Re: calvary investments

Posted by Cadra (142.167.33.1) on October 25, 2002 at 20:27:58:

In Reply to: calvary investments posted by willie ray earl on October 21, 2002 at 19:06:40:

Calvary Investments has been on my back for over a year and I FINALLY "beat" them in August. Let me share with you the "wisdom" it took months to get!:

First of all, let me say that I'm a paralegal and work for a large law firm that, among other things, represents the banking industry. It wasn't easy for me to work with Calvary, so if its hard for me, it won't be much easier for anyone else!

So....my personal advice:

1. WHO THEY ARE: Calvary Investments IS a collection agency; however, they are not subject to the normal laws that are known as the Fair Debt Collections Practices Act (FDCPA). What Calvary does is buys bad, defaulted loans from the original lenders. Because Calvary "buys" the loan, it legally transfers the ownership of the original promissory note from the bank (in my case, Key Bank) to Calvary. Because Calvary now owns the loan, they are the creditor, and are not subject to abide by debt collection laws.

2: The original lender and Calvary are under no legal obligation to ask your permission or tell you that your loan is being sold.

3: Get the "Notice of Sale". Calvary is required by law to provide this document to you IF YOU REQUEST IT.

4: Once you are positive that Calvary owns the debt, do what you can to resolve the situation - do what ever you can to pay it.

5: Put EVERY contact with Calvary in writing. Make notes of every phone call - month, day, year, time, who initiated contact, whom you spoke to, what was said. Follow up every phone call with a certified letter to Calvary.

6: If Calvary refuses to cooperate, write a letter of complaint to your State's Consumer Protection Office, or the Attorney General's Office, if you don't know how to reach the Consumer Protection Office. Calvary needs to have a commercial license to do business in your state before they can even purchase your loan and call you the first time, so you need to be sure that you file the complaint with the state agency that holds Calvary's license.

7: In my case, Calvary lied to me every chance it got and I caught them red-handed on several occasions. They threatened to "garnish" my wages, accused me of default, ignoring the debt and being a delinquent member of society. I finally got in touch with the Consumer Protection Department in my state, who wrote a threatening letter to Calvary's lawyers. That got Calvary's attention! The lawyers responded that none of my accusations were true, but that Calvary would finally take a reduced payment arrangement. It took me 15 months to get that out of them.

8: Calvary's headquarters are in Hawthorn, New York. I found this out by going to the public library and doing a search on a web site designed to search for private corporations' information. (I don't have the website with me as I write this; sorry.) If you don't get anywhere with the office that's calling you, try there. (My antagonits called from Phoenix.)

I hope this information helps you out! If my pain and suffering over this $600 loan helps someone out, I'll feel better! Feel free to email me if you have further questions. Cadra74@hotmail.com

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