Collection Calls Have Stopped--Mean anything?

[boochase]

For the last couple of days, I have not received a single collection call (four rings and a hang-up). I informed the CC companies that I was filing ch13 about 90 days ago, and I am 90 days past due. Any significance to the lack of calls?

[newbie2]

For the last couple of days, I have not received a single collection call (four rings and a hang-up). I informed the CC companies that I was filing ch13 about 90 days ago, and I am 90 days past due. Any significance to the lack of calls?

Sometimes this happens when the CC companies are selling (or have sold) the debt to a junk debt buyer.

[momofthree]

Nearly all my calls stopped when I informed my creditors of my intent to file and provided them with my attorney's phone number.

[boochase]

Sometimes this happens when the CC companies are selling (or have sold) the debt to a junk debt buyer.

So, I guess I don't need to file ch13. Just joking, maybe. How aggressive are these "junk debt buyers"?

[HMT]

depends on where you are. In my state they can only call twice in a seven day period IF THEY SPEAK TO YOU. I pick up every-single-call! I typically only get calls on Monday and Tuesday unless I'm out. Sometimes in the late afternoon or evenings I go to my neighbors for a cup of coffee and I miss them and they keep calling till I speak to them. Look up and know your state laws though because they will try to blast through them and you need to be there to tell them they are breaking the law and that when you hang up you are filing a complaint with the AG, and then actually file!

[ShooFly]

My calls slowed way down after I gave them all my attorneys name and number. I stilll get a few calls but even when I decide to answer, they hang up.

[espo1357]

the can't come after you once you file, its against the law, right?

anyway, my calls stopped. now, nobody ever calls me, even better. I want my life to go back to the 1980s, when things were peaceful for the most part, America kicked ass because Reagan was nuts, and there were no cell phones, internet, antidepressents, fake boobs...you get my point.

[boochase]

I did some reading re Junk Debt buyers. It seems that this is the current way of handling unsecured debt (initial creditor selling the debt and then the debt is packaged and sold to wall street--like mortgage-backed securities). Given this scenario, it seems less likely that the buyer of the debt will sue, for the investor knows that there is risk and that many of the debts will be uncollectible..and the cost of beating a dead horse isn't worth it. I was just wondering if anyone has had a recent lawsuit filed against them for non-payment of unsecured, albeit credit card debt?

[newbie2]

I did some reading re Junk Debt buyers. It seems that this is the current way of handling unsecured debt (initial creditor selling the debt and then the debt is packaged and sold to wall street--like mortgage-backed securities). Given this scenario, it seems less likely that the buyer of the debt will sue, for the investor knows that there is risk and that many of the debts will be uncollectible..and the cost of beating a dead horse isn't worth it. I was just wondering if anyone has had a recent lawsuit filed against them for non-payment of unsecured, albeit credit card debt?

Many people are sued by the junk debt buyers. Just take a peek at your District Court docket online. It's an eye opener for sure. Actually, it's quite profitable for these companies to sue because they bought the debt quite cheaply. Default judgments are their bread and butter.

[boochase]

Many people are sued by the junk debt buyers. Just take a peek at your District Court docket online. It's an eye opener for sure. Actually, it's quite profitable for these companies to sue because they bought the debt quite cheaply. Default judgments are their bread and butter.

I appreciate this comment. I did some further reading...if you contest the suit rather than not answer (default judgment), then it really slows things up, makes the suit more expensive and may discourage the creditor pursuing the matter.

[espo1357]

I appreciate this comment. I did some further reading...if you contest the suit rather than not answer (default judgment), then it really slows things up, makes the suit more expensive and may discourage the creditor pursuing the matter.

exactly.
I had a similiar situation prior to filing, and went to see a lawyer about contesting the suit.
This lawyer was sharp, and he said that when you contest the suit, the cc companies will put your case from the top of the pile (they are suing you for the default, but also because you are likely in a good financial situation in their eyes and are worth pursuing) to the bottom of the file. When you get to the bottom of the file, you might be good for a long time (SOL might kick in).

Anyway, BK is the better solutions imo, especially when you can get rid of a second mortgage or if you want to use credit in the future, and espeically if you don't want to pay the creditors.

[LadyInTheRed]

I appreciate this comment. I did some further reading...if you contest the suit rather than not answer (default judgment), then it really slows things up, makes the suit more expensive and may discourage the creditor pursuing the matter.

And gives you time to file bankruptcy before they get a judgment and start garnishing your wages.

[espo1357]

And gives you time to file bankruptcy before they get a judgment and start garnishing your wages.

yup.
when you really stop to think about it, the unsecured creditors are gambling IF they give credit to SMART people.

its the dummys that continue to pay high interest, that keep these crooks in business. they are crooks because only a crook would charge high interest, and universal default interest, etc.

And for those who feel ashamed about filing, or whatever, you need to grow a brain and stop letting these crooks control you and your family, and your future.

rant over.