Received two letters today from a local office of Wolpoff & Abramson. Representing Palisades Collection as an assignee of Chase, the other is FIrst USA which merged with Chase. ($19275 & $13263) How do I respond to them? They sent me an email address to use if I wish to communicate with them. Settlement in not an option as I am not in a position to make even small payments. If they sue they can get a judgment, but I already have 3 (I stopped payment on several credit cards in 2005 due to job loss). I do not own a house or have any cash assets, so I am pretty judgment proof. Thoughts anyone? THanks!!
What did the letters say? Were they the first notification that you got from them? If so, send a DV letter and ask them to prove the account is yours and how the balance was computed. Then we can go from there. Don't e-mail, send it certified mail, return receipt requested.
body of letter sent to me.... "As you are aware, this law firm represents the above client regarding your outstanding obligation. This letter shall inform you that as a result of your failure to resolve this mater, we have made the decision to initiate litigation against you. In the event you wish to avoid the time and expense of litigation, we invite you to contact our office at ..... If you with to communicate with this office by e-mail, do not hesitate to send your e-mail to ...... We sincerely hope you take advantage of this opportunity to avoid the consequences of court proceedings". Very truly yours, Wolpoff & Abramson "the above attorney persona;;y requested that this letter be sent after he/she reviewed relevant portions of our file for the purpose of making a determination to file suit"
will this work for a DV letter? Dear Wolpoff & Abramson, L.L.P.: In response to your letter dated March 26, 2008, you are hereby in receipt of notice under the authority of the Fair Debt Collections Practices Act (FDCPA) regarding the above captioned account. It is not now, nor has it ever been my intention to avoid paying any obligation that I lawfully owe. I dispute part of or all of the alleged debt and demand validation, pursuant to FDCPA. Please provide the original Cardholder Agreement to which I purportedly agreed, or an authenticated copy of such Agreement, affirmatively identifying me, and containing the terms and conditions binding the parties. The Agreement establishes the legal duty and the document from which liability issues. In addition, please provide authenticated proof that Palisades Collection L.L.C. and/or First USA is the true party in interest. Please provide authenticated proof that Palisades Collection L.L.C. and/or First USA has authorized your firm to act in their behalf, that your firm is authorized to collect debts in Minnesota and that your firm is duly registered with the Minnesotaâ??s State Bar. In the event you are a debt buyer, please be advised that the threat of advancing a fraudulent claim using the US Mail will be rigorously resisted. Please be further advised, if you seek reimbursement, offset or credit for the purchase of this debt from the firm from whom you purchased same and such firm attempts to re-sell the debt, you will be named in a lawsuit involving the new buyer. I will pursue a FDCPA, UDAP or RICO claim. If you return the putative debt to the seller, with or without reimbursement and if I am forced to sue the new buyer, you will be joined in the suit. Sincerely,
My only advice is that if I get a letter from a law firm threatening law suit on any matter, I would not rely upon hornbook advice from an internet forum. I would hire my own lawyer!
LMAO! That was a good one . . . Seriously, bankruptcy seems like the only viable option for you at this point.
I have to agree with Apex, considering the amounts and OCs invloved, your best course of action may be a consultation with a BK attorney. Call your state's Bar Association for a list of attorneys in your area.
If he is judgment proof why should he file bankcrupcy?Why not wait to see if they truly do sue and get a judgment and then decide on the bankcrupcy issue.The only thing a judgment can do to him is garnish his wages or maybe freeze his banking accounts but it seems he does not have any money in the bank.My advice to him is wait and see what their next move is.Remember for every action there is a reaction.
If the OP already has 3 judgments and can't pay them, can't pay the new threats, and has no assets, Apex is correct. The OP's best option is to file for BK. Sounds like the OP will get a Chapter 7 with no problems and in two years or so will be heading back to good credit again. Seek a BK attorney and consult with him/her immediately to see what your options are.
I had to deal with W & A three times and even though they threatened arbitration they never did. On the three accounts, two just went the wayside after I told them that I would sue if they persisted in harassment,and one transferred over to ASTRA where I did sue and I got some money.The former two are out of SOL now. If this were me I would ask for validation and wait and see what happens. Woofer
The OP listed two accounts at $30K + 3 more judgments of unknown amounts. Seems he would have to remain judgment proof for YEARS. With the new BK laws, if he starts making a bit of money, and they start coming after him, he may not be judgment proof, and he may not qualify for a BK any longer. BK should be an option at least to explore.
Is there an amount that CA's will absolutely go after you for? My guess is anything over 25k would be worth it to them - IF they are in the same state....For example if they buy the debt for $5,000 and pay another $5,000 in attorneys fees - that's a $15,000 bonus if they win....it's all risk assessment and profit/loss to them....any ideas on thresholds?
Once someone files bankcrupcy an automatic stay goes into affect and stops the garnishment and prevents any action to be taken on the judgments. He has 3 judgments against him already and he has not filed bankcrupcy yet.Just how many judgments will it take before he files?The op should tell us the reason why he has not filed bankcrupcy or at least looked into it. How old are the judgments and has anyone tried to collect on them yet?Is he employed?
I lost my job a couple of years ago and have never recovered. I show zero income on my tax returns and I sold my house a couple of years ago. They really have nothing to go after. I just got a letter on one of the judgments. It is not even a year old and they offered me a settlement at 50%. To be honest, life does go on after a judgment hits. I guess filing for BK is more scary that the judgments and I don't want to respond in court as to how I am supporting myself. No, nothing illegal. I started a business and we are putting more into it than we are making. My tax returns show a loss. My business partner has great credit, so we are surviving. I sold my house in 2006 and put all of the equity into the business. We just don't have anything in my name. I just take small draws to live on. If the business takes off I will just settle the debts. Otherwise, life goes on as usual. No BK for me at this point.
Would this be true if a Chapter 13 was filed? I am curious as I am in the same situation. I've send a DV letter to the attorney and waiting for a response now. I don't want to file Chapter 13 but if it got to the point of garnishment, I would have to.
