New to this...
Date: Sat, 02/06/2010 - 19:19
Hello all,
Briefly, I have a lot (relatively speaking) of unsecured debt relating to my construction business that slowed down significantly. My current income really does not cover more than my basics, i.e., I am not saving anything and am fortunate enough to have received gifts and loans at opportune moments, otherwise, I don't know where I would be....
I need info on how to handle a collection agency. I defaulted on an open line of credit with a supplier last Feb. for an amount of 2,000. They tried to collect, but I did not have funds, so it was sent to one CA. I had one conversation with the collector, explained that there were no extra funds available and surprisingly, he never called back. That was in July.
I would assume that the debt has been sold to another CA as I recently started receiving correspondence from another co, (ABC/Amega) about the same debt. They seem to be a bit more emphatic in their threats to sue me.
Some facts: I do have a house (just received my loan modification after a year of paperwork with the servicer) but it is horribly underwater in regards to the equity. The new terms are such that I do not intend to ever refinance.
My first goal in regards to my unsecured debt is to first pay my local creditors/suppliers to whom I owe over 16K.
Given the above, if the CA pursuing the 2000 sues and win (which I assume that they could do as it is a valid debt) would they just get a judgement and then lien my house? Should I begin contact with them?
Thanks so much for any help that anyone can give.
Briefly, I have a lot (relatively speaking) of unsecured debt relating to my construction business that slowed down significantly. My current income really does not cover more than my basics, i.e., I am not saving anything and am fortunate enough to have received gifts and loans at opportune moments, otherwise, I don't know where I would be....
I need info on how to handle a collection agency. I defaulted on an open line of credit with a supplier last Feb. for an amount of 2,000. They tried to collect, but I did not have funds, so it was sent to one CA. I had one conversation with the collector, explained that there were no extra funds available and surprisingly, he never called back. That was in July.
I would assume that the debt has been sold to another CA as I recently started receiving correspondence from another co, (ABC/Amega) about the same debt. They seem to be a bit more emphatic in their threats to sue me.
Some facts: I do have a house (just received my loan modification after a year of paperwork with the servicer) but it is horribly underwater in regards to the equity. The new terms are such that I do not intend to ever refinance.
My first goal in regards to my unsecured debt is to first pay my local creditors/suppliers to whom I owe over 16K.
Given the above, if the CA pursuing the 2000 sues and win (which I assume that they could do as it is a valid debt) would they just get a judgement and then lien my house? Should I begin contact with them?
Thanks so much for any help that anyone can give.
