Over 90 days late with Capital One

[Ann]

Today I received a priority letter from Capital One saying that they are going to sell my debt to a 3rd party and that they will (the 3rd party)most likely take legal action against me. Now I'm getting scared. I want to wait to file in December but not so sure now. Any advice here? Anyone get a letter similar to this one?

[albacore44]

got a similar letter saturday. i'm passing 150 days. dont sweat it. they have not even sent you to NCO yet, that will give you additional time and you can have fun with them.

[Ann]

Every couple days you post that you got a letter or phone call or something and it is all a crisis and your scared, I understand this. But it all comes down to the same thing. Your only four months away from when you want to file. What is the problem? So they are threatening you with selling your debt and telling you what a third party MAY do. Whats new?

Again, like with everything else until you get a definitive summons or pre-litigation questionnaire nothing of any significance is really happening. As you have been told and read, you simply DV them to buy more time.

I can understand your concerns, but it is all the same. Unless your going to pay them or move up your filing date you can't change what (if anything) is going to happen.

In this case it is rather good news, meaning it is going to take more time. They (Crap1) had to have set a date in your letter that if you don't pay by ____ this will happen? So now you know how much more time you have and now you know that Crap1 is not going to sue you. So when you get your collection letter from the new place that bought your debt you just DV them to buy more time. It is going to take them at least 60-90 days for anything to happen, Crap1 needs to sell the debt, the new place needs to notify you, you can DV them and then wait for an answer.

Just relax a bit, your so close to filing that nothing is going to happen and if it does worst case is you get a judgment and then get it vacated when you file. Look even if you get sued today, you could make a case with the court to extend out your trial date since your going to file BK. Most courts are more than willing to do a continuance of your case to give you an extra 30-90 days to file. They don't want to waste the courts time on this crap to have you turn around and file BK right before, during or after a case is heard. So most judges are inclined and willing to give you an extension to file BK so they can dismiss the case.

Even if you got sued today, it would still take well over a month for them to get a garnishment in order or longer if you let them get a default judgment and they don't know where you work. If you know, they know where you work, then you answer the summons and see if you can get a trial and then wait for maybe six month for a trial or ask the court to extend your date to allow your time to file BK and you can do this with a stipulated judgment. Meaning if you ask for an extension for say 120 days to file BK and at the end of the 120 days you don't file or comply then the plaintiff gets a judgment without going to trial. Judges love these type of deals since there is no case to hear.

So there are a lot of options when it gets to that point. So lets just wait till something of significance happens before you start freaking out.

Also, if your going to file in December do you have an attorney yet?

Thanks Big Boy for your input. I know I come across as a very wimpy person and truth is I feel that way. Scared? Yes. But I do appreciate your input for giving it to me straight. That is why I come here because I value all who take the time to advise me! Thanks! I feel a LITTLE more at ease!

[catleg]

Today I received a priority letter from Capital One saying that they are going to sell my debt to a 3rd party and that they will (the 3rd party)most likely take legal action against me. Now I'm getting scared. I want to wait to file in December but not so sure now. Any advice here? Anyone get a letter similar to this one?

That's kind of an interesting letter to get. Essentially Cap One is saying, we have decided it's not worth suing you , so we're going to offload this paper on some law firm for pennies on the dollar so they can sue you? I would love to see the seeds of a defense in that. Just seems so wrong.

I've been watching reruns of the show "Tudors" on DVD lately (my wife). It's pretty funny to see the workings of the court system back then. Basically, King Henry doesn't like somebody, he arrests that guy, picks a jury to convict him, tells them the charges, and what the verdict should be, and after a show of a trial, the guy gets his head lopped off. Courts really haven't changed all that much in 500 years have they? Except maybe, you get marginally more justice as a criminal defendant than as a debtor.