NEED ADVICE. BASICALLY THIS IS MY STORY. I APOLOGIZE-LONG.. CREDIT IS REALLY CRAPPY,(CONTEMPLATING BANKRUPTCY)I HAVE: A REPO(2WK OL) 2 CHARGEOFFS 3000 CITIBANK 200 CAP1, MEDICAL BILLS:HOSPITAL(NOW DECEASED BABY GIRL 3500, AND 2 FOR ABOUT 100 EACH REPO CAR -LETTER SAY 12000 TO GET CAR BACK STUDENT LOANS 15000(GETTING DEFERRMENTS) STUDENT LOANS ARE NOT THE PROBLEM. ALL THE OTHERS ARE.wHAT TO DO?? I GOT A CALL AT WORK TODAY(SUNDAY) FROM A WOMAN WHO SAYS SHE HAS BEEN ASSIGNED THE ACCOUNT FROM CITI. SHE LEFT HER NAME AND EXTENTION, AND SAYS THAT TOMORROW THAT I NEED TO NOW PAY 4100(3500 TO SETTLE) OR THEY WILL SUE ME AND i WILL BE FORCED TO PAY 8000 OR 10000 INSTEAD OF THE 4100. sHE ALSO SAID PAYMENTS ARE NO LONGER AN OPTION. i AM IN TEXAS. i REALLY DO NOT HAVE THAT KIND OF MONEY. SHE SUGGESTED I BORROW 3 OR 400 FROM MY DAD, OR (LAUGH) PUT IT ON A CREDIT CARD!!!i WAS IN GOOD STANDING BEFORE THE CHARGEOFF 3 YRS AGO. HOWEVER I WAS IN A BAD SITUATION. pHYSICALLY ABUSED BY BOYFIEND FOR PAST 6 YRS, THEN GOT PREGNANT3 YEAR -CARDS CHARGED OFF- BABY DIED @ 3MTHS OLD AND EVERYTHING WENT DOWN HILL. CAR REPOED 2 WEEKS AGO. iN THE INTERIM i HAD TIRED TO GET ON MY FEET AND WENT TO BATTERED WOMEN'S SHELTERS A FEW TIMES. STARTED NURSING SCHOOL AND WILL GRADUATE IN 1 YEAR. MY QUESTION IS WHAT DO?/ wHAT CAN THEY DO? i AM IN TEXAS. IS REPAIR ADVISABLE? OR WILL IT SET OFF CREDITOR ALARMS/ RED FLAGS. DO i ORDER REPORTS AND DISPUTE AS NOT MINE/DON'T RECOGNIZE. THE CITI ACCOUNT I KNOW WAS USED BY SOMEONE AFTER MY WALLET WAS STOLEN(W CREDIT CARDS, SS CARD AND DRIVERS LICENSE INSIDE) i CANCELLED CARD AND GOT NEW CITI ACCOUNT #. WILL THIS WORK IN MY FAVOR, AS IT IS VERY LIKELY THAT SOMEONE HAS STOLEN MY IDENTITY AND HAS POSSIBLY OPENED ACCOUNTS IN MY NAME WITHOUT MY KNOWLEDGE. aNY ADVICE?? PLEASE HELP!! tHANKS GUYS
Hi G5 First realize this can definately be dealt with. People on this board have been in worse shape and can help you. Just because the creditor threatens suit doesn't mean they will. Are you judgement proof? It sounds like you have very limited assests and there is little they could do. There are specific Texas state laws that limit what a creditor can do. While bankruptcy is an option it may not be the best one. Is it the credit card company or a collection agency? At 3 yrs my guess is collection agency. If so you could likely negotiate down to quite a bit less. CAs often will negotiate to 30-50%. Generally the first step is to require validation. If you get a call definately require name and company before anything else. Do not respond to their questions. require the above info and then tell them you want anything they have to say in writing.
PNWMAN, Thanks for replying to my post. Please excuse the ALL CAPs. I just realized that in message board/internet etiquette it could be considered shouting and rude. Sorry!! however, if you would be kind enough to advise once more. Should I try credit repair-even with unpaid accounts? Or should I to dispute as not mine/don't recognize/stolen identity due stolen wallet that contained DL, SS card and cc that was used by the thieves-(this was few years ago)? Will this work even though accounts are mine?/I have not seen full credit reports, but have a feeling I will find unauthorized and fraudulent accounts? Thanks!!
I would send a Cease and Desist letter to the company that is calling you at work - the others can be dealt with - yes, it's a bit daunting - but it will all work out - my apologies for your daughter- abuse and death is not easy to deal with. don't worry too much about being sued - you have very little to make it worth their while - and frankly I at one time owed 100k in credit cards to several institutions - none came after me (except to send stupid collection co's that don't know diddly) - my credit is near perfect now and I never filed BK
IT IS ONLY RUDE TO THOSE WHO DO NOT UNDERSTAND THAT CAPS ARE EASIER TO READ!!!!!! I let them have their way... Not everybody has PERFECT vision... Even if you increase the SIZE of the "FONT" CAPS are still easier to read!!!! ...BUT THEN I'M AN "OUTCAST" (BECAUSE I HAVE "NEVER BEEN THERE")
From your last post you have the repo, 2 charge offs and 3 medical bills. According to your post the student loans are in deferment. When are the dates of last activity and dates of first delenquensies? I would spend a week or two just reading here and at creditboards.com. If any of the creditors are threatening lawsuit now I would send them validation letters. Some here have been sued for as little as $800 so it is possible they will follow through with their threat but that does not mean it is likely. If any do file you MUST file an answer. Even after they file it is possible to settle. As I mentioned before you can deal with this and eventually have good credit. I would avoid BK if possible but it depends on all the details.
Keep in mind that a C&D letter only leaves the credit with two options, ignore the debt and take the loss or sue. If it's a large balance, they're less likely to ignore it and take the loss. While it's true that being judgment proof makes it hard for them to collect any money, it does create yet another headache to be dealt with. Not only is a judgment another negative on the credit report, but there is always the possibility the debtor will have assets later on, and will no longer be judgment proof. On a lighter note, demanding payment in full for a large balance is almost always a bluff.
I wanted to add that banks and businesses that collect money on a regular basis can't sue in small claims in Tx. FDCPA says they must sue in your county or the county the contract was signed so you will be safe as long as the debt isn't over $5000. Keep in mind also they can't add to the balance unless it is in the original contract that they can do so. Best bet is to go ahead and validate your debts. Vanna
Re: Re: Newbie In Serious Trouble Not only is a judgment another negative on the credit report, but there is always the possibility the debtor will have later on, and will no longer be judgment proof. Mycroft =============== That's why you don't put assets in your name after a judgment THE END ** *** ** LB 59 """""""""```~~~```'"""
Re: Re: Newbie In Serious Trouble You have posted this information before and as I said before it is absolutely incorrect and just plain bad information. CA's and persons primarily engaged in business of loaning money cannot sue in small claims, but they only need to take one step up to Justice Civil Court. The creditor does not need an attorney unless the company is a corporation (Justice Civil) A creditor can sue you in TX for $1 if they damn well please. There is absoulutely NOTHING in the statutes that require a minimum of $5000 to sue. No - this poster is not "safe".
Re: Re: Re: Newbie In Serious Trouble So is your paycheck an asset you can put in someone else's name? Hididng assets is certainly an option, but before any course of action is taken, it's best to give some though to where it could lead.
Re: Re: Re: Newbie In Serious Trouble What is the Statute of Limitations on these debts in TX? Maybe she can wait them out, or stall the CA's?
Re: Re: Re: Newbie In Serious Trouble Who cares what the SOL is in Texas, Texas has no Garnishment law, so what can the CA do? To the Original poster - as long a syour payroll comes from Texas, your salary can't be garnished. The CA will threaten you with that, but they can't actually DO it. Yes, they can sue and get a judgement and attach your bank account if they can find it. So.... tell the CA to huff and puff and do their worst.
Re: Re: Re: Re: Newbie In Serious Trouble Wages in Texas can be garnished if the person works for a national company or a company that uses an out of state company to handle their payroll. If it's a local company that handles payroll internally, the creditor is out of luck.
