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CACH Purchased My Business Credit Card Account from Bank of America. – Darlene

By on October 31, 2011
CACH Purchased My Business Credit Card Account from Bank of America. – Darlene

“Dear Steve,

I had a business credit card and business LOC with bank of america that were charged off in march 2011 and i guess purchased by CACH,LLC. I have received a letter form P. Scott Lowery and John C. Bonoewicz. I have rquested validation (April 7, 2011) of the debt and also requested that they prove they are licensed in the State of Maryland to collect.

As of today I received nothing from Bonewicz and did receive a robo lettter from Lowery with what looks like a bill of sale and assignment of loans from bank of america. then another robo letter dated 9/19/2011 asking that I call their office and speak to one of their non-atorney representatives.

I guess my question is should I hire an attorney here in maryland to help me out with this. They have placed both accounts on my credit report under CACH, LLC.

Should I hire an attorney and what type or see if my credit counsler can help?

Darlene”

Dear Darlene,

Well let’s start with the premise that you agree you did have a Bank of America credit card account that did default.

In that case Bank of America most likely sold it as part of a larger portfolio or bad debts to an outside party. The underlying question is if that party and/or assigned collection agents have proper proof of the amount of debt or validity of that debt owed. These days that’s a good question to ask.

It does not sound to me as if the information you were provided is sufficient to validate the debt. I would suggest you pursue this further but you should really find a consumer advocate attorney that specializes in these issues and is licensed in your state. You can use NACA.net to locate such an attorney.

While you could certainly contact a credit counselor for assistance, it is highly unlikely the credit counseling organization will do anything to address the underlying issue of the debt validity.

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If you simply wanted to workout a payment arrangement with the collector or current debt owner, you could contact a credit counselor, your attorney, or you could enter into a debt repayment arrangement directly.

Please post your responses and follow-up messages to me on this in the comments section below.

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About Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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