Story so far. Input welcome (Update) and a question.
Date: Thu, 08/26/2010 - 11:29
Have around 42k spread across 5 accounts with 3 creditors. Have stopped paying and basically just told them all "sorry, would love to pay but my money situation has worsened dramatically).
My most delinquent one is around 60 days now, and they are getting "threateny". One today mentioned "wage garnishment" even though you cant do that in S.C. I neglected to correct her as Im trying to remain as cordial as possible to the OCS. Now when real collectors start calling I plan on being much more aggressive as I'm pretty well judgment proof right now and I feel that they prey on weakness usually.
This one today mentioned suing/attaching/garnishing which I found suprising at just the 60 day mark.
Question I have for those who have gone this road before is Have you heard of any OCs suing this early? Like before charge off date even? I suspect smoke blowing but I thought Id ask the people who have actually been sued.
Thanks. Ill keep you posted as to events.
Collection firms cannot and will not file suit on you before the
Collection firms cannot and will not file suit on you before the actual debt gets charged off. It's a simple but lengthy process, but basically you're not being sued until a summons shows up at your house, in your mailbox, or in your hands.
Tell the collectors that you need to have what's called a hardship placed on your account, so at the very least there's documented evidence that you weren't just unjustly enriching yourself by refusing to pay even though you have the ability. If you truly don't have the ability to pay off what you charged, collectors need to know that so they can work with the client (credit card companies) to get a settlement directly with you for a "reasonable" amount. I say "reasonable" because it may seem unreasonable to you, given your current financial state, but in a lot of cases these debts can be settled in full for sometimes as low as 30% of the original debt.
Don't let OCS fool you into thinking you're being sued before they even charge off your debt, but also don't just let it slide simply because you can't pay right now. If you do, it will only get worse.
"Tell the collectors that you need to have what's called a hards
"Tell the collectors that you need to have what's called a hardship placed on your account, so at the very least there's documented evidence that you weren't just unjustly enriching yourself by refusing to pay even though you have the ability." Um...gotta take issue with that as collectors (nor OCs really) couldnt care less what your hardship is as it pertains to unjust enrichment. If you have a balance and you dont pay you are ALWAYS unjustly enriching in their eyes. I dont care if you had a housefire (like me fyi), cancer, a flood and an earthquake if you default and they sue they are going to stick "unjust enrichment" in the complaint.