Finally stopped!

[frogger]

Immediately after charge-off, they sold my debt to JDB's. This was 2 1/2 years ago when creditors could still find buyers for junk debt

The CC Companies and JDB's have a couple of problems going on. First - the going rate for bad cc debt has dropped from 4.8 cents on the dollar down to around 1.9 cents per dollar. So, if the CC Companies do sell it, their return is now almost nothing. Second - the JDB's are having huge problems getting financing to buy the junk CC debt. None of the lenders are willing to touch any junk debt.

Therefore - you have CC Companies that are working their debt more and more. Most of them use the spray and pray method of suits, hoping to get money by doing it in volume.

[pikaroth]

CCsSuck - I got the exact same letter when I missed my first BoA payment. I found that it really did upset me that I never once got a letter from them, after quite literally never, EVER missing or being late on a payment for over 13 years, stating how proud of me they were and all that fun stuff. Never. Then I miss a payment and within days, yes, days, I got the letter you just posted above. Now they're concerned about me, but it was never shown. One of my original posts is actually about THAT letter, and how that letter made me not nearly as upset about going this route as I was. The word "concerned" really, really upset me to the point of anger. I know it's a form letter, I know thousands of people get it, but that one letter was directed at me, and to claim that they are concerned just made me grin and be happy that they will never get one more dime from me.

[CCsSuck]

CCsSuck - I got the exact same letter when I missed my first BoA payment. I found that it really did upset me that I never once got a letter from them, after quite literally never, EVER missing or being late on a payment for over 13 years, stating how proud of me they were and all that fun stuff. Never. Then I miss a payment and within days, yes, days, I got the letter you just posted above. Now they're concerned about me, but it was never shown. One of my original posts is actually about THAT letter, and how that letter made me not nearly as upset about going this route as I was. The word "concerned" really, really upset me to the point of anger. I know it's a form letter, I know thousands of people get it, but that one letter was directed at me, and to claim that they are concerned just made me grin and be happy that they will never get one more dime from me.

Yeah, I totally understand. I just looked it at it, reread it, and then just kind of shook my head, lol.

[GoingDown]

It really does feel good to have that extra money. I won't go into extreme detail about my situation (I did that when I first started posting here), like you, I had never, ever missed or been late on a payment, not ever. Finally in October of last year I realized that I could simply no longer do this. It was time to admit that something needed to give. I decided on chapter 7 due to being below the median state income with no assets, etc. Not paying my first statement killed me. Again, some of my previous posts from that time will reflect that. To say I felt sick to my stomach is an understatement. Nevertheless, it got easier as the days and weeks went on, and oddly enough, just last week I finally purchased a new pair of shoes (running shoes), something I had not done in five years (really). I had enough money for Christmas gifts for friends and family, I have been able to go out to eat from time to time, see some movies every other week, etc., and still have money for rent, electric, car, insurance, phone, water, etc. True, I'm not rich, not by a long shot, but it's nice to look at my bank account and have actual money in there. I had not had that in well over a decade. My bank account quite literally averaged no more than $50 due to credit card debt alone. That's all gone now.

And to know that in about two weeks my attorney can finally (finally!) file is just an awesome feeling. If you eventually decide to go the BK route, stop paying entirely, as I'm sure you know. For me it was really scary at first, but it's gotten so much better.

This is so true! I remember when I finally reached the point where most of my hard earned money was going right back out to pay just the minimum payments on 15 different credit cards and car loans, most of them with huge balances I knew I was not going to be able to pay off, and it finally got to the point where I could no longer charge on them, they had stopped raising my credit limits. I was afraid of what would happen. But it felt so good to finally have all that money I earned available to spend on something besides credit card payments.

And now that I have no credit cards to use, I use mainly cash, and there have been times when I went shopping at the store and by the time the cashier rang up the final item, I didn't have enough cash in my pocket to pay for it all. So I had to put stuff back. It was embarassing, but also a learning lesson for me. Now I enjoy going shopping with a pre-determined amount of cash that I can afford to spend. Once all that cash is gone, that's all the spending for that day. And I don't have to worry about the bills coming and not being able to pay them. I only spend what I can afford to spend. I also find that I spend far less now than when I was buying stuff with credit cards. It has saved me thousands of dollars over the past few years.

[GoingDown]

The CC Companies and JDB's have a couple of problems going on. First - the going rate for bad cc debt has dropped from 4.8 cents on the dollar down to around 1.9 cents per dollar. So, if the CC Companies do sell it, their return is now almost nothing. Second - the JDB's are having huge problems getting financing to buy the junk CC debt. None of the lenders are willing to touch any junk debt.

Therefore - you have CC Companies that are working their debt more and more. Most of them use the spray and pray method of suits, hoping to get money by doing it in volume.

I think this explains the sudden increase in lawsuits.

I was only sued once out of 15 defaulted debts, but that was 5 years ago. Most of mine were sold off to junk debt buyers. Back then junk debt buying was being touted as the newest way to strike it rich, and well, that didn't work out for them. Junk debts are junk debts because the debtors usually can't afford to pay them back. They're worthless, especially now, and only the absolute bottom feeders are still interested in them.

[flyinbroke]

Spray and pray works. For example, Citi filed over 500 lawsuits in one court here in one month. I looked up the first 30 cases....22 of them were default judgments. Easy, no muss, no fuss.

[GoingDown]

Spray and pray works. For example, Citi filed over 500 lawsuits in one court here in one month. I looked up the first 30 cases....22 of them were default judgments. Easy, no muss, no fuss.

I still wonder how much good it will do them? I mean, the people they are coming after are broke. They can't pay the judgments.

[CCsSuck]

I still wonder how much good it will do them? I mean, the people they are coming after are broke. They can't pay the judgments.

Maybe not, but as long as they're working they can garnish their wages...

[frogger]

Spray and pray works. For example, Citi filed over 500 lawsuits in one court here in one month. I looked up the first 30 cases....22 of them were default judgments. Easy, no muss, no fuss.

Spray and pray does work for default judgments. 90+% of the time, you get the default. Collecting however, is an entirely different animal.

[flyinbroke]

Yeah but the judgment is good for 10 years and is renewable. And though they cannot pursue garnishing of wages, they can latch onto bank accounts.

Half the time, I think it is about revenge, not getting their money back. They have already recouped the money through tax writeoffs.

[CCsSuck]

And though they cannot pursue garnishing of wages, .

Depends on the state. TX is extemely debtor friendly, lol.

[flyinbroke]

TX, PA, NC and SC prohibit garnishing of wages. However, once you are paid, they are fair game as they are no longer considered wages so your bank accounts are hit.

[CCsSuck]

Well, it didn't take long! On Saturday I got my first two calls, two more on Sunday, and one this morning. I haven't answered any of them and they haven't left me any messages yet. I figure once they bother leaving me a message, I'll call them back and see if they are willing to play ball. If not, well, you know, lol.

[flyinbroke]

Of my two BoAs: they went with one CA for both, they violated massively and I sicced an atty on them. They settled before we sued.

BoA went radio silent for a spell, then hired an NCO subsidiary to collect for one account. I sent a VoD letter electing arbitration and telling them to stop calling my landlord and any other number they have. They sent back a letter offering to settle for 70 percent (a violation, since they never validated.) I sent them a letter back saying they never validated in 30 days (TX law) so they cannot collect as TX recognizes the debt as invalid if not validated.

The other BoA, which has been dormant for 5 years, went to a sue happy atty. I sent him a VoD back in November and never heard a thing. So the debt is invalid per TX law. I had also elected arbitration with this account too. Since I know this atty will validate and sue, it tells me BoA did not have the goods to back up this account.

[MarieT]

Of my two BoAs: they went with one CA for both, they violated massively and I sicced an atty on them. They settled before we sued.

BoA went radio silent for a spell, then hired an NCO subsidiary to collect for one account. I sent a VoD letter electing arbitration and telling them to stop calling my landlord and any other number they have. They sent back a letter offering to settle for 70 percent (a violation, since they never validated.) I sent them a letter back saying they never validated in 30 days (TX law) so they cannot collect as TX recognizes the debt as invalid if not validated.

The other BoA, which has been dormant for 5 years, went to a sue happy atty. I sent him a VoD back in November and never heard a thing. So the debt is invalid per TX law. I had also elected arbitration with this account too. Since I know this atty will validate and sue, it tells me BoA did not have the goods to back up this account.

What "goods" do they actually have to have to back up the account? I am wondering because I have a Chase account that was WAMU before Chase bought WAMU and I was already served and I answered it and now the court date is set for March 25th.