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Help - Problem w/Sherman Acq. and charge-offs!


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Posted by Totally Frustrated (198.238.218.209) on October 11, 2003 at 05:07:43:

This will be a bit lengthy, so please accept my apologies up front - thanks!

Okay...Back in March '00 I enrolled all of our unsecured debt into a CCCS (a mistake - I now know). All of these accounts were current and up to date, but we did this in anticipation that DH's employer was going to close it's door later on in the year. We just wanted to be ahead of the game. The business did close that year, and has changed hands three times since '00. Each time DH was hired back only to be laid off again due to business closers. Because of the interuptions in our income over the last three years, there was two periods of about 2-3 months that we were unable to make the CCCS payments. If a OC tried to send our account to a CA during those times, I'd send the CA a Cease & Desist letter (it worked like a charm). We heard that you NEVER do business with a CA, and besides we planned on resuming the CCCS payments as soon as the money was there again. Which we did as of March of this year.

Now here comes my two problem accounts...

(1. Eventhough we have been paying our CCCS payments for the last six months without incident, two of our OC have charged-off our accounts. Can they do that if we have been paying them faithfully through a CCCS, and if they have been cashing those checks? Providian accepted the new credit proposal in March, but still charged-off my account AND sold it to SHERMAN ACQUISITIONS!!! When I tried to call Providian about this, their automated system would not let me speek to a cust. rep. and just kept repeating that my account was closed! Can I still send Sherman Acquisitions/Alegis Group LP a Cease & Desist letter even though they "bought" my account? Their last letter instructed me to have the CCCS send the former Providian payments to Alegis Group LP now. The October payment will go out on 10/15, so what can I do about this?

(2. Citifinancial Retail Services notified my CCCS that they were rejecting my payment because the account had been "charged-off or referred for legal action". That was in August, and they are still cashing the CCCS payment checks (last one was cashed on 10/03). After much confusion (also had a Citifinancial/The Associates account which goes by "Citifinancial Retail Services"), I've finally reached the right "Citifinancial Retail Services" account and have been told that they charged my account off because the CCCS payment wasn't big enough and this cause late fees and finally delinquentcy! They stated that the fault lied with my CCCS because they didn't "do the follow-up". So now I have to send a letter to there Desputes Department with all of the CCCS info and my explaination, so they can investigate and "maybe" help me. The CCCS was just as surprised to hear this info as I was, and stated that they have worked with this creditor for years and have been well aware of how the CCCS proposal/payment procedure works (if a creditor refuses the proposal they can, refuse the proposal and still accept the payment (which means no benefits), send a letter stating so and/or return the check with their reasons for rejection - Citifinancial Retail Services did neither)! If I've been steadily paying on this account (with the excepting of the two incidents), how can they claim that my account has become delinquent and charge it off? How can I make this dispute letter do the trick? Since this is the OC, I'm not sure what my right are here. What a mess!!!

Three and a half years ago my credit was very good, but now my CR shows at least two charge-offs and one report of a CA buying out an OC account (may be two if Citifinancial has their way)! We only missed a handful of payments, not years worth, so how can this happen?! We hope to refinance our house in about two years (when there is enough equity built up), so any advise you can give me on how to clean this mess up is greatly appreciated! Thank you in advance for your help!!!

Desperately yours,

Totally Frustrated


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