ok a year after CBV calls..and finally stops I got a letter on the 21st. of August 2012 from ARO Inc..saying that they want to settle my Sears account..it is now stats barred. I already sent CBV a stats barred letter last year..so guess I will do the same to ARO Inc.Any thoughts would be appreciated. Thanks

Bonnie

ok have not heard from CBV since July 12..got a letter from them today stating that they will help me pay this debt..HA HA..and can help me with a settlement..but I must call within 10 days of receiving the letter..and if I don't (which I do not plan on doing) they will take further collection actions..but this is now stats barred..so guess they can't do anything..or can they joe?
Thanks
Bonnie

that's not good news Joe..but thanks..YES they want you to spend spend..spend
Bonnie

Sears and HBC automatically up the limits for all cardholders so long as they're making minimum payments. At 28.8% per month (effectively 32.3% per annum) and selling the chargeoffs to ARO, they can afford to do so since the annual default rate is likely circa 3%. Not to mention the few suckers who are crazy enough to get credit balance insurance which ups the annual rate anoher 12%

No NO more cards for me Joe..I will use cash only..you know what get me? when I had my Sears card..they kept uping my credit limit!!! HELLO!! what a bunch of dummies..should be a law against that.
Thanks SO much for your help..at least they stopped calling..haven't heard a word from Mike Irwin..I asked him to only email me..nothing..that was last week.He must be ignorant.

Bonnie

Bonnie,

If you have no money to settle this debt u will have no credit for at least another four years. If you knew how to settle a debt, you could settle this debt for a low as 10% and as high as 50% and you could have another credit card within a year after settling with a credit card company like capital one.

Cheers

thank-you Daniel

Bonnie
ps I will TRY not to worry

J.P. Morgan is the financier for Sears cards. Whatever. If April, 2009 is the date of your last payment; and you haven't provided them with any signed written acknowledgment since then, they no longer have any legal recourse.

The letter indicates Morgan still owns the debt and so CBV is only a temporary 3'rd party collection agency at this point. Unless, they buy it (very unlikely unless, coincidentally, it's part of a large portfolio) that means they will send it back pretty soon for probable rotation to another collection agency. It also means that CBV is bound by the prohibited practices of collection agencies until then. Translation: Basically, you're laughing.

P.S. The rotation period could be 3 months, not 6.

Thank-you Joe..you are a great help..what if anything will they do now?
NO more credit card for me.

Bonnie

If the collection agency collects they get paid, if not the account will get sent back to JP Morgan Chase after six months and the account will get sent to another collection agecny.The collection agency will try ever trick in the book to collect.