Merchants Credit Guide Co.

Submitted by CompOne on Tue, 04/07/2009 - 02:36

Received letter in response to the Debt Validation Letter I sent Merchants Credit Guide. They sent me a notarized letter from Pinnacle Credit Svcs and a Summary Acct Statement also from Pinnacle. They have the name of the Original Issuer/Acct # along with the date is was charged off (11/30/99) but no date of when the last payment was made. Is what they sent sufficient validation? I still do not recall this account. Any suggestions would be appreciated

I think that it is a proper debt validation. You can also call up Pinnacle credit services and check whether they have sold the debt to Merchants credit guide or not. If their response is positive, you can come to a repayment agreement with the CA and pay them off. Now, you should also check your credit report to find out whether the CA is listed against the debt. If the name of the CA is there in your report, negotiate for a PFD and then pay off the debt. Always get the PFD agreement in writing.

Tue, 04/07/2009 - 07:05 Permalink

Yes, Carol is right. However, before paying off the debt, you should check whether the SOL on the debt has expired or not. Since the debt has been charged off in 1999 and you have not made any payment towards the debt after that, it is quite possible that the SOL has expired. If the SOL has expired, then you are not legally liable for the debt and the creditor cannot even sue you for the debt. But if you make any payment towards the debt, the SOL will again restart and the creditor can again legally sue you for the debt. Can you tell us the State where you have signed the loan agreement?

Tue, 04/07/2009 - 07:17 Permalink

Thank you for the replies. I am located in Washington State.

Tue, 04/14/2009 - 13:15 Permalink

I have also check my Credit Report and neither the charge off or any collection is listed. After checking different websites I'm still not sure what the SOL would be for Washington State. They have different years listed for different types of accounts. Should I still contact the CA to negotiate a payoff or has the SOL expired? Again, any help and/or suggestions would be appreciated.

Wed, 04/15/2009 - 18:13 Permalink

The Statute of Limitation for Washington is 6years for written contracts and promissory notes and 3 years for open ended accounts (like credit cards). So if you have made the last payment in 1999, the Statute of limitation on the debt has already expired and you should not make any payment towards the debt. This is because even a small payment towards the debt now would rewind the SOL.

Thu, 04/16/2009 - 07:54 Permalink

Thank you, Carol & Richard, for all the help. I was already in the mind set of having to contact the CA to negotiate payment on a bill I don't even know was mine. All the best to the both of you.

Fri, 04/17/2009 - 02:43 Permalink

You are most welcome. I'm sure that they will not be able to collect the debt, but if by chance they sue you to the court and you receive summon from them, you should file an answer to the summon within the date mentioned on the summon else the creditor can bring a default judgment against you and you may again become liable for the debt which you do not owe.

Fri, 04/17/2009 - 05:39 Permalink

Should I respond to their letter of validation and note the SOL for my state has expired. If so, are there specific items I should mention in my letter to them? The last thing I want is for them to continue processing any paperwork for this debt.

Sat, 04/18/2009 - 04:50 Permalink

I don't think that there is any need to send them a letter informing them that the SOL on the debt has expired. Now, if they sue you for the debt, and you receive a summon from the court, you can mention that the SOL on the debt has expired while filing the response to the summon. However, if you want you can send them a certified letter mentioning the date of your last payment towards the debt and inform them that your SOL has already expired and so you are not longer obligated to repay it back.

Mon, 04/20/2009 - 06:59 Permalink
greg torre (not verified)

I've recedived bill by mail from mechants credit guide represent portfolio recovery associates. I told them this is not my bill. It turns out it for capital one bank I have'nt had this account since 1998.

Fri, 07/10/2009 - 20:27 Permalink
Christine (not verified)

I'm actually in a similar situation. They've contacted me regarding an automobile debt from my exhusband. The debt is over 10 years old and I beleive Merchants guide is being shady however when I first spoke with them i was a bit emotional and had made a payment of $120 over the phone with them. I told them on the first call that it was not my debt and I never signed anything to take it over. I called them the next day and talked with the same rep to tell him that I was formally disputing the debt and would not continue any further negotiations until verification of the debt was sent. I also sent a certified letter to them stating the same thing that was deliverd way before the 30 day period. Would the SOL restart because I had made that payment.

he told me that it would take 3-4 business days to get documentation and the 5 business day was monday. I'm writing another certified letter today to advise that I haven't gotten anything from them but 2 letters saying my settlement amount.

Thanks in advance for all the help.

email address removed for safety

Mon, 08/24/2009 - 18:39 Permalink
christine (not verified)

I got my validation letter today. It said it was charged off in 2002 but they didn't send any documentation showing that the loan was put into my name from my ex-husband. I currently live in Georgia which shows it was charged off in 2002. I've read on other sites that Georgia is 4-6 years.

Tue, 09/01/2009 - 01:18 Permalink

This in no way constitutes proper validation as set forth in Section 809 of the FDCPA. The FDCPA clearly indicates any validation must be provided by the original creditor. Pinnacle is a debt collector themselves, NOT an original creditor. Look at the Arbuckle FTC opinion letter and you will see that they are not considered anything but a debt collector even if the own the account. The first collection agency, Pinnacle, must solicit validation from the original creditor, validation on a form from a collection agency is not worth the paper on which it's printed.

Wed, 12/30/2009 - 15:46 Permalink
Larry B (not verified)

Hi i have several questions concerning harassments from debt collectors about accounts I never had? in my area of Charleston SC is there anyone that can help/ interceded on my behalf?

Mon, 05/17/2010 - 21:57 Permalink

Hi Larry,

You can send validation letters to these creditors or collection agencies harassing you. First pull a copy of your credit report, and check if these companies are listed on your report. If they are, use the addresses mentioned on your report to send the validation letters.

You will get a sample debt validation letter with this community. You can use the form letter to write one of your own. If the collection agencies and creditor's fail to validate the debt, you can dispute these items off your credit report with the credit bureaus.



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