I pulled all 3 credit reports yesterday and I find that now they are reporting late payments every month since the BK with each month stating 180 day late. Obviously this has put my credit scores 6 feet underground and makes any hope of getting a mortgage impossible. I’m at my wits end with these clowns. Whether it is incompetence or willful fraud, I don’t know. The financial damage they are causing me is significant. I don’t know what else to do except obtain an attorney and file suit against them. The time and expense involved of doing that is not a pleasant thought but I don’t where else to turn. Any words of advice or encouragement would be welcome.

 

The title says it all. Neither Washington nor Wallstreet lives in the real world, and yet they both control the real world. I bet 90% of American’s would love to tell both Washington and Wallstreet to take a long walk off a short peer. However, one controls all the legal and political power, and the other controls all the money. So while every one would love to tell these self-righteous egotistical pricks to go shove it cause we don’t need them, the system has weirdly been built around them.

 

We want poloiticians who do there job!!!! Come to think of it, we want Wallstreet bankers that do their jobs too. What kind of **bleep** asks a business-partner you have bankrupted through your crooked deeds for a loan, only to turn around and buy a new fancy car? Even smaller metaphore. Your buddy talks you into this amazing investment he’s heard about (Which he heard about, cause he’s in charge of the investment program). You figure you can trust him, after all who is that greedy or crooked. Therefore you invest say around $1,000, which he proptly loses through his ineptness in investing (If not for shadier reasons).

 

He cries bloody murder and gives you the saddest story ever. He goes on about how broke he is, and how he will have nothing because of these investments. In the midst of his whinning and losing your cash, he has the nerve to ask you to barrow another $1,000. You feel sorry for him, and figure once he is back on top… He’ll remember who helped him get there, and he’ll spread the wealth around. A month goes by and now you’re broke, so you call your buddy up, and ask hey do you have that $1,000? His response, is sorry bro I’m leaving for Hawii cause times are good…. I’ll pay you back when I can. You’d be **bleep**. Hell you’d be **bleep** if you lent a buddy $100, and then you find out he bought sports tickets before he paid you back. He has money for sports tickets, but not to pay you back? That is B.S.

This is what Wallstreet did to us all. What do they even do any more? The original legal purpose of securities and securities markets is so business people with a good idea, hard work, but not a lot of cash could get their hands on some capital to grow or start. I doubt that’s what happens now. In fact I know that’s not what happens, and people probably won’t be so mad if the Paper Security Robber Baron’s weren’t paying themselves so well. Especially after government bail outs. Mean while, they say the Market is up, but job are at an all time low. Which means one thing, Wallstreet and main-street are literally no longer connected. It defies the Capitalistic model, or the very theory we have been sold or told to be true. The market goes up, so to should the jobs… But that is not so, is it?

This is why I say they are in a bubble. They are detached, and reality isn’t real to them. They use computer models, programs, algarythims, and crazy formulas to figure out the next trends in the market. It used to be you found a company with good financial stability, size, workforce, management, or the latest product that drove the market. However, it is literally a mathematical video game with America’s money. Don’t believe me? Sign up for any stock trading account. They have all these electronic computer programs, which come built in to help you play the game.

Where are the Lawyers? Subpeanas and inditements need to be rolling down Wall-Street, not bonuses. Washington is the same. The average politician is so out of touch with the common man, the system is broken. Big money lobbiests by their favorite politicians. We need major reform. You know their is a little know document and body of law which states that when things get too bad (And they are), they American people reserve the right to tear it all down, and rebuild it again. It’s called the US Constitution, which says the government works for the people, not corporate companies. Politicians need to stop fighting! They are like children with this bickering, and refusal to work together. Always looking for some issue to run on. How about you run on being normal and doing your job! Vote for me, I’m the guy that did his job and represented my constituents and not the highest priced/paying interest group! We are a Republic, and when our politicians stop representing us…. That is the real reason for the 2nd Amendment.

That is a historical and literal fact. Our right to bare arms is to ensure that the People can always over-through the Government, if it gets too corrupt. We may be getting there! As a Juris Doctorate, I prefer more legal channels. However, Washington and Wall-Street need to come off those clouds, get it together, help America and American’s first…. Or American’s will eventually help themselves, by using the Second!  

 

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Hello all, I am a newbie, my very first post so please be patient with me. I recently ordered my credit report from all 3 bureaus in hopes of getting my credit together.  On them I see a debt for Premier Bankcard (OC) from the CA  Allied Collection Svc.  This debt jogged my memory of a letter I saved from CA Capital Mgmt Svcs, LP. The CA is also collecting this debt for the same OC and for the same dollar amount. The letter from Capital Mgmt is dated April 19. 2010, I pulled my reports in Sep/Oct 2010. Is this legal???? Only Allied is reporting this on my credit file as of now, but is there a loophole here? How can 2 different creditors try to collect for the same debt. PLEASE HELP