Flyingifr, or anyone else with experience in the Collections Industry: I have a chargeoff thats been transferred to a CA. This CA is using a local attorney to 'carry out' the collection of this debt. I tried to settle w the OC 3 times (for 50% + deletion of negatives) before it was charged off. Do you think the OC relayed the fact that I tried to settle to the CA? Did they go so far as to send copies of my settlement offers to the CA ya think? In other words, how much info is given to a CA about what communications transpired just before chargeoff? and, would the attorney know all about my settlement attempts too? thanks.
1*Do you think the OC relayed the fact that I tried to settle to the CA? 2*Did they go so far as to send copies of my settlement offers to the CA ya think? 3*how much info is given to a CA about what communications transpired just before chargeoff? 4*would the attorney know all about my settlement attempts too? crowmom =============== 1* NO 2*No 3*Probably none. 4*I doubt it. ``````` You would not want A CA to have such information anyway. THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
1. Probably not. It is rare that the OC sends the collection notes to the CA. 2. Those offers are probably in some landfill right now. Besides, an offer that is not accepted has no legal value. 3. Name, address, phone number, employer, employer's phone number and balance owed. Damned little else. 4. Probably not.
thank you so much for your help. You're an asset to this board. could you (or anyone else w first-hand experience) answer just a couple more questions? If, after attempts at validation, the attorney starts sounding like they're going to sue, should I relay the fact that 1)I have no job (i'm a collecge educated mom of 4 who stays home) and 2)no bank account (gonna go cyber-bank here shortly) and 3)I live in a state where my husband is not liable for my debts? I'm hoping that if they know this is a potentially uncollectable debt, they will consider it a waste of time to get a judgement....BUT...(and this is the reason I ask) after I told the OC all of the above, and they knew they couldnt get much (if anything) out of me, I offered to settle for 50% and deletion, and they said NO and sent it to collection. So, if the 'uncollectable debt' route didnt work with the OC, can I still expect it to work with the CA or the attorney? thanks again.
Re: Re: Flyingifr-or any other w/experience You do have a bank account - the cyberbank account The judgment can lurk around for 20 years or more...who knows what the future will be like and it will be racking up interest for all those years I understand what you are saying...they should be more reasonable trying to reach an agreeable settlement, but I think the advice I've heard here before is "avoid judgments at all cost"
Re: Re: Flyingifr-or any other w/experience You sound currently uncollectable but may not be that way forever - that's why they sue in the first place. If you don't own a home and make a reasonable offer (1/3 or so) they would be real stupid to reject it. After all, if you have no assets, then the creditors get absolutely nothing from you under any Chapter of the Bankruptcy Act. "Keep pushing me towards that courthouse, counselor." You might ask the attorney representing the creditor if he could refer you to a good Bankruptcy attorney. If that doesn't wake him up, nothing will. Better to accept a settlement now (as opposed to getting paid in 20 years "maybe").
Re: Re: Re: Flyingifr-or any other w/experience As far as the attorney knows, I have no bank account. (thats the whole reason for the cyber account.) Nah, not in my case. 7 years at most, and I don't think they can 'rack up interest' since the account was opened in 1990 and there is probably no original contract w my signature allowing them to do that. (hope i'm right about that--correct me if i'm wrong, but dont they need some sort of proof that i agreed to let them add interest if it ever went to collections?) I'm not going to kill myself trying to avoid a judgement, I just want to look like a case that they'd rather pass on. Ideally, I want to keep any collectors off my credit reports and let this get old enough to be able to settle for deletion for a reasonable amount.
Re: Re: Re: Flyingifr-or any other w/experience LOL, Thats a great idea. I'll definitely try that if things get sticky. Thanks again.
Re: Re: Re: Re: Flyingifr-or any other w/experience In all states, a Judgement carries its OWN statutory interest rate that continues to rack up forever or until paid, which ever comes first. Go search out my post "Making Yourself Judgement Proof" that I posted in the summer.
Re: Re: Re: Re: Flyingifr-or any other w/experience Flyingifr is right..the account itself may not have been able to have interest added on but once a judgment is entered there is a statutory amount they are allowed to add on...9% in NY State are you sure the judgment would only be valid for 7 years? That seems kind of short . It can only show up on your CR for 7 yrs. but they can still enforce it for much longer I think
Re: Re: Re: Flyingifr-or any other w/experience Also, concerning the cyber bank account I know what you mean it would be hard to trace if no one knows about it, but if you are subpoenaed post judgment for asset discovery proceedings, are you prepared to lie under oath and say no bank account exists? I sympathize with you, and truely hope things work out, I'm just trying to make you aware of the consequence of your actions
Re: Re: Re: Re: Flyingifr-or any other w/experience The odds are less than 1% that any debtor would be subpoenaed for a Debtor's Examination so I think the poster is fairly safe. Besides, there are ways of setting up a bank account that make it impssible for a creditor to attach. Here are some ideas: 1: Set it up as a Trust Account for a minor child. Legally it's the Minor's money, not yours, so it can't be attached by creditors or other predators. 2: Set up a Living Trust and title it in the Trust's name, with you as Trustee. 3: Set up a Corporation and have the Corporation manage your money. You are merely a Corporate Officer Get the idea?
Re: Re: Re: Re: Flyingifr-or any other w/experience I agree I just wanted the OP to be aware and to cover all the bases
Re: Re: Re: Re: Flyingifr-or any other w/experience I wont lie. No bank account will exist. I'll simply put our accounts in my husbands name only, and then later on, I'll get a cyber account.
Re: Re: Re: Re: Flyingifr-or any other w/experience Like Flyingifr said..chances are very remote that would happen Putting everything is DH's name is a good strategy I was just trying to cover your back!!
Re: Re: Re: Re: Re: Flyingifr-or any other w/experience Thanks. I've read it, but I'll read it again. Hate that part above about 'forever or until paid.' I did not know that. @#$%&*!!!
Re: Re: Re: Re: Re: Flyingifr-or any other w/experience I know you were, and i appreciate it. you made me think things thru more than I may have otherwise. thanks.
