Really concerned now... Capital One Loan

[Ann]

I got a call from Capital One on a personal loan.... I'm now 99 days past due... they said if I go over 120 days I will be turned over to a collection agency. What are my chances of being sued before I file for bankruptcy? I'm planning on filing sometime in December or January. Has anyone had business with them and they got sued? Please reply

[treehugger1]

There have been very few comments related to lawsuits by C1 on this board that I know of. I think that C1 is likely to ride the account up to the statute of limitations in a state. The interest keeps accruing and if they can get a suit in the future, they also receive the accrued interest if they can collect. I don't think this is such a bad business model. If someone is going to file a BK, then this model probably saves C1 on collection costs, etc.

They will eventually send you to collections, especially on a credit card. But form what I have seen they generally assign the debt to collections and don't sell it to a CA or JDB. If you are thinking December, then it is "possible" they will not authorize a suit. There is no way to tell for certain. I would guess that it is unlikely they would sue prior to charge-off (180 days since last payment.)

[forgotten]

I am 125 days past due with Capital One, so far they just called 5 times day from different numbers without leaving messages.

I already filed CH13, but they are too clueless to have realized it. I'm not going to fill them in until the day after the last day for objections.

If you are just stalling until you file wait until to goes to collections and send a DV letter. You should have at LEAST a few months after it goes to collections before they will think of fileing anything. After that, you can answer the lawsuit to prevent them from getting a default judgement and stall at least a few more months before it goes to court.

IMO, the chances of them fileing anything before December/January are very slim anyway.

[Ann]

Sorry to seem ignorant here but what is a "DV Letter"?

[catleg]

Believe it or not, I told Cap One I was planning to file BK but hadn't picked out a lawyer yet, and they put all my accounts into some kind of BK pending status and never bothered me since, it's been 3 or 4 months. Worth a try.

[All Cash]

Cap One will sue you. I'm living proof. After 6 months, they sent me to a collection agency/attorney in my area.

[albacore44]

Chances are you will just continue to get a daily 12 second call from Hot Linda until you file

[forgotten]

Cap One will sue you. I'm living proof. After 6 months, they sent me to a collection agency/attorney in my area.

Did they sue you? If not, you are living proof they try and collect.
I have been sent to lots of attorneys acting as collection agencies, years past with nothing more than a few letters.

[catleg]

Cap One will sue you. I'm living proof. After 6 months, they sent me to a collection agency/attorney in my area.

OMG you live in Delaware, the belly of the beast. I'm surprised they didn't come beat you up.

[frmrdwn]

Cap One will sue you. I'm living proof. After 6 months, they sent me to a collection agency/attorney in my area.

I wonder too, All Cash. Did they sue you? Get a judgement? One of the most stupid things I ever did was get a personal loan through Cap 1 and I stopped paying last month. I swear, they call every 30 minutes.

[splinter]

Ann, it's likely you'll make it to January without Cap1 filing on you. I defaulted on 3 Cap1 CCs from around the middle of 2006. The two that were under 1k were eventually sold to LVNV. I haven't heard a peep from them, but they show up on my credit report. The account I was sued for ended up with a judgment of 5.6k. I made my last payment in 2006, but the court papers say the debt is from 2007. So they appear to be going by the charge off date. My restaurant tab for eating at Cap1 is 3.4k original debt, 2k interest at 28% and over $200 in costs (court and service). Interesting to note the process server got only $47 to commit perjury by saying he served me. He sold out cheap. And the attorney fees are listed at 0. They must have some contingency deal worked out. I also just noticed I didn't get credit for my $200 deposit. This was a secured credit card from 1995. So, yeah, I got hosed.

The timeline for the suit: They say I defaulted in 2007 (but I made my last payment in 2006). Middle of Dec 2008 they filed suit. Middle of Jan 2009 they claimed I was served (they didn't do a proper service). Beginning of June 2009 was the main hearing. Four days later the court entered a default judgment against me. So the entire suit took six months without my doing anything to delay the case. I'm guessing the main court hearing may have been purposely scheduled for months later to shake out anyone who might file BK in response to the suit. Or, it's possible the court calendar was just really backed up? Who know?

Based on my experience, you have a lot of time, before they can get a judgment. From the time they say I defaulted, it took several years. And if you're concerned about how soon they may file on you, I'd say it's unlikely within your time frame. And I don't think you have to do anything to delay this. The consensus on this board is to take collection calls, then DV and then C&D them. But in my case, I never took any collection calls or sent any DVs or C&Ds, and it's taken this long for Cap1 to get a judgment. But even if they file on you or get a judgment before you're ready, there's no huge downside to any of this. And remember, what you went through to get to this point is worse than anything Cap1 can do to you. You'll be fine.

[Ann]

Ann, it's likely you'll make it to January without Cap1 filing on you. I defaulted on 3 Cap1 CCs from around the middle of 2006. The two that were under 1k were eventually sold to LVNV. I haven't heard a peep from them, but they show up on my credit report. The account I was sued for ended up with a judgment of 5.6k. I made my last payment in 2006, but the court papers say the debt is from 2007. So they appear to be going by the charge off date. My restaurant tab for eating at Cap1 is 3.4k original debt, 2k interest at 28% and over $200 in costs (court and service). Interesting to note the process server got only $47 to commit perjury by saying he served me. He sold out cheap. And the attorney fees are listed at 0. They must have some contingency deal worked out. I also just noticed I didn't get credit for my $200 deposit. This was a secured credit card from 1995. So, yeah, I got hosed.

The timeline for the suit: They say I defaulted in 2007 (but I made my last payment in 2006). Middle of Dec 2008 they filed suit. Middle of Jan 2009 they claimed I was served (they didn't do a proper service). Beginning of June 2009 was the main hearing. Four days later the court entered a default judgment against me. So the entire suit took six months without my doing anything to delay the case. I'm guessing the main court hearing may have been purposely scheduled for months later to shake out anyone who might file BK in response to the suit. Or, it's possible the court calendar was just really backed up? Who know?

Based on my experience, you have a lot of time, before they can get a judgment. From the time they say I defaulted, it took several years. And if you're concerned about how soon they may file on you, I'd say it's unlikely within your time frame. And I don't think you have to do anything to delay this. The consensus on this board is to take collection calls, then DV and then C&D them. But in my case, I never took any collection calls or sent any DVs or C&Ds, and it's taken this long for Cap1 to get a judgment. But even if they file on you or get a judgment before you're ready, there's no huge downside to any of this. And remember, what you went through to get to this point is worse than anything Cap1 can do to you. You'll be fine.

Thanks a lot for your input but what the heck is a DV and C&D???