Reinstatement Letter Legit?

Whattodo · 08-08-2008, 02:24 PM

I recieved a letter from Island National Group LLC stating that the OC (Macy's) is willing to re-establish my credit with them if I pay (I will be send a new credit card with a limit to match the amount due). The LLC is asking for my DOB, SS#, place of employment, phone number and annual income. Does this letter seem legitimite?

Thanks

jlynn · 08-08-2008, 02:29 PM

I would call and ask Macy's. If its legit, I would try and do the deal directly with Macy's.

Sometimes these offers are legit, and sometimes these offers are a way to renew the SOL clock because it makes an old debt new if you were to default again.

hannah · 08-08-2008, 02:39 PM

Quote:

Originally Posted by Whattodo

I recieved a letter from Island National Group LLC stating that the OC (Macy's) is willing to re-establish my credit with them if I pay (I will be send a new credit card with a limit to match the amount due). The LLC is asking for my DOB, SS#, place of employment, phone number and annual income. Does this letter seem legitimite?

Thanks

No it does not sound legit. Island National is operating a collection biz and using the same addy as TrakAmerica another collection biz. Must be a HUGE building. If they were truly representing Macy's in this, they would already have the information they asked for and you would only need to pay the money. This smells to high heaven. Don't do it. Check with the FTC first and your state attorney generals office.

cprems · 08-09-2008, 04:41 AM

Quote:

Originally Posted by hannah

No it does not sound legit. Island National is operating a collection biz and using the same addy as TrakAmerica another collection biz. Must be a HUGE building. If they were truly representing Macy's in this, they would already have the information they asked for and you would only need to pay the money. This smells to high heaven. Don't do it. Check with the FTC first and your state attorney generals office.

Is this not deceptive, false & misleading trade practice. Did this company (TrakAmerica) just get sued for misleading the consumer. What are the penalties under law for this.

Ian

centex · 08-09-2008, 11:33 AM

Depending on how long since the default, Macys may be willing to do a Rule 5000 reage. That is essentially what has been extended in the letter, although without knowing the third-party, I have no idea whether they are contingency or purchasers. If they own the paper, Macy's is out of the equation...period.