Dear [redacted] - in consideration of the work and effort that we have asked Ms [redacted] to perform, we will no longer report this charged off account to the credit bureaus and take steps to remove the account from the credit bureau's reporting The removal process is not instantaneous and may take up to days We will take the necessary steps to remove the account by sending the appropriate forms to the credit bureaus by the end of this week.Best regards,Joe [redacted] CFO?
Dear [redacted] - It is our understanding that the Fair Credit Reporting Act provides a reporting statute of days plus seven years from the date of first delinquency This is not controlled by us, but is controlled by the credit bureaus We report the date of first delinquency on the account and subsequent reporting is subject to their calculation of the seven year statute noted above.in terms of interest, interest has been added to the account at the agreed upon contractual rate We can find no provision in the Truth in Lending Act (TILA) that requires the cessation of interest when an account is charged off However, if the consumer can provide a specific citation from TILA that requires this, we will be glad to review this citation and re-consider our position Sincerely,Joseph [redacted] CFO
Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and find that this resolution would be satisfactory to me I will wait until for the business to perform this action and, if it does, will consider this complaint resolvedRegards, [redacted]
Dear [redacted] - There are two aspects of this complaint The first is whether we had the contractual authority to file a UCC-Fixture Filing related to Mr [redacted] purchase of a washower The second is whether Carmel Financial will subordinate its position to a new mortgagor with respect to Mr [redacted] attempt to refinance his mortgage.The Retail Installment Contract and Security Agreement signed by Mr [redacted] contains two provisions related to security The first, on the front of the contract states "Security: I am giving you and your assigns a purchase money security interest in the goods I am purchasing." The second, in the Additional Terms and Conditions on the reverse side of the contract states "Security: To secure the payment and performance under the terms of this Contract, you give us a security interest in the Goods purchased and any other collateral described above, and all accessions, attachments, and equipment placed in the Goods or other collateral, together called Property, and the proceeds of the Property." Based on the above, a UCC-Financing Statement was filed as a fixture filing in accordance with applicable laws.With regard to the second aspect of this complaint, Carmel Financial will subordinate its position with regard to a mortgage re-finance to no less than a second position after the mortgage has been re-financed Mr [redacted] request that we pay his mortgage payment will not be granted.Please contact me with any questions.Sincerely, [redacted] , CFO
Dear [redacted] - in consideration of the work and effort that we have asked Ms [redacted] to perform, we will no longer report this charged off account to the credit bureaus and take steps to remove the account from the credit bureau's reporting The removal process is not instantaneous and may take up to days We will take the necessary steps to remove the account by sending the appropriate forms to the credit bureaus by the end of this week.Best regards,Joe [redacted] CFO?
Dear [redacted] - It is our understanding that the Fair Credit Reporting Act provides a reporting statute of days plus seven years from the date of first delinquency This is not controlled by us, but is controlled by the credit bureaus We report the date of first delinquency on the account and subsequent reporting is subject to their calculation of the seven year statute noted above.in terms of interest, interest has been added to the account at the agreed upon contractual rate We can find no provision in the Truth in Lending Act (TILA) that requires the cessation of interest when an account is charged off However, if the consumer can provide a specific citation from TILA that requires this, we will be glad to review this citation and re-consider our position Sincerely,Joseph [redacted] CFO
Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and find that this resolution would be satisfactory to me I will wait until for the business to perform this action and, if it does, will consider this complaint resolvedRegards, [redacted]
Dear [redacted] - There are two aspects of this complaint The first is whether we had the contractual authority to file a UCC-Fixture Filing related to Mr [redacted] purchase of a washower The second is whether Carmel Financial will subordinate its position to a new mortgagor with respect to Mr [redacted] attempt to refinance his mortgage.The Retail Installment Contract and Security Agreement signed by Mr [redacted] contains two provisions related to security The first, on the front of the contract states "Security: I am giving you and your assigns a purchase money security interest in the goods I am purchasing." The second, in the Additional Terms and Conditions on the reverse side of the contract states "Security: To secure the payment and performance under the terms of this Contract, you give us a security interest in the Goods purchased and any other collateral described above, and all accessions, attachments, and equipment placed in the Goods or other collateral, together called Property, and the proceeds of the Property." Based on the above, a UCC-Financing Statement was filed as a fixture filing in accordance with applicable laws.With regard to the second aspect of this complaint, Carmel Financial will subordinate its position with regard to a mortgage re-finance to no less than a second position after the mortgage has been re-financed Mr [redacted] request that we pay his mortgage payment will not be granted.Please contact me with any questions.Sincerely, [redacted] , CFO