• Report: #444994

Complaint Review: Calvary Portfolio

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  • Submitted: Sun, April 19, 2009
  • Updated: Mon, April 20, 2009

  • Reported By:Roswell Georgia
Calvary Portfolio
www.cavalryportfolioservices.com Phenox, Arizona U.S.A.

Calvary Portfolio How legal is all of this? Phenox Arizona

*Consumer Comment: Clarification...

*Consumer Suggestion: Cease and Desist

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My son and his wife relocated to Georgia from Texas to begin a new life and moved in with me. Being a loving mother, I co-signed with my daughter-in-law on a vehicle through Ford Motor Credit to help them since they only had 1 car and two jobs. Long story shorten - they moved back to Texas after 1st grandchild born because her mother didn't work outside of the home.

A year later, car was repossed and sold but no one told or contacted me. I lived at the same place. I was told a year after the fact when I saw it on my credit report In 2007, it was written off. I was never contacted by Ford Motor credit...assumed ex-daugther-in-law took care of the debt. Wrong!

April 2009 contacted by this Calvary Portolio company saying what I thought they said was representing Ford Motor Credit to collect on this $9,600 debt. Was almost ready to arrange payments but withdrew saying I don't even know who these people are. I since then have learned what kind of company this is.

They buy the debt $.10 to a dollar and then collect the full amount from you, even adding interest. Is this legal? Apparently so from what I have learned in my research. And it is also legal they can get your credit report as often as they can...but we can only once a year?

You fax back a reply to the fax number on the fax sheet and it just rings and rings. Send a registered signature required letter to them and it is returned NSN. Call and you get a voice mail to which they respond calling your work place because you quit answering your cell phone.

I know everyone has written about these people and the stories are horrible. I know people have written saying its your debt, pay it. I offered them $2000 in payments. They argued they needed $4000 from me and then they will go after the ex-daughter-in-law for the rest plus interest. I was the one who happened to answer my cell phone and have assets? No assets...just a good credit rating. I don't even own a home.

Shouldn't we all write our governors and our president especially through this hard economical times and ask some guidelines be met on this? That a law should be made that no company can buy a debt from a company once it was written off after their collections have ceased? And if you think I don't pay my bills...you are wrong. I am debt free thank you very much. I would gladly make payments to Ford Motor Credit...not to these bottom feeders.

Justhugs
Roswell, Georgia
U.S.A.

This report was posted on Ripoff Report on 04/19/2009 06:27 PM and is a permanent record located here: http://www.ripoffreport.com/r/Calvary-Portfolio/Phenox-Arizona/Calvary-Portfolio-How-legal-is-all-of-this-Phenox-Arizona-444994. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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Updates & Rebuttals

#1 Consumer Comment

Clarification...

AUTHOR: Robert - (U.S.A.)

There is NO such thing as a Cease and Desist letter for Debt Collectors. There is a Cease Communication letter which states that they are to no longer call you. But it does not make the debt go away, nor stop them from taking further action. Also, if they do call you after they receive this letter(send it by Certified Mail w/ Return Receipt) you can sue them under the Fair Debt Collection Practices Act(FDCPA) not the FCRA.

Now, as to the OP's issue. You signed a legal contract that states that you would make sure that the loan was paid. If the signer does not pay it, you agreed to. Since they have not, the bank has come after you. A debt is required to be written off by the IRS, this is strictly an accounting principal and does not make the debt go away.

The one thing you did not mention directly is when it went delinquent and was reposessed. There is one thing that may be in your favor, the Statute of Limitations. Once it is Reposessed in ends the original contract and a new SOL starts for the deficiency balance, which is the $9600 they are coming after you for. In most states the SOL for this is the UCC Statute of Limitations of 4 years.

If you are out of the SOL and they are aware of it. If they threaten to take you to court or actually sue you, you can turn the tables on them by suing them under the Fair Debt Collection Practices Act(FDCPA). If they are still in the SOL, you can always try and negotiate with them just be sure do to it in writing only. Never signing your name and never sending a single dollar until you get an agreement from them in writing stating what they will agree to.

You have found out the primary reason why you should NEVER co-sign for anyone. That is unless you are not only willing to make the payments if they don't, but keep on top of the payments to make sure they are being made in a timely fashion.
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#2 Consumer Suggestion

Cease and Desist

AUTHOR: Ashley - (U.S.A.)

What you need to do is mail this company a cease and desist letter. When they call inform them that you have sent a cease and desist letter and if they continue to call you that you will sue them under the fair credit reporting act. Start a log of times they call you so that you have a record of it.

Unfortunately everything you are describing is legal. The debt is still valid, the writing off of the debt was probably when the debt was sold off to collections. It really sucks, but they can still collect on this debt. It sounds as if the company that is after you is not very serious about collecting the debt, and I wouldn't be concerned until they turn it over to an attorney. At least when they do that, you can deal with a sane person.
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