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Re: Being sued by collection agency-Urgent Help Again


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Posted by LadynRed (199.91.33.254) on September 17, 2002 at 17:11:51:

In Reply to: Being sued by collection agency-Urgent Help Again posted by LR on September 17, 2002 at 15:58:55:

Credit Cards are OPEN-ENDED ACCCOUNTS ! The Truth in Lending act SPECIFICALLY defines credit cards this way, so you can tell these attoryney's that they are WRONG.

"Sec. 1602. - Definitions and rules of construction
Notwithstanding the preceding sentence, in the case of an open-end credit plan involving a credit card, the card issuer and any person who honors the credit card and offers a discount which is a finance charge are creditors. For the purpose of the requirements imposed under part D of this subchapter and sections 1637(a)(5), 1637(a)(6), 1637(a)(7), 1637(b)(1), 1637(b)(2), 1637(b)(3), 1637(b)(8), and 1637(b)(10) of this title, the term ''creditor'' shall also include card issuers whether or not the amount due is payable by agreement in more than four installments or the payment of a finance charge is or may be required, and the Board shall, by regulation, apply these requirements to such card issuers, to the extent appropriate, even though the requirements are by their terms applicable only to creditors offering open-end credit plans. "

Showing the proof that they bought the account is NOT adequate validation under the FDCPA, and should be pointed out as well - here's a link to the FDCPA, validation section:

http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm#809

These 'guys' are incorrect, you DO have an SOL defense but it looks like YOU'RE going to have to provide THEM with the Federal and State statutes that prove your case.





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