What To Say Or Not To Say, Tis The Question?

[albacore44]

Or you could do like I did. I stopped paying last Feb. I have spoken to none of them. No matter what you decide, they are gonna do what they decide to do. The important thing is make your decision, BK or Not. If its BK start your Plan so you have the best outcome. Plan, Plan, Plan

[Bell30656]

You are right PacificBlue... in my experience once I stopped ducking calls, no collector called any number other than my home phone.

Albacore, you are so right... Plan, plan, plan

[maxwellv8670]

Thank you so much for everyone's advice. I very much appreciate it. I am so scared and I am afraid I will be easily intimidated. Had even thought about using some of the lines that "DeadManCrawling" had suggested in another thread.

What if they ask me how long I have been out of work? I haven't worked since August (long story) and I have made small charges for gas and groceries since then. Nothing major. The only way I have been able to pay is with my fiance helping me and selling stuff on Craigslist and having rummage sales. It is too cold for rummage sales now and I am running out of stuff to sell.

[Bell30656]

Simple answer... Don't lie to them but don't tell them anything either. Personally, after they confirmed my identity and I informed them that I was recording the calls (most of the time I wasn't), I stuck to the mantra of: "At the present time, I am unwilling to discuss this matter with you. Please have a nice day." This was followed by a click as I hung up. If they try to talk over you, just hang up.

Nothing makes a collection agent madder than someone that takes control of the conversation. "We will..." "This must be paid..." "You have to talk to me..." "This must be handled today..." "I will note your refusal..."

Ignore them all.

[maxwellv8670]

Crap, I got my first call. BOA was due on the 17th and it is the 22nd and they have already gave me a jingle. As if I don't feel bad enough about things after I talked to the lady I felt even worse. She was totally nice yet I know that will change as time goes on.

[maxwellv8670]

Also something else the lady said this morning is "We have plans available but you have to be working before we can offer one". It was something to that effect. So my next question is this, if I take an offer in the next couple of months and decide not to file bankruptcy what happens if I default on what I agree with? Will this mean I have to stick by what I agree and won't be able to file bankruptcy? Thanks again for any advice. I would deep down like to be able to pay these 3 credit cards vs. filing bankruptcy but I don't know if I will be able to? I am so confused.

[frogger]

I did care about my reputation in this small town and didn't want the word on the streets that I was bankrupt. Some like Frogger can say not to worry about what other think but this could have been a major set back in my career and personal life. No disrespect to those of that belief but I couldn't do it that way and there are others that can't as well.

Don't get me wrong, I care about my reputation too. I'm in small town America too, and have to work and live with these people.

Proper planning can insure that you're not bankrupting on the mom & pop stores, and that most everyone in town will not be involved. The banks are getting the bk, but they made a business decision based upon collateral to issue the loan. I made the business decision to give them their collateral back.

I can't say that I'm proud that I have filed Chapter 7, but I dang sure ain't ashamed of it. A lot of people a lot smarter than I have done the same.

As to it being a setback to my personal life, it is not a setback at all. It is a learning and growing experience. I now refuse to be defined by what I have.

The only thing that really matters to me now is family. I'll take good care of them.

[maxwellv8670]

Can anyone tell me what could happen if I tell my CC people that I am thinking about filing bankruptcy? Why is it not a good idea to tell them this? Will they give me an offer quicker if I do tell them I am thinking about filing BK? Citi, called this morning but didn't leave a message and I did not get to the phone in time. Thank you so much you all have been great answering a newb's questions.

[maxwellv8670]

Also if the CC people sue me how is that to their advantage if I file BK? Can I not file BK fi they sue?

[Bell30656]

Most people that are planning to file bankruptcy are unable to do so at the present moment because they are saving up the money to pay the lawyer and fees. If a creditor knows that you are planning to file bankruptcy but won't be able to file for a couple of months they can file suit against you in the hopes of getting a summary judgment then grabbing whatever they can via seizures and or garnishments. Sure, the creditor may not get ALL their money back but they can sure put a dent in your bank account.

How badly would it suck if you were saving for the $1200 - $1500 to file when your bank account was cleaned out? What if the day of your direct deposit, your account was emptied? Guess who gets to pay the overdraft fees?

Tell these bottom feeding scum nothing. Tell them you do not want to discuss it and hang up the phone. No one can MAKE you talk about anything you don't want to talk about.

A JDB filed two lawsuits against me before I filed bankruptcy. My cases never made it to court even though one was over a year but that took effort on my part answering, filing motions, etc. I went to the courthouse and found that this particular JDB had filed over 300 lawsuits (I can't remember over what period of years.) and dang near all of them ended in the words SUMMARY JUDGMENT. These folks don't want you to file bankruptcy and they don't want you to fight the case if they do sue you. They want you to roll over.

Think your safe because you income comes from Social Security or some other protected source? Once they grab the funds, you then have to fight to get it back. That will cost you money and time. Each state is different but in Georgia we have a Writ of FiFa which can be used to show up at your home with deputies and carry off your possessions. I have a neighbor that owed a former landlord money. The landlord got a summary judgment followed by a Writ of FiFa... They took household goods and a vehicle. The former tenant had to work out payment arrangements and give up money to get their stuff back.

[JustFileSuit]

there are two types of collectors: the "in-house" guys who actually work for the lender, and the "outside" guys who are on commission. the in-house guys are on a salary (although they might be paid some extra for meeting quotas) and they typically have some restraint, as you can file complaints with consumer protection dept of your State government and then their boss gets them on the carpet. the outside guys are not so nice since if you don't pay they don't get paid. So you can expect abuse from them . the only exception to the in-house guys I have run into was a collector from MBNA, so I sued MBNA and the fracas cost MBNA about $50K but he time the dust settled (always nice).

You do not have any obligation to talk with anyone; it is YOUR phone line, and YOU are paying for it, so who are they to start using YOUR equipment to rag on you? that said, you can choose to deal with it as you like.

Given the overall environment, with waves of defaults trashing these lenders, you can recognize that any deal wherein you pay them more than about 6 cents on the dollar is going to be more than the card outfit will get when they sell off the loan to the bottom-feeders, outfits like Peninsula Recovery Services. So one gambit is to propose to settle the debt for some modest sum, say 30 cents on the dollar. Once you get to this stage (and they agree in principle, THEN you start to haggle over the terms of the payment of the 30 cents. You do this by first establishing that the 30 cents will NOT accrue any interest, and then you set up the payment protocol for the next several years. And you want all this in a written agreement without a recission clause in case of default so that when it comes up in the USBC it is only the lower agreed amount that shows up on your Schedules! And if they sell the balance to Peninsula you are STILL only on the hook for the lower 30% or 20% or 18% amount, as the agreement carries over if you have no Recission clause.

Given that in Bk they typically get zippo, you would be surprised what a 30% offer will get you.

[flyinbroke]

I offered BoA a reasonable monthly payment that would have amounted to around 50 cents on the dollar and they emphatically shot it down. Their payment plan was not much different than what I am paying now, still drew interest and the account would be closed.

That is as generous as I plan to get. Now they will be even less affordable for me...until we get to the zero payment plan.

[JustFileSuit]

that is amazing. Shows you how utterly dumb some unsecured creditors' collections departments can be. Astonishing indeed.

[maxwellv8670]

Thank you once again for the information that everyone has given. Extremely helpful. And who knows I may in the end have to file BK. Too funny flyinbroke I like the sound of that zero payment plan.

[OHBOY]

Today, CHRISTMAS EVE, phone calls have let up since 3PM EST.

The 2 'odd balls' that did call were treated to a beautiful Choir singing 'Silent Night' in German.....hope they enjoyed it...I didn't check back with them, just hung the phone up...... 'silently'.

MERRY CHRISTMAS WITH PEACE ON EARTH, and (as we sure could use it...): MAY GOD BLESS THIS COUNTRY... and it's poeple.