Unifund Class Action in Progress... Robert Paisola Responds

Hi,

I just read a piece on line regarding this Unified case. Yesterday I check my credit report after getting declined from trying to purchase a large item. Unbeknownst to me, this so called "Unifraud" company dinged my credit report back in Oct.07. I have zero letter correspondences from them stating this account, amount, and where it originated from. I think they bought this from an outstanding Citi account I had, and was unable to pay at the time.

How do I get these creeps off my back, prevent a bogus law suit, and STOP them from dinging my credit? I see lots of news on them company,and have come across some guy named Bud Hubbs. This guy said he was some sort of expert in this area, and turned out to be completely useless.

Please help.

Katharine

American Express and Allied Interstate Collections Abuse, by Robert Paisola

Mr. Robert Paisola,

My husband and I have about 20K of debt on our personal American Express card from a Business franchise that we bought that went out of business. We have managed to talk with our other creditors and set up payment plans and lower interest rates. American Express refused to work with us and we have been making payments for the past year (the account is closed) to try and get the balance down which is virtually impossible at a 30% interest rate.

We had been making payments but have fallen behind with Amex and are now at approximately 50 days past due. We tried to contact Amex again but they have already turned it over to the collector (Allied in Ohio). We have been receiving phone calls on both our home and cell phones, they have also started calling other family members in other states. (We have been through this with them once before when our business first closed and we had our company Amex to pay).

My husband talked to the collector this morning and tried to work with him. The collector proceeded to call my husband a “liar” and said that we have the money to pay for this debt! We do not have the money to pay up front, he said that he was looking at a credit card we have with $6,000 free on it and he wanted that plus payments every month for 6 months and then the rest of the balance at the end of the 6 months. This is ridiculous, for one, we have closed ALL our credit cards and are in the process of paying them all back, secondly, we have repeatedly tried to get Amex to work with us to pay it off. The Collector finished the call by telling us that he is going to Amex to tell them that we will not cooperate and they will be suing us.

Can you help?

Best regards,
Stacy

Midland Credit Management, At it again! by Robert Paisola

Hello Robert,

I have a situation with my credit report. I was able to move it up to a FAIR rating but I want to go higher. Currently there is an account that was listed as a Charge Off but MCM, Midland Credit Management, is still trying to collect on it. If it’s legit, fine, I’ll pay the settlement, but here’s where I have a problem:

1. It shows up on my credit report on five separate lines, all with different amounts.
2. I just called to confirm the settlement offer and initially the rep told me there was no such settlement on file. When I gave her the date I received the letter (just last week), she put me on hold and came back online and all of a sudden she was able to find it.

Question is do I have to pay on a Charge Off account?

Also, I make child support payments regularly and I have made them regularly for years. Still, my current credit report shows that I’m 60 days late several times on my report. How can I resolve this?

I would like to clear up all of the negative reports. Luckily, Bank of America sent me a 3-in-1 report that even gives me my credit score. Please assist in any way possible. I’m due to pay MCM by the end of the month.

Thanks!

Paul

Hillary Clinton...What are you going to do about companies like Unifund, Robert Paisola Reports

Robert,

My name is Alvey Willis. I was served by Marshall this morning for a lawsuit set to begin on March 17, 2008. I have not been contacted previously to any avail regarding this matter. Can you please direct me on how to resolve this matter.

Thanking you in advance,

Alvey

Asset Acceptance Gives Poor Earnings Preview for 2007

Asset Acceptance Capital Corp. (Nasdaq: AACC) , the Warren, Mich.-based purchaser and collector of charged-off consumer debt, released preliminary fourth quarter and annual results early Friday that showed a significant drop in income and revenue. The company also reported it borrowed heavily from its lenders in the fourth quarter, as it increased its purchases of debt portfolios. The borrowing caused Asset Acceptance to violate a credit agreement with its lenders.


Asset Acceptance said that it expects to report a 59 percent decrease in net income for the quarter to $4 million. Revenues in the quarter are expected to rise 1.1 percent to $62.2 million. For the full year 2007, Asset Acceptance expects to report net income of $20.4 million, down 55 percent from 2006. Total revenues declined 2.7 percent in 2007 to $248 million. It plans to announce final results on Feb. 26.


Investors sent the company's shares lower by more than 4 percent in early trading Friday.

The company said that in 2007 it spent $172.4 million to buy $5.3 billion in face value debt. In the fourth quarter alone, it invested $62.8 million to purchase portfolios with a face value of $1.5 billion. The company ramped up purchasing in the fourth quarter in what it called a “favorable debt purchasing environment.”


As Asset Acceptance drew down from its credit facilities, its ratio of liabilities to assets rose, violating an agreement with its lenders.


In the fourth quarter, Asset Acceptance's ratio of total liabilities to net worth fell below 3-to-1, a requirement set by Chase and others. On Thursday, Chase gave Asset Acceptance a temporary waiver of noncompliance with the covenant through March 17, 2008, provided that the ratio does not exceed 3-to-1. The company anticipates obtaining an amendment to the credit agreement by March 17, 2008. At the end of December the ratio was 2.65-to-1, slightly higher than the 2.5-to-1 rate that applies to 2008.

As of February 21, 2008, Asset Acceptance had borrowed $25 million from its $100 million revolving credit facility, and nearly the entire balance of its $150 million term loan facility.

Contemplating Suicide over Debt because of Edible Arrangements Franchise Agreement, Robert Paisola Responds

Sir:

I found your site while researching North Carolina law and the responsibility of surviving relatives. I am at the end, seriously contemplating suicide because I do not know what to do.

I am 52, single/divorced living with my Mother and two daughters. I have 3 children aged 24, 24 and 20 that I raised since ages 5 & 18 since my former was gay. I am an RN for 30 years, successful in the case management field.

I created a life plan for age 50-sell my home in NJ in 2005 was a great time and I made a good profit, moved to NC and my mom moved with me, bought an Edible arrangements franchise and opened in Hendersonville NC.

My Moms health became worse, and the franchise is growing but I am at a point entering the 3rd year that I have not broken even, am in serious debt, the franchsior is only interested in $ (I am on a steering committee to organize franchisees and we have hired Robert Zarco to represent us-there are many issues),
I live on my moms SS money, worked last year in addition to running the store, my son defaulted on his car loan of which I cosigned,.........

I am at my wits end---I owe the state of NC 10,315.00 and I must call them Monday to discuss how to handle this or they will take legal action, I have tried unsuccessfully to sell, corporate does not answer my emails, I have no $ to get ready to Valentines Day, I run the store with only 2 people........I feel I have done all I can. My Uncle has helped me............................

So, I honestly do not want to end my life but I see no other option. I would be ok if the store sold even to pay off my debts...........but that will not happen.

Please help me

Kim