Debt collection -- Took or threatened to take negative or legal action -- Complaint #8875080

Complaint Overview

Complaint ID: 8875080

Company: Monterey Financial Services LLC

Product: Debt collection

Sub-Product: Other debt

Issue: Took or threatened to take negative or legal action

Sub-Issue: Threatened or suggested your credit would be damaged

State: California

ZIP Code: 92656

Date Received: 2024-04-27T12:00:00-05:00

Date Sent to Company: 2024-04-27T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

Here is what happened. ( see below ) Monterey Collections Services ( " Monterey '' ), functions as a comprehensive receivables management company. We acknowledge receipt of the complaint filed with your office by XXXX XXXX regarding the account with XXXX XXXX. We have reached out to XXXX XXXX who confirmed the account details including names, addresses, and the outstanding amounts due. XXXX XXXX entered into the attached Vacation Membership Purchase and Sale Agreement with XXXX XXXX on XX/XX/XXXX. By accepting and signing the attached Agreement, XXXX XXXX is bound by the terms of the Agreement and XXXX XXXX Covenants, Conditions, and Restrictions, including payment of sums due, default remedies, and credit reporting. As per the attached payment history, XXXX XXXX did not make any of his monthly contractual payments and the full defaulted balance was assigned to Monterey for collections on XX/XX/XXXX. Please note, Monterey does NOT own the debt. It is simply collecting the assigned balance on behalf of XXXX XXXX. The Rules and Regulations listed in XXXX XXXX contract outline in the event that BUYER ( XXXX XXXX ) is sent to a collection agency, specializing in overdue accounts, the collection fees of the services will be paid by the Buyer. At the time the account placed in collections, a collection fee was added to the account in an amount allowable by law and the state governing the contract. XXXX XXXX first spoke with an agent at Monterey on XX/XX/XXXX. While exploring a possible resolution, the agent inquired about transferring the balance to a loan, which would reinstate XXXX XXXX account with XXXX and allow him to make monthly payments to the loan holder without the impact of negative collections credit reporting. XXXX XXXX was advised that, should the account remain unpaid, it would begin reporting to the Credit Reporting Agencies as an open collections account. Monterey asserts the validity of the debt and balance and the right to pursue collections and is diligently reporting complete and accurate data to the CRA. The principal amount due is {$10000.00} ; Late Charges amount to {$91.00} ; Collection Costs amount to {$3600.00} ; and Accrued Interest is in the sum of {$33.00}, accruing daily. Consequently, the total amount due is {$14000.00}. However, our office has communicated XXXX XXXX concerns to XXXX XXXX, who has agreed to remove the account from collections if the balance of {$3800.00} is paid by XX/XX/XXXX. XXXX XXXX would then be responsible to resume paying his contractual monthly payments and maintenance fees to XXXX once the account is reinstated. We encourage him to contact our office at XXXX to take advantage of this offer.

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Disclaimer

This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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