I defaulted on over $2000 in Chase Visa debt over 7 years ago, and so far, they have not sued me. They threatened to sue, but they didn't follow through with it. The debt has since been charged off, sold to a junk debt buyer, and passed around to about 5 or 6 different collection agencies, some of them local, but none of them ever sued me. The debt is now past the statute of limitations for Arizona, so if they ever do sue me, I will fight them in court and win.
I told them in writing that I was judgment proof and I explained exactly how I was judgment proof, and I think that made them think twice about wasting money on a lawsuit against me. They probably did an asset search over the internet and found out that I was telling them the truth, and figured that I wasn't worth wasting their money and their time over.
From my experience, most of the people who get sued do the following things wrong... they talk to the debt collector on the phone, make payment arrangements with the debt collector, and even pay some of the debt back through these payment arrangements (this lets them know that the debtor is easily scared into voluntarily paying them back and either has something significant to lose or has a large income stream which can be tapped by a judgment), and they either have some assets such as real estate (which can easily be found as a mortgage on a credit report or by simply doing a search on the county assessor's website where they live) or the debt collector somehow found their employer. These things make you a prime target for a lawsuit because the debt collector knows they are likely to get paid.
When they run into someone who won't talk to them on the phone, someone who sends them a cease and desist communications letter in the mail, someone who has no easily verifyiable assets, no easily found employer (someone who is self-employed or who works at temp jobs), they know they are in for a big fight and will probably never get paid, so most of them don't waste their money or their time against such debtors.
I told them in writing that I was judgment proof and I explained exactly how I was judgment proof, and I think that made them think twice about wasting money on a lawsuit against me. They probably did an asset search over the internet and found out that I was telling them the truth, and figured that I wasn't worth wasting their money and their time over.
From my experience, most of the people who get sued do the following things wrong... they talk to the debt collector on the phone, make payment arrangements with the debt collector, and even pay some of the debt back through these payment arrangements (this lets them know that the debtor is easily scared into voluntarily paying them back and either has something significant to lose or has a large income stream which can be tapped by a judgment), and they either have some assets such as real estate (which can easily be found as a mortgage on a credit report or by simply doing a search on the county assessor's website where they live) or the debt collector somehow found their employer. These things make you a prime target for a lawsuit because the debt collector knows they are likely to get paid.
When they run into someone who won't talk to them on the phone, someone who sends them a cease and desist communications letter in the mail, someone who has no easily verifyiable assets, no easily found employer (someone who is self-employed or who works at temp jobs), they know they are in for a big fight and will probably never get paid, so most of them don't waste their money or their time against such debtors.
...but as for the savings/checking...I hear everyone say it...we are trying to do it now. (no savings account any longer) but how do you make house payments? I'm think one month we'll make our payment and it won't be in the account.
Comment