Something that has me puzzled: Many online debt sites and many sellers of debt settlement courses, claim that .."only 1% of debtors ever get sued".
I've seen this supposed statistic quoted over and over again. I assume it's designed to calm the shaky nerves of debtors in trouble.
Yet, when I read all these BK Forums, and Debt Consolidation Forums, its seems like a very different story.
Many here and elsewhere refer to a general timetable of creditor actions. Typically, I read that first 90 days the defaulting debtor is handled by OC customer service dept. Then next 30- 90 days debtor is put in collection dept or outside collector. Then sometimes a second collection agency....
Then many refer to next step as 'referral to attorney for legal action" . So, 6 to 9 months total, and debtor is being sued.
And when I read the forums, it does appear alot of people are being sued.
....some even faster than the above timetable. I just wonder is there any truth to this '1% are sued" and if not what percent do you think are actually sued?
I've seen this supposed statistic quoted over and over again. I assume it's designed to calm the shaky nerves of debtors in trouble.
Yet, when I read all these BK Forums, and Debt Consolidation Forums, its seems like a very different story.
Many here and elsewhere refer to a general timetable of creditor actions. Typically, I read that first 90 days the defaulting debtor is handled by OC customer service dept. Then next 30- 90 days debtor is put in collection dept or outside collector. Then sometimes a second collection agency....
Then many refer to next step as 'referral to attorney for legal action" . So, 6 to 9 months total, and debtor is being sued.
And when I read the forums, it does appear alot of people are being sued.
....some even faster than the above timetable. I just wonder is there any truth to this '1% are sued" and if not what percent do you think are actually sued?
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