Capital One to First Source Adv.

Date: Fri, 10/31/2008 - 10:39

Submitted by steveisawesome
on Fri, 10/31/2008 - 10:39

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Total Replies: 7

Ok, so back in 2005 I had some problems and ended up having to use a $5000 credit card to settle an issue. I paid Capital One off and on for about a year or two. Now, I've been 6 months delinquent on the account and they've since sold it to First Source Adv. Now they're calling me telling me I owe them $6300. First time they called I verified my cell phone number with them and told them not to contact any other numbers they had listed (they were calling my fiancee's house looking for me). They've since continued to call both her cell phone, my cell phone and her house trying to contact me. I also just received a letter in the mail from them with a 30-day notice about this debt. I was also told the first time they called (on a Friday at 6pm) that I would need to pay this immediately, otherwise they will be sending it to their attorneys on that following Monday. I'm wondering what I can do at this point. I've considered just ignoring them since I'm pretty much "judgment-proof". All I have in my name is my bank account.

Any thoughts? Will these people truly sue a 21 year old with nothing to lose, or will they sell this debt to someone else and just make it cheaper for me?

Thanks,

From what I understand, I don't think anyone is "judgement-proof

From what I understand, I don't think anyone is "judgement-proof". They certainly can file suit against you for a valid debt and just because you don't have assets right now...that doesn't mean it wouldn't stick. Do you have a job? Your wages can be garnished (depending on state laws). Your bank account can be levied. That judgement is going to stay on your credit report for years....paid or unpaid.

This type of suit is not the same as when someone is personally looking file suit against someone else...but they decide to go after a company instead because that's where the $$ is.

Someone else will come along with advise on how to send DV letters, etc. I'm not up on all that ~ but I will tell you...please don't just ignore this. It's not going to go away.

lrhall41

Submitted by debrag_25 on Fri, 10/31/2008 - 13:20

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Well, I hadn't planned on totally ignoring it. Just long enough

Well, I hadn't planned on totally ignoring it. Just long enough to let the debt diminish a bit. I can't afford $5000 right now, but a little while down the road I could at least settle for maybe %50. My biggest fear is a lawsuit. I've heard that most debt collectors will not sue you, but I guess there's always a possibility.

lrhall41

Submitted by steveisawesome on Fri, 10/31/2008 - 13:50

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I fear that you may be setting yourself up for a most unpleasant

I fear that you may be setting yourself up for a most unpleasant surprise. $5k is more than enough to draw legal fire from a CA. Get them a DV letter immediately. That will both buy you some time to breathe and let you see where you stand.

lrhall41

Submitted by unclewulf on Fri, 10/31/2008 - 17:34

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You might want to add a note to the DV letter advising them to c

You might want to add a note to the DV letter advising them to cease calling your fiances home and cell phone since they have your phone number, there is no reason for them to be contacting her.

lrhall41

Submitted by on Sat, 11/01/2008 - 02:24

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The worst thing for you to do is not to make any arrangements at

The worst thing for you to do is not to make any arrangements at all. And its doubtful that Capital One sold the debt. Generally the company will not sell until after at least one placement with an agency.

lrhall41

Submitted by on Sun, 11/02/2008 - 08:56

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These people have contacted me over a 1,000 debt that I cannot r

These people have contacted me over a 1,000 debt that I cannot repay currently. I am out of work barely making my mortgage on husbands salary. they contacted my husband at work and threatened him if I didn't pay. These people are a collection agency and unscrupulous at that.

lrhall41

Submitted by on Fri, 10/01/2010 - 12:17

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is it best to pay Capital One directly or make payments through

is it best to pay Capital One directly or make payments through "First Source"?? I am in the same situation and have the funds to make payments, however, what happens if I send the money to "First Souce" and it never makes it's way to Capital One? They can Capital One first say I owe this money AGAIN??????????

lrhall41

Submitted by on Tue, 04/19/2011 - 09:17

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