First, Im happy to be here on this forum. Wished I had found it long before I repaired my credit. I have a closed capital one card. The balance is $9000. When I repaired my credit, this card had a 30 day late penalty from 3 years ago that was damaging my score. I asked and begged them to remove it via certified mail. They would not. In turn I asked the BIG 3 (E,E,T) to remove the account because it wasn't mine. THEY DID. This CC acount does not show up on my reports. Non payment is not damaging my score at all. Will they sue? Can they garnish? Should I set up a payment plan with them and if so, How can I without talking to an indian?
Will they sue you for the $9,000? Yes and no. No, they won't sue you for the $9,000. Yes, they will most likely sue you but it will be for much more than the $9,000 you owe now if they do. And yes, they can garnish and they can do quite a bit more to try to collect their money. Should you set up a payment plan with them? That's up to you and whether they will accept one or not. How to do so without talking to an Indian? Now that is a question I don't have an answer for.
I have to pay. Even though they are a-holes regarding their rates vs. my scores, I spent the money, I owe the money. I'd love to tell them to stick it where the sun don't shine, but it's not the right thing to do and it will come back to bite me. I can just see it now, " Spatacuulo v cap one - $21,000" . I'll pay half of it off and work on the rest in plan. Thanks
Even though that is true there are no states which leave the creditor bereft of remedies. They can get their money by other methods even if wage garnishment is not allowed.
...which is why I wouldn't say "yes they can garnish your wages" without some more information. Why instill fear over something that may not happen? Spatacuulo, when was your last payment on this account? What state are you in?
Then why not just tell all posters who want to know about getting sued that they don't have to worry about it because only about 20% of all judgments are ever collected anyway? After all, that amounts to an 80% chance you can just stiff Cap One, Discover and all other creditors with impunity. With those odds stacked in favor of the consumer maybe we should just tell everybody that all they have to do is fix their credit using all the great information we have here and all will be well. After all, there is little or nothing to fear from the lawyers and the court systems. Right?
Because everybody can be sued over a debt; not everybody can have their wages garnished over a debt. Two very different things.
They are settling 6-12mo debt right now for 25%, so make them a generous settlement offer that is somewhere above that.
