Credit Card Companies geting tougher? FIGHT BACK with securitization defenses!

See the thing about the arrogance of these non-bank and bank financial institutions is they are rushing to get under the wire before the truth is revealed: they are not the creditor and they never were. Send your debt validation letters and don’t let them sue without filing a motion to dismiss the same as the foreclosure actions. They have nothing. They are just pretender lenders just like the mortgage companies.

19 Responses

  1. Thank you or sharing your letter Aurenarrh! I was also curious about how the “recission letter” works. Does anyone have a copy of the recission letter to share? Nye, can you refer your client who sues these collection agencies to us? Does he have a website? Thanks again!

  2. Thank you very much for providing a debt dispute template. I too have recently been a victim of Credit Card Companies/ Collector “Playing hard ball w/ intent to intimidate”. I got a call from a company Central Legal Insurance attempting to collect a debt on behalf of Providian Financial. They were trying to serve me with a Restraining Order and personal lawsuit. Charges: Fraud, Malishious Intent, Theft, Breach of Contract. I denied all allegations and even offered to give them updated contact info. They refused to take my info, said i would “Served”. This was 2months ago. I have yet to see a legal complaint, letter acknowledge of their representation… Nada from them. Should I do the research/investigation to see if true or should I make them serve me? I also don’t want the to pull a b.s. move like file attempt of service in the penny saver. and then i am in default?

  3. Both Discovery and FIA Card Services had a local attorney suing me at the superior court. The attorney firm claims itself as the collection agent. I asked them to verify my debt they sent me a last statement from Bank of America from Feb of 2010 with a 0 NEW BALANCE but with an OLD over ude payment. I went to court for motion to dismiss. The Judge was bullying me and not letting me talk, make situation worse, the Marshal who served the Summons illegal trespassed into my dwelling and left the Summons inside the garage that was secured and locked. The Judge sided them the attorney and the Mashall and accused me of falsely accusation of the Marshall. I cannot believe we are living in this lawless country where there is supposed to be a ‘CONSTITUTION” to protect us. I cannot believe I have this female judge was totally a piece (!&$*!_#! Can anyone offer any advise for the next round of court battle? In my motion, I asserted 1. defect in service, 2, lack of jurisdiction of who the plaintiff really is, 3. under the federal act of verifying the debt amount. This judge totally denied everything. I am filing motion to re-argue. Any thoughats from anyone? Thank you so much.

  4. I’m in the middle of a battle with Capital One. They are being difficult in discovery. Couple questions: 1) Does anyone have any case law to support CC companies that securitize don’t have standing; 2) An example of a “Recission Letter” M.Turner mentioned above?



  5. To: M.Turner and Nye Lavalle:

    Could you please bo so kind to share your “recission letter” and how do you sue those sue the credit reporting agencies and collection firms, or, do you take new client? Thank you. VOCC

  6. Lisa

    You are right on – Champerty.

    Trustee for Investors: Powers and Limitations (with livinglies annotations)—
    Critical in Your Presentation in Court
    Posted on December 31, 2008 by Neil Garfield

    The complete Trustee powers from a standard Pooling and Servicing agreement:

    “(f) the Trustee shall not be required to risk or expend its own funds or otherwise incur any financial liability in the performance of any of its duties or in the exercise of any of its rights or powers hereunder if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not assured to it;
    {so how did the Trustee get its authority to proceed? Who gave it the authority? Who is paying the Trustee, its agents, accountants and attorneys? Where are they getting the money for these payments? Is there any undisclosed third party involved (Champerty and maintenance, — yes it still exists)}”

    ***Champerty is the maintenance of a person in a lawsuit on condition that the subject matter of the action is to be shared with the maintainer. Among laypersons, this is known as “buying into someone else’s lawsuit.”***

    Is Champerty and maintenance is illegal?

    So, if a “Trust/Trustee” is initiating a foreclosure case on a “charged-off” debt that is owned by an undisclosed, third-party debt buyer – aren’t they committing yet ANOTHER illegal act???

  8. But former Federal Reserve Chair – Alan Greenspan – had high praises for debt buyers – after 9/11.

    Debt buyers are often hedge funds – and the government loves them. But we will never know them as the creditor – because they are “private” and do not have to disclose themselves.

    Hedge funds help bail the government. And the American people, in the government’s mind – are simply a drag to profit.

  9. Agree with Mr. van Eck

    Credit Card debt was also securitized – what was not securitized?? And, defaults must be removed from Trusts – the “debt” is charged off – and the account is extinguished in the process. All that remains is “collection rights” to the charged-off debt. “Accounts” charged-off cannot be sold – there is no “holder in due course.” But the debt “collection rights” are sold/swapped out – and remain.

    Demanding immediate payment in full on charged-off debt sold for pennies on the dollar is….. -(you fill in). The same goes for foreclosures.

  10. to “zurennarh;”

    You seem to be using the phrase “holder in due course” liberally. Keep in mind that if your C.C. agreement, such as it was, was not up to “term” (e.g. ‘in arrears” ) at the time the new outfit purchased the loans, then they are no “in due course.” At best they might be “holders,” or might only be “owners” or perhaps “assignees.”

    Just to caution everyone here: never refer to a successor outfit as a “holder in due course.” All the defenses you have as respects the original transaction (e.g. adhesion clauses, unfair trade practices) do NOT carry forward or “stick” to a Holder in Due Course. So no point in conferring a status to them that may be hold against you later on.

    How about using the term “presumptive assignee?” That seems pretty bland. Anybody out there have comments on this?

  11. Good luck … I had about as much luck fighting CC’s as I did my foreclosure. Finally had to file BK to get rid of it.


  12. Deb wyn

    Check your credit reports carefully – every field including all details reported. Equifax will give you details.

  13. I paid offy cards well I settled with the debt buyer if the credit card debt and then the pretender lender credit card company say the likes of American express send you the 1099c so they write it off on their taxes. Hmmm but ofcourse

  14. Again I’ll share my debt dispute letter–it’s gold!

    Non-Negotiable, Non-Transferable

    (Insert Collector’s Name Here)

    Applicable to All Successors and/or Assigns
    Notice to the agent is notice to the principal and notice to the principal is notice to the agent

    Date: Monday, January 1, 2010

    From: (Insert Your Name Here)

    To: (Insert Collector’s Name)
    P.O. Box XXXX
    City, ST ZIP

    Re: In the matter of: Debt collection letter dated 12/25/2009; INSERT NAME OF CREDITOR, (“alleged creditor”);

    Sent by: U.S. Postal Service REGISTERED MAIL

    To Whom It May Concern,

    Please take notice as follows:

    1. Authority: That this Notice of Dispute of Alleged Debt (“Notice of Dispute”) is sent to you pursuant to Title 15, United States Code Annotated (“U.S.C.A”) § 1692 et seq, known as the Fair Debt Collection Practices Act (“FDCPA”), the legislative purpose of which is to protect consumers from abusive, deceptive, and unfair debt collection practices by debt collectors;

    2. Your debt collection letter: That I have received and read your debt collection letter referenced above, identifying yourself as debt collectors,(Exhibit A; copy of debt collection letter), wherein you allege that I have a debt obligation to the alleged creditor referenced above;

    3. Purpose of this notice: That the purpose of this Notice of Dispute is to assert my rights in debt collection under FDCPA § 1692(g)(b) without delay and within thirty (30) days of my receipt of your aforesaid debt collection letter;

    4. Alleged debt disputed: That I hereby dispute the validity of the alleged debt in its entirety;

    5. Verified documentary evidence requested: That I hereby request you provide me with the following verified (sworn to by affidavit) documentary evidence in substantiation of the alleged debt claimed by the alleged creditor referenced in your debt collection letter (see Exhibit A);

    (a) Proof of authority: Please provide me with verified (sworn to by affidavit) proof of your authority to represent the alleged creditor in this instant matter;

    (b) Real party in interest: Please verify who the real party in interest is in this debt collection matter;

    (c) Alleged original creditor. Please provide me with the name and address of the alleged original creditor if different from the alleged creditor identified in your above mentioned debt collection letter.

    (d) Alleged original agreement: Please provide me with a verified (sworn to by affidavit) copy, both front and back, of the alleged original agreement and any other alleged original security instruments in their entirety, including the allonge , affixed to the original alleged agreement for endorsements. Said affidavit is to be sworn to be true, correct, complete, and not misleading, by a properly identified and authorized officer of the alleged creditor, who states that he or she has personal knowledge (Federal Rules of Evidence [“FRE”] Rule 602) of the validity of said alleged original document(s).

    (i) Inspection of document(s). Please provide me with the date, time, and place convenient to (CITY, STATE), that I can personally inspect the above alleged original agreement and any other alleged original security instruments in their entirety relevant to the above alleged debt.

    (ii) Custodian of document(s). Please provide me with the name, title, and address of the natural person custodian of the alleged original agreement and of any other alleged original security instruments.

    (iii) Address of physical location of document(s). Please provide me with the address of the physical location of the alleged original agreement and any other alleged original security instruments if different from “(ii)” above.

    (e) Holder in due course. Please provide me with verified (sworn to by affidavit) evidence that the alleged creditor is the secured party in the instant matter, i.e., holder in due course, and has a perfected security interest in the aforesaid alleged agreement and alleged debt;

    (f) Proof of Value Given: Please provide me with verified (sworn to by affidavit) copies, both front and back, of all documents and records with respect to the aforesaid alleged agreement and alleged debt from the beginning, including but not limited to, any and all lender issued cancelled certified checks, cashiers’ checks, money equivalents or similar instruments, identified as or evidencing assets provided by the alleged creditor and/or the alleged original creditor to me and indorsed by me;

    (g) Deposit slip and cancelled check: Please provide me with a verified (sworn to by affidavit) copy of the deposit slip for the deposit of my alleged agreement in its entirety by the alleged creditor associated with the above alleged account/file number, and a verified copy of the cancelled check issued by the alleged creditor as payor in payment for my alleged agreement in its entirety and any other alleged related security instruments;

    (h) Affidavit of debt & damages: Please provide me with an affidavit of debt and damages incurred, sworn to be true, correct, complete, and not misleading, by a properly identified and authorized officer of the alleged creditor, hereinafter “affiant,” upon his or her personal knowledge (FRE Rule 602) stating:

    (i) that the alleged creditor is, indeed, the secured party and holder in due course of the aforesaid alleged original agreement in issue and has an enforceable perfected security interest therein pursuant to and in compliance with the Uniform Commercial Code (“U.C.C.”) Section 9-203, Section 9-204(1), and Section 9-305, or equivalent sections of the Commercial Code of (INSERT YOUR STATE HERE);

    (ii) that the alleged creditor provided consideration to me, the alleged debtor, from the assets they had on hand before the alleged credit was made, and incurred a financial loss under the full and complete alleged original agreement and alleged debt, and state each and every loss that the alleged creditor has incurred to date under the alleged debt in issue; and

    (iii) that affiant has personal knowledge (FRE Rule 602) regarding the facts of the alleged debt and is the original custodian of the books of entry, or directly supervises said original custodian of the records.

    (i) Bookkeeping journal / account ledger entries: Please provide me with a verified (sworn to by affidavit) copy of the complete set of original bookkeeping journal / account ledger entries associated with my alleged agreement and alleged file/account number using Generally Accepted Accounting Principles per 12 U.S.C. § 1831n, showing all debits and credits and identifying the source(s) and amount of the credit funds/assets; Note: The verifying affidavit of journal / account ledger bookkeeping entries is to be completed by the original custodian of the books and records, sworn to be true, correct, complete, and not misleading. Further, said affidavit shall contain positive identification of the custodian, and state that he or she has personal knowledge (FRE Rule 602) of said entries.

    (k) Assignment contract: If applicable, please provide me with verified (sworn to by affidavit) proof of an assignment contract in its entirety of the alleged original agreement and the alleged debt in issue from an alleged original creditor, as assignor, to the alleged creditor, as assignee.
    (l) Proof of authority: Please provide me with a verified (sworn to by affidavit) copy of the contract your firm has with the alleged original creditor which authorizes your firm to engage in collection activities on their behalf against the above alleged account, and naming you as an authorized collection agent / claims adjuster.

    (m) Certification of authority: Please provide me with a verified (sworn to by affidavit) certificate of authority from the State of XXXXXXXX authorizing your company to transact business in the state of XXXXXXXXXXX and a photocopy of your State Department of Commerce and Insurance certificate.

    (n) Form 1035: Please provide me with Department of the Treasury Form 1035 Custodian of Documents attached or associated with my alleged original agreement and /or the name and address of said custodian per “(b)(ii)” above;

    (o) Form 1099: Please provide me with Department of the Treasury Form 1099 Original Issue Discount for each year the alleged creditor was holder in possession of the alleged original agreement;

    (p) Vendor sales slips/vouchers: Please provide me with verified (sworn to by affidavit) copies of all original sales slips/vouchers from all alleged vendors covering all alleged transactions in the above referenced file/account from its inception to date.

    Note: This Notice of Dispute is not a request for confirmation that you have mere photocopies of alleged documents. I am requesting ONLY VERIFIED DOCUMENTARY EVIDENCE in validation of the alleged debt pursuant to the FDCPA.

    6. Warning: That all your communications and omissions will be made a part of and incorporated into any litigation arising from this matter.

    7. Time is of the essence; reply deadline: That time is of the essence, therefore, I extend to you, RightWay, thirty (30) days from the date of your receipt of this Notice of Dispute to perform in compliance with verifying the alleged debt as requested above per FDCPA mandates. I will consider a reasonable extension of time–only for the production of verified documents–should you need more than the thirty (30) days if you request it in writing to the address below. Your failure to perform as herein requested will show bad faith and will establish the fact that you are using abusive, deceptive, false, and unfair collection tactics against me as a consumer. Furthermore, if you remain silent to this request or are unable to verify the debt as above, the legal concepts of estoppel by acquiescence and tacit admission will come into play whereby the alleged debt will be admitted invalid, a nullity, and unenforceable, and thereby repudiated in its entirety ab initio . In the interim, you are prohibited from any contact with me, the undersigned, except in writing, and only in regards to the matters herein expressed. All debt collection activity– including litigation– is to cease per FDCPA § 1692g(b) “… the debt collector shall cease collection of the debt, or any disputed portion thereof, until the debt collector obtains verification of the debt…”

    8. Mandatory reply to undersigned: That all of the above demanded verified evidence, sworn to by a competent witness per FRE Rule 602, should be sent to me, (INSERT YOUR NAME), the undersigned, as indicated at the address below within the above-mentioned thirty (30) days from your receipt of this Notice of Dispute. Please do not send any reply correspondence to me at any other mail location except as follows:

    Send to: YOUR NAME
    CITY, ST xxxxx

    9. Exhibits: All exhibits attached to this Notice of Dispute are incorporated by reference herein.

    Signed with reservation of all rights,

    By: ________________________________________


    Enclosures: Exhibit A – Copy of xx/xx/20xx debt collection letter

  15. I knocked out a debt collector for wamu credit card to the tune of $ 18K. last Oct. by simply sending a “recission letter” to all parties certified mail and by submitting it to the Court and I was Pro Se also! It works, they “dried up” like a CLam!

  16. where is the fr #2046, 2049, 2099? Found the fr # 2046 don’t see where notes are listed as liabilities, cant find any form # 2049 or 2099?

  17. i’ve had clients who have done that and WON. They cant produce original or your application; refuse to say who owns; and can’t bring in a witness with knowledge (they use outsourcers as well).

    Then, what one client has done is sue the credit reporting agencies and collection firms. He makes about $50,000 to $100,000 a year suing these idiots who still don’t change. He knows more about the FDCRA than any lawyer and he’s pro se!

  18. Have sent many Debt Verification Request, Some Debt collectors/Attorneys go away, others respond with many COPIES of monthly statements and sometimes a COPY of a signed agreement and soon followed by a compliant submitted to court by the debt collector/attorney. I understand that mortgages, student loans, credit cards and auto loans etc. are securitized… do you have the “meat and potatoes” regarding the securitization of the credit card note? By all means please share!!!!

  19. Neil,
    You are BRILLIANT!

    How about a shot at President Of the United States?

    I will campaign for you like you would not believe!


Contribute to the discussion!

%d bloggers like this: