i am very new at this, so here goes: in TX, 2 1/2 years ago i had a baby and i am self employeed, lost income and had daycare, etc. got behind ...i have 13,000debt with bank of america that has been charged off and am now being contacted by a CA. they are threatening to sue and file a summons, i try to avoid them but they call my cell phone and leave messages. this has been going on for a month and i have considered BK because my business goes nowhere and i have no savings no assetts...do i send a letter requesting validation or not, besides the fact they wouldn't tell me what their mailing address was in my call with them this AM. any help would be appreciated as i can't sleep over this, never thougth i'd be here....thanks.
BK is an option but, not right now if this is the only debt. 13k isn't really worth seeking protection over considering you're in Texas. I would at least ascertain who owns the debt. It could be that BOA sold it off. If so, you have better options. You could send a DV to the CA and a FACTA request to BOA in order to see if they still in fact own the account.
CA advice what happens if i just don't answer their calls? i have about 20K in unsecured debt and 90K in student loans. also, i am not weel versed in your acronyms...thanks for any help
It really depends. Sometimes they will give up calling, and sometimes they will sue you to get your attention. A lot of it, given that it is a larger debt, will be determined on whether B of A still owns the debt, or if a Junk Debt Buyer (JDB) owns it, and if it is a JDB, who is it? JDBs really don't like to sue in Texas, as there is no wage garnishment (which really doesn't matter as you are self-employed), and it is simply hard to satisfy a judgment unless the debtor owns real estate. But that doesn't mean they won't. The SOL (statue of limitations) in Texas is 4 years. You should check your records and find out the last date you ever made a payment on this account.
ca info for my previous thread first thanks for responding i really appreciate it. b of a has it written off as a CO on my credit report..does this mean they no longer own it?
It's hard to determine, but most likely it has been sold. What was the date of "CO" per your credit report?
dtae of CO 12/07--they called 5 times yesterday and none today, did i screw up by not asnwering? thanks all.
You need to figure out when the last date of payment or use of the card occurred. Is it more than the statute of limitations ago in your state? Someone said that was four years, I don't know. I'd find that out before fretting about calls you didn't answer.
If 11/07 was the date of last payment, then I do not see how the account can be "Charged Off" so soon. Was this account deliquent previously, and you just made a (late) payment in November? Something is "off" in this scenario.
clarification i was behind by ayear but had been making partial payments for 1 1/2 years. they had made a couple settlement offers i couldn't meet and in december they told me i either paid or it was out of thier bof Am's hands.
Charge off is an internal accounting procedure. It is no indication of who owns the debt. If they just finally charged it off in December, B of A may very well still own it, and it has been assigned out to a collection agency. No you didn't screw up by not answering your phone. Have you received anything in writing? Question - you mentioned you were self-employed. Is this a business debt, or personal debt. Its not who's name is on the account that matters, it was what your purchased with it that does.
details let me clarify: this is a card i opened about 11 years ago. it is a personal card. i have not received anything in writing. after slew of calls the last 10 days now it has been 48 hours with no calls. the first person i talked to about this after the CO said he was a lawyer representing b of a and that this was a last time call, on dec. 18th or so, before a summons was filed against me. he wanted me to use a card that had a limit that would allow me to pay off my debt to them. it just wasn't smart to payoff one debt with another i probably would go delinquent on as well. i didn't hear anything again until about 10 days agothen i started getting calls. i have done a search on the one number that i called to get the name of the company who is calling me and when i called that number back they did not identify themselves until i asked for it. then i asked for thier mailing address and they said they couldn't give me that information unless i gave them a reference number, which i haven't been given as of yet. and then they hung up on me. i cannot tell you how much i appreciate the attention to my dilema. thank you.
If this is with the original creditor and they haven't recently had a major fire at their data center, I'm thinking you need to carefully document their statements. It might do nothing for you, but it might help. This claim that they are suing you is interesting because they seem to also be asking you to pay. Time will tell you what that means but try to have as much evidence as you can for what they threatened on the off chance they were trying at that point just to scare you, only later suing you, or something like that.
It means don't start sending them communications threatening actions and demanding that they report the matter in a certain way. I would call BOA and see who owns this debt before taking any additional steps.
i haven't threatened anything to them. they basically said i'm a deadbeat for backing out on my contract with their client, and i certainly feel that way but i only have so many financial resources and i got behind and instead of letting me pay something every month (2/3 payments of actual amount owed for almost 2 years), b of a gave up on me. in fact i have only answered their calls twice and called them back twice. in dec. i spoke with ca about the summons they would file if i didn't pay them via my other creditcard--and since i told them i wouldn't do that i had been waiting to hear from a court officer. then when they called in jan stating another summons was due to be filed,i asked for their identity and their address, but they wouldn't give me the address without my giving them a reference number(which i do not have) after 5 more calls i ignored and two calls they made to my dad's home this is my situation. i will call b of a tomorrow and see if they are in possession of my account. i do know who has been calling me though...when i looked at memebr MARIE posting about never talking to a CA i figured on doing just that. i have no assets, i tutor students for a living...i am very stressed over this and maybe i should just file BK and get it over with....
Don't let what a CA says to you get you down, or get in your head. That is exactly what they are trying to do - they want to shame you in to paying something. They have already said some things that have violated the law. While I wouldn't go on the attack for those things, as the penalties are just not great in comparison to the debt, if I were you, I might buy a phone recorder and start recording any calls you do take from them, and save any correspondence you ever receive. You never know, if they try to sue you, it might lessen the blow of what you owe. You might also consult an attorney - many local bar associations will refer you to one where the first visit is free or minimal. If you don't file bankruptcy, there are some things you can do now, that you won't be able to do later - like move your checking accounts to a new location to make it difficult for them to effect a judgment. Good luck!
b of a doesn't own this anymore. i spoke to a collections agent employeed by b of a and it is held by the CA who has been calling me. now that i know this, what should i do? thanks.
