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beinf sued by Collection agency
- Thread starter riddler
- Start date
Take it one step at a time. Answer the Complaint so that they don't get a default judgment against you. Then wait to see what happens. In our area, it takes many months for a case to go to trial. Their first step, if they still want to proceed, is to send you wriitten interogatories. You have 30 days to reply to them. There is no rush.
Quote from riddler:
i owe 4800. should i ask them to settle for 1k?
i also have another card which i am sure they will get a hold of..its 6k..
i will not mention that one yet. should i ask about settling this debt,should i call them?
should I file for BK?
I am wooried they get hold of my bank account.
You could always "lose it all" in a gambling accident in another country, I suppose. Then shove it in a foreign account somehow. They'll garnish wages, but you can just go where they have no collection mechanisms in place (third world.)
http://www.collectorsexposed.com/forum2/index.php?topic=22.0
http://www.edcombs.com/CM/Special/collection defense feb 2010.pdf
When I got out of college I couldnât get a job and ended up as a collector. I was great at it and it taught me a great deal. Research this matter. Dispute it, make them provide verification and if they sign an affidavit stating you owe it and they do not have the paperwork to back it up they are committing perjury. Debts were cut up and sold on the bond markets like mortgages but without land courts to record them. They basically sue and hope you donât respond. Most likely the lawyer who shows up will have no paperwork, details etc⦠I have seen cases where the lawyer doesnât show up but one of the dead end lawyers who just sit there if something comes up will take the case on the spot for $35 fee from the collection agency.
http://www.edcombs.com/CM/Special/collection defense feb 2010.pdf
When I got out of college I couldnât get a job and ended up as a collector. I was great at it and it taught me a great deal. Research this matter. Dispute it, make them provide verification and if they sign an affidavit stating you owe it and they do not have the paperwork to back it up they are committing perjury. Debts were cut up and sold on the bond markets like mortgages but without land courts to record them. They basically sue and hope you donât respond. Most likely the lawyer who shows up will have no paperwork, details etc⦠I have seen cases where the lawyer doesnât show up but one of the dead end lawyers who just sit there if something comes up will take the case on the spot for $35 fee from the collection agency.
How old is this debt ?
Is this the first collection agency to contract you about it ?
Is the law firm in the same state as you ?
They buy this writen off debt for pennies on the dollar. Each time it gets sold and the older it get the more it depreciates. If you don't answer, they will get a default judgement and they will also add legal fees on top of that amount. The best thing would to try to settle it for 50% or less. You could always bluff them and say you are going to file chp 7 unless they accept your offer. If they get the judgement, then they can put a lien on property and it stays on your credit report for a long time even after you settle with them.
Is this the first collection agency to contract you about it ?
Is the law firm in the same state as you ?
They buy this writen off debt for pennies on the dollar. Each time it gets sold and the older it get the more it depreciates. If you don't answer, they will get a default judgement and they will also add legal fees on top of that amount. The best thing would to try to settle it for 50% or less. You could always bluff them and say you are going to file chp 7 unless they accept your offer. If they get the judgement, then they can put a lien on property and it stays on your credit report for a long time even after you settle with them.
They're not going into your bank account.
Wage garnishments vary depending on your state (and what can be taken).
In this case, they've merely filed a suit to sue you..the judgment gets applied on the court date (which you should show up at, otherwise it's awarded by default).
First off, have they been calling you or is this the first time you've heard of this/them? If the latter, send the debt verification letter to prove they have the debt. I've done it with a couple of companies some months ago and I haven't heard back since...which tells me they aren't bothering to work on me, or they did in fact not have the debt in question to begin with. The naive and sheeple just pay them...only to have ANOTHER company down the road trying to collect on the same debt!
I just dealt with a company; tried to settle a ~$1400 small account for $500. 4 payments of $125. I was supposed to get a letter. 10 days after first payment (and before the 2nd) I didn't get it. So I blocked payments (it was on a card; never give out your bank account info! (they had asked too for it)) and sent off a letter to cease contact and apply what I've payed. Got roped into that one. Never again.
If it goes to court and you can show you can't pay it, the judgment just stays on your record or gets attached to any property you might have (which means it'll get paid from any sale proceeds of said place.
Can you settle it? Sure. 50% maximum should be your offer; less if you can pay it in one lump sum...and try low balling it around 1000-1500 first.
Don't mention the other card yet...they may or may not collect on that one. When you go through the case and show your financial statements, then include it in there.
Wage garnishments vary depending on your state (and what can be taken).
In this case, they've merely filed a suit to sue you..the judgment gets applied on the court date (which you should show up at, otherwise it's awarded by default).
First off, have they been calling you or is this the first time you've heard of this/them? If the latter, send the debt verification letter to prove they have the debt. I've done it with a couple of companies some months ago and I haven't heard back since...which tells me they aren't bothering to work on me, or they did in fact not have the debt in question to begin with. The naive and sheeple just pay them...only to have ANOTHER company down the road trying to collect on the same debt!
I just dealt with a company; tried to settle a ~$1400 small account for $500. 4 payments of $125. I was supposed to get a letter. 10 days after first payment (and before the 2nd) I didn't get it. So I blocked payments (it was on a card; never give out your bank account info! (they had asked too for it)) and sent off a letter to cease contact and apply what I've payed. Got roped into that one. Never again.
If it goes to court and you can show you can't pay it, the judgment just stays on your record or gets attached to any property you might have (which means it'll get paid from any sale proceeds of said place.
Can you settle it? Sure. 50% maximum should be your offer; less if you can pay it in one lump sum...and try low balling it around 1000-1500 first.
Don't mention the other card yet...they may or may not collect on that one. When you go through the case and show your financial statements, then include it in there.