Calm Before The Storm?

[alorth]

Life is going on as "normal" for me. I haven't paid a CC since September 2010. 5 credit cards for a total of about $40k. My ringers are off on my home phones. No messages are being left, though I can tell that calls are indeed coming 3-4 times per day from some numbers. They have my cell # too, and I have a call blocker on there that works exceedingly well, but also logs the calls, and many are coming in.

Most of the calls are from Discover, by far. I have no Chase or Citi accounts. PNC Bank is actively trying to reach me. Cap One? Haven't heard much from them. Nothing from Emerge. Actually, a GE Retail Credit Acct which was under 1k...my lowest balance, has been almost as active as Discover. But when I say I'm getting calls, or that they're "being active", its like I said, I don't actually HEAR them, and I don't speak with them. The only way I know they're happening is by checking the Caller ID and call logs.

No mail as of yet. Actually, check that...I DID get a letter from a lawyer referencing the GE Retail Credit Acct. Maybe that's been turned over?

I have had settlement offers on 2 accts. Discover offered to settle at 3 payments of roughly $3500, for a total of roughly $10,500. Outstanding Balance is over $16k. I saw this offer when I logged into the website to check my account status, which of course has now been closed to charging. But I haven't charged anything on it since before I stopped making payments anyway. Wish I could take the settlement...IF I had that type of money, though, I'D BE PAYING THEM!!!

The other offer was that GE Retail Credit Acct. They offered roughly $450 on an outstanding balance of just over $600. Still don't have it. Both Discover and GE's balances are much higher now due to the late fees and interest accruing. Both said that if the offers were accepted, my credit report would read Paid As Agreed for Less Than Full Balance. And of course I would owe income tax on the "forgiven" sum.

Oh well. So my first 2 offers. Nothing great. No summons yet. I'm just wondering when and if. Still unemployed and looking for work, but its the same ol' same ol' for over 6 months now. Not collecting unemployment, though, so no income at all myself. Only from the spouse to keep the household going.

Not actually HEARING or dealing with the calls is nice, but almost provides a false sense of security. I know something will happen eventually, but when?

Yet, I almost feel like I don't care. I have no checking acct. House is not in my name. I have no assets. The most out of a paycheck that can be garnished is what? 25%? Not gonna end up in jail for this. It is what it is.

We are going to eventually file a 13 together, and have even put down a $500 retainer on an atty. But we're on hold for now. I wonder what will happen with the tax return?

The spouse has just started the whole "stop paying the CCs and timeshare" plan this month. But being that she is employed, I wonder if the CC's will be much more aggressive and quick in trying to collect from her? Guess time will tell. Should be an interesting next 6 months.

[DYLAN150]

Are you saying you have only received one letter since being late?

[DYLAN150]

Also just wondering if you take any of the calls? Do you the creditors call your neighbors or relatives?

[flyinbroke]

GE Money usually will try at least one collection agency, and when they get nowhere they turn it over to Zwicker, who will sue. However they will violate FDCPA and state laws early and often if you know your rights. I have two accounts I had to go bust on with them. They went to CAs who violated...one settled out of court. THe other is in court right now with me as plaintiff. I used the arbitration clause against them, as neither offered to settle, and both hired Zwicker who is sue happy. They did not like that at all, as it will cost them more than what is actually owed in their bid to collect.

Discover sues relatively quickly, from what I have read. I don't have any with them so can't really help there.

[ooCHAOSoo]

Capital One calls me 4-5 times a day. It's a recording that says, "Hi, this is Linda. Capital One has some great offers for you. Call us at xxx-xxx-xxxx." Each of my credit cards (we have 5), call at least 2 times per day, if not more. Besides Capital One, they don't leave messages. They haven't called any relatives yet. I've received a letter from each stating that they want to help me and to call them so we can discuss different programs. I am paying what I can afford to pay (showing good faith) so I haven't totally stopped paying. I've only spoken with one of my accounts. They offered 0% financing for 5 years to pay off our account. I wish I could do it b/c it's a good deal but we still don't have it at this point.

[shark66]

I've only spoken with one of my accounts. They offered 0% financing for 5 years to pay off our account. I wish I could do it b/c it's a good deal but we still don't have it at this point.

That's not anything to rave about IMO. Filing a Ch 13. will do exactly that with ALL of your unsecured debt. Five years with no interest, in the very worst of circumstances.

Why are you still paying anyone anything - not that it's any of my business, but curiosity is killing this old cat...

Good luck.

[albacore44]

Capital One calls me 4-5 times a day. It's a recording that says, "Hi, this is Linda. Capital One has some great offers for you. .

Ahhhh......Hot Linda is still hard at work

[GoingDown]

ahhhh......hot linda is still hard at work

lol!

[alorth]

Are you saying you have only received one letter since being late?

Yes...its true. Only one, from the "lawyer", really a collection agency, working with GE. Not too threatening at this point.

No letters from Discover, Cap One, or Emerge. I did get a letter from PNC saying they have been trying to contact me, but nothing about collections.

[alorth]

Also just wondering if you take any of the calls? Do you the creditors call your neighbors or relatives?

I take NO CALLS. I never answer the phone. Never even hear it ring. I have not heard from any neighbors or family that they have been contacted, but even if they are, I don't really care. I am unemployed, so I don't hafta worry about them contacting my employer, and I don't care if they contact any of my ex-employers.

Its nice living a life w/o the phone ringing, to be truthful.

[alorth]

GE Money usually will try at least one collection agency, and when they get nowhere they turn it over to Zwicker, who will sue. However they will violate FDCPA and state laws early and often if you know your rights. I have two accounts I had to go bust on with them. They went to CAs who violated...one settled out of court. THe other is in court right now with me as plaintiff. I used the arbitration clause against them, as neither offered to settle, and both hired Zwicker who is sue happy. They did not like that at all, as it will cost them more than what is actually owed in their bid to collect.

Discover sues relatively quickly, from what I have read. I don't have any with them so can't really help there.

I am wondering if they do "Background Checks" to see if they will get anywhere should they sue?

Like I said, I have nothing in my name, asset-wise, and am unemployed and not collecting UI. My bank account has $50 in it. There has been less aggression than I expected. I am going on 4-5 months late now.

But its really just a waiting game until we're ready to file 13 as a family.

IF things get hairy, I can file very quickly. I have already paid the deposit on my lawyer. I'm just putting it off until after tax return time, and my wife has JUST stopped paying her cards this month, which were actually twice as much as mine, with much of it being medical.

Funny thing is I HAVE just started getting messages from "Linda" (Cap One) every day, but they are directed at my wife's account, which is only about 2-3 weeks late right now.

I'll be on the lookout for anything from this "Zwicker" name. I am not familiar with any of the CA's, or debt buyers.

With the ability and intention of going 13 whenever I really need to, I haven't given them much thought. Supposedly here in Michigan, both my wife and I have about a $11k wildcard exemption (each) so we are trying to set ourselves up for the longhaul (5 year plan), cash-wise. We hafta stop paying into the 401k, except to pay back our 2 loans. We don't have expensive jewelry or furnishings, nor much in electronics. We're gonna focus on cash for the wildcard. Lawyer says that should be fine.

[ryan]

I am wondering if they do "Background Checks" to see if they will get anywhere should they sue?

Like I said, I have nothing in my name, asset-wise, and am unemployed and not collecting UI. My bank account has $50 in it. There has been less aggression than I expected. I am going on 4-5 months late now.

Over the last year and half I've come to believe they do very little 'background checks' at all.

People with no jobs, no visible means of support, no real estate assets are routinely sued everyday. If a creditor's posture is to be aggressive about litigation they will sue anything that moves. Thats what I've seen. YMMV.

[IBroke]

Well, my mother is a homeowner. She got sued 5 times by different companies.
Over the same time, I got sued once and I have a foreclosure on file. Our debt/number of creditors was about the same. So I guess they prefer suing homeowners..

[shark66]

Over the last year and half I've come to believe they do very little 'background checks' at all.

People with no jobs, no visible means of support, no real estate assets are routinely sued everyday. If a creditor's posture is to be aggressive about litigation they will sue anything that moves. Thats what I've seen. YMMV.

This has been our experience as well...try to make sense out of this one:

My wife who is as collection-proof as humanly imaginable, was sued some two years ago on an old WaMu/Chase CC for some 11K, they got default judgment and all the other usual stuff. Started sending letters demanding payment which we laughed at.

Last year they offered her to settle the debt for 75% of the judgment. We kept mute.

This year they're offering 50%.

Next year...who cares. They've got nothing to collect upon.

Imbeciles.

[flyinbroke]

Over the last year and half I've come to believe they do very little 'background checks' at all.

People with no jobs, no visible means of support, no real estate assets are routinely sued everyday. If a creditor's posture is to be aggressive about litigation they will sue anything that moves. Thats what I've seen. YMMV.

Ah, they do. In the last nine months I have had several soft pulls on my CRs from unknown entities that turned out to be collection law firms. My CR makes it look as though I am teetering on the edge of BK (I probably am lol) and most decide I am not worth the risk and wave off.

One did a hard pull, which is impermissible. I sued them in small claims and they never showed. Should have my default judgment soon.

Zwicker is a regular for pulling my credit...they have pulled it about 5 times in the last six months. The only one who has sued has never pulled my report. I read on Bud Hibbs' site that they will sue for anyone who pays their 20 percent retainer upfront without checking.