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Just got served a summons and its Saturday!!!!

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Just got served on a Saturday here at home from a company called Tri-Cap Investment Partners, LLC. It seems like they purchased all of our credit cards (Bank One, Chase, JC Penney, etc) and want us to pay. We filed for bankruptcy in 2005 and it was dismissed 6 months later because we made too much money at the time.
After that, we neglected to pay our bills because my husband lost his job, I was out of work for a couple of months because of sickness and tried to pay the important bills (mortgage, utilities, cars) with the money we were receiving.
We have 30 days to respond to this summons. What should we do about it? Are they or can they garnish our wages?
We are really worried about this.
Any suggestions are welcomed.
Thanks.




I would call Tricap first thing on Monday and explain that your husband is out of work and is looking for a job. As soon as you are back on your feet, you will call them to work out an adequate settlement. They need to know that they can't get blood from a stone, and right now, you have to meet your basic needs first.

Sub: #1 posted on Sat, 02/24/2007 - 11:11

kscornell kscornell
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(Posts: 4409 | Credits: 471.28)

File your answers with the court when summons have already been served to you. Verify the case with the local county clerk and he will let you know how to file the answers. You may also speak with an attorney in this regard. Call the credit card companies and get confirmed that your accounts have been sold to Tri-Cap Investment Partners. If this has happened, they are now the current creditor and will have the rights to garnish wages after winning the case in the court.

You must also try to work out some payment arrangements with them and possibly make them withdraw your case from the court.

Sub: #2 posted on Sat, 02/24/2007 - 11:24

mcranberra mcranberra

(Posts: 524 | Credits: 71.94)

They attached all the documents showing that they bought the accounts. On the instructions they specify not to call but to send a response by mail. We will be working on that letter this weekend to send it to them next week. Also I will call the courhouse and see how to respond. DO you think that they will take all of our income to pay off the debts? Should I call a debt consolidation company or is it too late for that now?
Thanks for your suggestions.

Sub: #3 posted on Sat, 02/24/2007 - 11:39

lrhall41 lrhall41

(Posts: 245 | Credits: 64.7)

Quote:
DO you think that they will take all of our income to pay off the debts?


No. There is a cap on the amount that can be garnished. I believe it is 25% of your paycheck.

Sub: #4 posted on Sat, 02/24/2007 - 12:17

Morningstar Morningstar

(Posts: 1634 | Credits: 124.78)

you can pull a free credit report at https://www.annualcreditreport .com and see where the debt is now, that would save you alot of time. You may want to pull one on you and one on your husband. It will reflect if the debt has been sold off or under collection, it should show who has the debt now.

Sub: #5 posted on Sat, 02/24/2007 - 12:45

fedupinpa fedupinpa

(Posts: 1511 | Credits: 224.75)

Also, my husband thinks that they can take our house. They say that we owe approximately $20,000 in 5 credit cards. Can this be done? I am planning making an offer to pay $300 month to them and see if they accept. Is that a good idea?

Sub: #6 posted on Sat, 02/24/2007 - 15:27

lrhall41 lrhall41

(Posts: 245 | Credits: 64.7)

See what they offer you for a settlement first. Men always see the bad side. You will want to figure out what the total amount will be or you will be paying forever. Don't act scared or desperate when you talk to them, be confident. Ask them what the total debt amount is and what they are willing to settle for? Ask them if these debts will be paid in full when you are done paying them? So they don't sell the balance off to another company. Ask them if they will update your credit report for a favorable rating when all the debt is paid? Negotiation is a two way street and they want the money and you want to be debt free. Don't be bossy, but you don't want to come out of this with any lingering debt. You should be able to talk to them civilly. Make sure you keep copies of everything that you send to them in case it does actually end up in court for your proof that you did try and work it out. I am dealing with one now that is being real jerks on one credit card and it is only $2890, should be alot lower, they add their fees. I got a summons, I refuse to pay this much, I know they bought the debt for pennies on a dollar. Hopefully, I am not shooting myself in the foot, but I won't be taken advantage of either. I won't go down with out a fight. Check the laws in your state about judgments. What state are you from, I will see what I can find out for you.

Sub: #7 posted on Sat, 02/24/2007 - 16:41

fedupinpa fedupinpa

(Posts: 1511 | Credits: 224.75)

Also see if there is a consumer advocate group in your area that will be able to make sense of your whole situation. you can look on naca and see if you can find someone local that will advise you. Do a google search for naca.

Sub: #8 posted on Sat, 02/24/2007 - 16:56

fedupinpa fedupinpa

(Posts: 1511 | Credits: 224.75)

http://www.naca.net/

You can do a search for an advocate on this site that will be able to advise you. Goodluck

Sub: #9 posted on Sat, 02/24/2007 - 17:01

fedupinpa fedupinpa

(Posts: 1511 | Credits: 224.75)

fedupinpa, I don't think that I can talk to them on the phone but I will send a letter (according to the summons)about the settlement. We have to file a "written response to the court and mail or take a copy to the 'Plaintiff's Attorney". I wll try to find a group that can help and will visit the links that you poseted.Thank you so much for you suggestions.

Sub: #10 posted on Sun, 02/25/2007 - 05:17

lrhall41 lrhall41

(Posts: 245 | Credits: 64.7)

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