auto loan title - Page 11

#**101** 03-10-2005, 01:21 PM

I have the same question as Joma. A credit union charged off my alleged account for an unsecured loan. The account has already been deleted from my credit reports AND the bank has already stolen my 2nd Prom Note and has defaulted on my VOD request . . . . .So I explained all this to the bank's second lawyer (the first lawyer complied with the FDCPA and cease collection since he couldn't provide proof of the bank's claim).

Isn't it true that when banks charge off an account that this is the same as the bank deleting the alleged account from its bookkeeping records???

Also, doesn't the bank get a tax write off for charge-offs???????

If so, it seems to me that when the bank charges off an account that the alleged account is discharged since the bank still gets something of value from Uncle Sam . . .

Is this right folks????

dashboy · #**102** 03-13-2005, 10:13 PM

La Donna,
From my study concerning secured and unsecured loans, I am of the opinion that your question concerning the charge-off the financial institution receives is only part of the questions that need to be pondered and asked.

The amount charged off is allocated to loss reserves account the financial institution keeps just for situations in which debtors default on their loans. The Financial institution can use this account for accounts actually in default and for potential default accounts as well. This charge-off only affects them in the sense that they can use the amount charged-off as a deduction from their total income. This would be similar in the way in which taxpayers of federal or state taxes employ the use of deductions/exemptions for use in lowering the total amount of income made, thus lowering their total taxable income.

But understand that it is still part of their bookkeeping ledgers so that they can continue to hold their interest in the security. Now when I say security I do not mean the collateral (automobile)! That collateral is covered by the security agreement you signed. When I say security, I mean the original promissory note you signed. This is what their security interest is in.

Since they are holding an interest in the note for an indefinite time, they can sue you upon it for the time allowed under the law. I suggest you look up some interesting things I found in the UCC. Go to UCC 9-102 (definitions and index of definitions) and see the definition of secured party (72). In fact I would look at all of the definitions in this section. It is very enlightening!

As far as whether or not the financial institution gets something of value from uncle sam would only affect you in regards to whether or not uncle sam should be sueing you or if the bank should. With this the case, it seems as if the bank has no standing to.

Dashboy~

vanton57 · #**103** 03-14-2005, 09:43 PM

Try asking them for their 1096 and 1098 along with the 1099 OID and 1099 Int.

weishaupt1776 · #**104** 03-14-2005, 10:16 PM

XXXXXXXXXXXXXXXXXXXXXXXX

vanton57 · #**105** 03-14-2005, 10:51 PM

The 1096 and 1098 has to do with their taxes (ie they wrote it off and took the tax break)

1099 OID and the 1099 INT should be reporting how much the individual they charged off on had in gain and interest.

weishaupt1776 · #**106** 03-14-2005, 11:26 PM

Quote:

Originally Posted by vanton57

Weis, go back to the corner and read some more. (said gently) I'll be sending you another document maybe by tomorrow.

I haven't read anything yet, except a bunch of my notes in a big messy order, but it seems to tie in w/ those when you think about it.

Anyway, do you think that it would be possible to create a stand off with them by just asking for those, alone?

If it came down to a court case, one would definitely have to be able to explain themselves & be able to accurately ascertain the meaning of those while at the same time convincing the judge to subpoena those docs while demonstrating WHY they are crucial to the case. And then you would have to really know what you are talking about so you don't come off like ,
"Dude, Where's those 1096's"

vanton57 · #**107** 03-15-2005, 08:29 AM

Because the various forms I listed would prove they took a tax write off and reported the income and interest to you. Therefore it becomes fraud if they are still coming after you for the discharged amount.

They can't have it both ways.

weishaupt1776 · #**108** 03-15-2005, 08:35 AM

Then I would do a bullet proof doc request on those suckers w/a default clause & third party mailer.
An affidavit to beef it up a bit too.

Thing is, in the meantime, to maybe surf the web & get a really good grasp on what those forms mean to really make your requests & affidavit "meaty"

suijuris · #**109** 03-17-2005, 03:43 PM

What is this - spam day? No advertising means no advertising, period!

#**110** 03-19-2005, 08:57 PM

May I ask what you would do if you are not sure if it is the bank or a debt collector since they are able (for some reason) to use the banks name as if it were there own. My only hope for my situtation is when I go into court and the Bank is not there ask to face my accuser and see if anyone comes up and if not he has to show me he is The Bank. Maybe I can get it dismissed that way. Just thinking out loud.

FYI a friend went into court and lost his argument was very good and it stated explained how the bank did not do there end of the contract and did not explain the contract so it was understood. That when you give your signature and they deposit it wouldn't that be an even exchange even though they add that amount twice to there books?? If I give you a dollar and give me 4 quarters back isn't that an even exchange?
He lost the case this is not word for word he had a good case and was not arguing with the court at all. They looked totally befudled and they had left thinking for sure they won the case showing the rules of contract were not followed by the bank etc. and brought up the laws on holder in due course. The courts are getting worse everyday. What do you do then next? Bobbie