In late 2002, I was laid off from my employer and could not continue to pay my credit cards debts which totalled about 40k. Until then, i had stellar credit with no late payments or other blemishes. I tried to work with the CC companies initially to work out a situation, but they demanded payment. I had no money, so November 02 was the last time they recieved any payment. Since that time, both accounts (20k each) have been written off and turned over to different collection agencies. I recieve about 2-3 calls a day, but I let the answering machine get it. Thank god for CallerID So far, I have not spoken to anyone at any CA. I told the credit companies my situation and they didn't care, so there's no point to me talking to the CA's as anything I say can/will be held against me. In my mind if I don't communicate then they don't have any fuel to add to the fire. My question revolves around if I'm doing the right thing by laying low and avoiding contact. I live in Texas, and our SOL is 5 years from date of last payment, so I have 4 years left. I have zero intention of paying anything. I have a job now, but it pays much less and I can't afford any payments if I did have that intention/desire. I read so much about the whole "prove this debt is mine" tactic, but is it applicable in my case? I know I owed the credit cards, but is that distinction transferred to the CA when they buy the written off debt? Or are the CA just hoping I'm naive? Thanks for any advice.
If you don't own any attachable assets, hen they can sue you until the cows come home, since Texas does not permit Garnishments. I assume yiou don't own your home or have a bank account, and owe on your car or have an old beater that's worth nothing. If that's the case, why not just play their game, watch out for FDCPA violations and collect some money from the CA's?
The SOL for Tx. is 4 years. -------------------------------------------------------------------------------- STATE: TEXAS â? INTEREST RATE* Legal: 6% with agreement can charge up to 18%. w/o agreement - statutory interest of 6% begins to run 30th day after becoming due Judgment: 10% STATUTE OF LIMITATIONS (IN YEARS) Open Acct.: 4 Written Contract: 4 Domestic Judgment: 10 (Renewable) Foreign Judgment: 10 (Renewable You've the legal right to demand validation. Validation is not only proving the debt is yours but, a proper accounting for the amount claimed.
My financial status is currently: I own a car (worth about 6k) I have a checking account, (avg balance about $200) I rent an apartment As I'm not a lawyer, I don't want to play act and play any games which might make things worse. I'm consulting an attorney who specializes in these situations in the next few months after I save up enough for her fees.
Re: Re: I just walked away... How much do you OWE on the car? Is the bank account nearby or is it in a cyber-bank (like Paypal)? If you owe on the car it is highly likely you owe more than it's worth. If you move your banking to an on-line bank you make it next to impossibnle for the CA to find it. I live in AZ and do my banking in St Paul MN. If you get the hint, I just saved you the legal fees. Do a search under my Screen Name, a while ago (I think in August) I posted a thread similar to "Making Yourself Judgement proof". Go read it. You may alos want to read my Dealing with the Collection Agency threads (2 of them)
Re: Re: Re: I just walked away... I made the last payment a few months ago, I'm free and clear. Bank is like BankOne, but isn't...same type, different name (Apologies but I'm paranoid) Thanks for the reference, I'll do a search.
Re: Re: Re: I just walked away... Most of us here started out not wanting to get into the legal aspects of credit repair. But in most cases, your gonna have to file at least one lawsuit. Its not that difficult and several of the board members here have done it including me. Texas is a very consumer friendly state and has many state laws much stricter than the FDCPA regarding consumer protection laws. http://www.capitol.state.tx.us/statutes/fi/fi0039200toc.html I suggest you read and study both those laws till you can recite them in your sleep, then use them to your advantage. Save your attorney fees for court filing costs and CMRRR.
Re: I just walked away...TX To describe the laws in Texas as "consumer friendly" is a bit of an understatement - Debtor's Charter would be more accurate. Your home, provided it is your homestead, is completely exempt from enforcement, or bankruptcy, except for taxes. So is your vehicle and your pickup truck. Plus for good measure you get to keep $60,000 of unspecified assets..... Check out the lsit of exemptions on the web - it is a long one! Neil
