Litagation letter from BOA
Date: Mon, 05/29/2006 - 14:43
Well, this month I noticed on the statement is said,
your account is being reviewed for litigation or a collection agency service.
Do you think they will turn it over to the CA or go straight for a lawsuit?
In my opinion, these credit card companies KNEW that this was going to happen this year and honestly they are prepared for the write off's/charge off's or whatever. There was a big report done on it 12/2005 and it was called "Consumers Black Christmas" because they had started raising the minimum payments on all the major credit cards and that is what pushed me into the debt settlement program (at least I am trying to do something about paying a portion back.)
I first heard of the credit card companies raising their minimum payments up back in 8/2005. I called all my card companies and they all totally denied it. I told them there was no way I could pay them if they raised the minimum payments (they all seemed to assure me that it was not likely to happen.) It was a different tune the day it happened. They were like, "the GOVERNMENT has done this, and this is how it is going to be..." I remember I had called each and everyone of them in tears and begged them to keep it at 2% rather than 3%. Finally, I was pushed into the debt settlement plan and then the last time I spoke with them I told them that "the Government has forced me into this situation with their new plan to help people out of debt by raising the minimum payments."
Hi Please ease yourself. Don't stress too much in this matte
Hi
Please ease yourself. Don't stress too much in this matter. Get in touch with your debt settlement1 company and inquire about the latest status of the negotiation. Remember, all the documents of your debt settlement program are very important to prevent any adverse actions against you. This will prove your responsibility and the account being taken care of.
It is up to the credit card company if they want to take the matter to the court. But your documents will convince the judge to make decisions in your favor. Be regular with your payments towards the account opened with the settlement company. Once the credit company accepts your proposal from the settlement company, they will need to send the full amount in one time.
In most cases, the credit companies send the account to collection agencies after marking the account as charged off. But since your settlement company is negotiating on this account, things won't reach that far. Just keep in touch with them and get the latest updates.
debt settlement programs do take some time to deliver its outcome. The documents are important to prove your side of the story within this period.
If you are in a settlement program, and they accepted it, probab
If you are in a settlement program, and they accepted it, probably nothing will happen unless the program hasn't been paying as they were supposed to. Why not call B of A them and ask them what they are talking about by that statement? They are probably doing a review of ALL delinquent accounts, and that is a general statement they are adding. No harm can come from calling and ask them though. My experience with BofA is if you keep the lines of communication open, they will usually work with you. If you try to go stealth, then they do what they feel is necessary absent cooperation from the consumer.
As for the minimum payments going up, only paying the minimum is always a bad idea (if you have no other choice that different). And yes, the government DID force them to raise their minimum payment as part of the bankruptcy reform bill. Given the choice, many Card issuers would have kept the minimum the same or lowered the percentage that goes towards principle , as it would have allowed them to collect more interest and fees.
The problem is with settlement companys...credit cards don't wan
The problem is with settlement companys...credit cards don't want to accept the program because they do not receive a monthly payment. It can take a long, long time to settle accts through debt settlement (12-36 months) needless to say, I have only been in program for 8 months.
I just hope the settlement company can hold them off until I can actually accumulated all the money to pay them each off.
I would send a copy to your debt counselor as soon as possible.
I would send a copy to your debt counselor as soon as possible. This way they can monitor the progress on this account. I am able to fax letters from the creditors to my debt counselor as well as mail them. Remember that you are trying to do the right thing :)
I have been hounded on two different credit cards. I can not pay
I have been hounded on two different credit cards. I can not pay them. I live alone on $559 amonth and that leaves me $42 short becuse I have to pay for Medicare part B. The debt company sent me a letter stating they were going to send my account to a lidigation lawyers. The debt is $3000.00 and I don't own anything. What should I do I can not even pay the debt off for a long time yet.
Not a lot you can do if you do not have the cash. If your incom
Not a lot you can do if you do not have the cash. If your income is SS it is exempt from creditors. You don't own anything so may be judgement proof.