Question about likely summons....?
Date: Sat, 01/29/2011 - 10:37
About one year I stopped paying on my Bank of America gold loan of 30k balance. I simply got in over my head and could not afford the payments, much less the amount it would take to crawl my way out of debt. Ofcourse losing my job only compounded my problem. I expected to be sued right away because the amount of debt is so large, I am young and able bodied, and I live in the relatively good economic climate of San Francisco (as opposed to somewhere like Michigan). Oddly enough, I have not been sued yet and it has surprising how little Bank of America actually attempted to call me or write me a letter. I have not communicated to them at all in one year.
Just the other day I received a letter from Professional Recovery Services out of New jersey saying that I have one month to contact them to make payment arrangements or they will get a judgement. How realistic is this? I know they can't just get a judgement and potentially garnish my wages without first serving me and taking me to court, actually showing, and winning before the judge can issue the judgment and therefore the right to garnish wages.
Does this sound like a bluff?
How likely am I to get sued when it hasn't happened for a year?
Is it likely to just be sold to another collector 6 months down the road with the same threats?
I could care less about my credit and a judgement on my record, I just don't want to go through the hassle of having my wages garnished and losing 25% of each paycheck (I have a new job now, albeit at significantly lower wage than previously). My plan was to simply wait and see if I get sued and if I did, just file chapter 7. (I already met an attorney and found out I qualify). But the fact that I haven't been sued or really contacted gave me the impression I might somehow not have to deal with this and eventually after 48 months they cannot even sue me and eventually after 7 years it would fall off my credit report. Also, I have not used any credit cards since this went down a year ago.
Any thoughts or ideas are appreciated. Thanks
Brad
No matter what within that 30 days send a DV letter!! Look on th
No matter what within that 30 days send a DV letter!! Look on this site and tailor it to your needs. You really need to send this, its important! They may sell it to another collector, if so, send another DV letter. They may or may not sue. if they do then if your plan is chapter 7 then do it, I did as soon as the lawsuits started coming. You can wait it out to see what happens. But, no matter what send a DV letter do not ignore the dunning letter you received. And as always keep a watch on your local court website for you name, so no one can slide in a lawsuit without your knowledge and they get a judgement. Its happened before and will surely happen again to someone. Any letters from collectors ALWAYS send a DV letter within that 30 days!! Thats to make sure the legally hold the account and have the rights to collect on it. There are many many scam companies out there!! Find the DV letter on this site and read it and learn all they need to prove to you for collection.