Two credit cards with Cap One = one lawsuit or two?

[cityish]

Others have already answered the question of individual balances vs one big lawsuit, I just wanted to add that all collection calls and efforts are done per account. So, 2 accounts = twice the collection calls from Cap1.

It could be worse. I had three accounts with them.
800-955-6600 on my caller ID. Sad I know their number from memory...

Pretty soon I will know it too. In fact I've gotten so many calls from them and Washington Mutual that I finally started saving them into my cell phone address book. I have five CapOne contacts and four Washington Mutuals...

[epiphany]

I was sued in superior court for roughly 3K. I have wondered why they didn't choose the small claims venue and thought maybe it had something to do with the fact that it would take them slightly longer before they could start garnishing wages. But I dunno.

ep

[treehugger1]

I now have a $8000 account from CAP1 in the hands of a regional law firm. The firm is notorious for gambling on a default judgment. I DV'd them and am prepared to answer any suit and force arbitration. I have another CAP1 account that is only $800. It has not even been assigned for collections after charge-off. It is all a crapshoot.

EP comment on being sued in a higher court is probbaly not uncommon. the Creditor/CA probably assumes that you will not respond to a higher court summons. Thus, they gamble on a default judgment. When sued in small claims, it often the case in many states that mediation/negotiation is required first, prior to an official hearing before a judge.

Unless you are filing in a short time, answer any summons from a non-small claims court that comes your way. While you will probably not prevail for a debt you actually owe, you might buy some time, but time is all you will most likely get. TH

[cityish]

Thanks Treehugger. I do feel like I need to buy some time.

I read what you said about budgeting for possible 25% garnishment (that is the law in my state too) and it makes me feel better to think along the lines of hoping for the best yet being prepared for the worst.

I owe $20k on credit cards and $30k on a HELOC -- so if next year I get sued and have my wages garnished, fine... let them garnish my wages for a year and then as soon as I'm eligible to file Chapter 7, I'll do it.

I'll still end up paying a lot less money in the end than if I tried to take on $50k in debt.

On an unrelated note -- last night I took a call from my primary mortgage lender and they politely informed me that they have no record of the short sale application that was submitted over the summer; and that the foreclosure auction is scheduled for next month.

Whoopee... let the good times roll... this weekend my friend and I are going back to the house to clean out the appliances and sell them on Craigslist...

[No Gravy]

Whoopee... let the good times roll... this weekend my friend and I are going back to the house to clean out the appliances and sell them on Craigslist...

Be care on that. I've read that anything normally not included in the sale of a house and/or attached to the house (refrigerator, washer and dryer, microwave etc) is fine to sell, but that anything attached *to* the house (dishwasher, stove) and the lender could cause problems.

I believe it was here in the foreclosure forum that I read that...might want to search and see. I'm not saying don't do it, but just know what you're getting into if you do.

[cityish]

Thanks NoGravy, these are all free-standing appliances. They are not built in, if that's what you mean.

I mean there is a dishwasher that is built into the counter but I wouldn't take that.

I may not bother with all the appliances but I do want a good friend of mine to have the brand new washer and dryer set that have barely been used. He said he would replace them with his old junky ones so maybe no one would notice.

I don't know. I have an awful lot of free standing appliances in the house but I have no idea what they would go for on Craigslist -- maybe $50 to $100 each?? Most of them are fairly new. I'd like to get something out of the house, even if it's a pathetic few hundred dollars.

My primary lender said they want to come out an inspect the property soon as an appraisal prior to the auction, so I'm guessing we would really need to remove the appliances before they come out and inspect.

[No Gravy]

Thanks NoGravy, these are all free-standing appliances. They are not built in, if that's what you mean.

I mean there is a dishwasher that is built into the counter but I wouldn't take that.

I may not bother with all the appliances but I do want a good friend of mine to have the brand new washer and dryer set that have barely been used. He said he would replace them with his old junky ones so maybe no one would notice.

Ahhhhhh, free-standing. Should be no problem then (basing this on what I've read of the experiences of others in here). In fact, since a washer and dryer aren't normally considered part of the house, I wouldn't think selling those would be a problem at all.

I don't know. I have an awful lot of free standing appliances in the house but I have no idea what they would go for on Craigslist -- maybe $50 to $100 each?? Most of them are fairly new. I'd like to get something out of the house, even if it's a pathetic few hundred dollars.

Amen to that, right there with ya! My house is/was/has been in the middle of a major remodel when all this happened. Some projects I'll finish, because I have the materials here and it's the right thing to do. But anything additional, unless it's in my best interest (like in June when the garbage disposal died and I knew I'd be living here for at least a few more months), is going to be left undone.

I did buy all new locksets for all the doors almost a year ago (but haven't installed them). I'm taking them with me, since it would be silly to install them now, knowing the lender changes the locks anyway when they take possession.

As for prices of what things will go for on Craigslist, I'd do a search of your local CL for what you have to sell, then go with the average. At least that's what I did.

My primary lender said they want to come out an inspect the property soon as an appraisal prior to the auction, so I'm guessing we would really need to remove the appliances before they come out and inspect.

Crap....they can *do* that? Ugh. Glad you said something so I know, though my redemption period isn't up until the end of October.