Collection question?

[DYLAN150]

Bank of American said if I didn't pay them by the end of April they would turn my account over to their collections attorney. (90 days past due, credit card) Will most attorneys send a demand letter first requesting payment before filing suit?

[IHateToBeEmo]

Every case can be different, but I think you're right that the collections attorney will send a letter/call you before they file suit. We had 2 BOA credit cards that we included in our chapter 7 and we never got a summons from them before we filed. Our credit union however, that's another story!

[DYLAN150]

IhatetobeEmo: How many payments were you behind with B of A?

[shark66]

They (BOA) are weird ducks...or they have their own unique decision-making process when it comes to lawsuits...

I've known a couple of people who got sued by them at some point in the game, for reasonably small amounts (under $10K) yet they never went after my wife for more than $35K on her CC...and that one will be out of SOL by the end of May. No clue on whether they actually sold the debt, but I don't believe so. They've been silent for a couple of years at this point...

That being said, she was collection-proof all along, but that hasn't stopped others from suing her for far smaller amounts...

My experiences only.

Good luck.

[IamOld]

Every case can be different, but I think you're right that the collections attorney will send a letter/call you before they file suit. We had 2 BOA credit cards that we included in our chapter 7 and we never got a summons from them before we filed. Our credit union however, that's another story!

Emo, sorry to butt in on this thread, but you mentioned your credit union...I've had one for years, but unfortunately I have about 5K outstanding with them for credit card and overdraft protection (checking acct is closed zero balance) - I keep sending them $50/pay - atty says I'm stupid and stop - my Ch 7 isn't likely for another month or two...I haven't talked to them - and they're LOCAL - I presume they'll sue - they've already sent the letter to pay or garnishment, etc etc. will follow - problem is if they sue for the amounts separately, that can go small claims, which means they can get a court date by the end of June...so what was your experience???

[jwmc1]

No small claims with these. Small claims is voluntary. They can sue is circuit court, and they o.

[jwmc1]

Bank of American said if I didn't pay them by the end of April they would turn my account over to their collections attorney. (90 days past due, credit card) Will most attorneys send a demand letter first requesting payment before filing suit?

What are your plans? Yes, eventually someone will sue you. Are you filing or not? Makes no send to wait unless you have some other plan for settlement, etc.

[DYLAN150]

jwmc1: I sent out a settlement offer to all my creditors about 3 weeks ago. I just don't think it's going to happen. They all want me to call them. If I did file it would be a chapter 13. Don't think that is going to happen either. So what's going to happen, mostly likely a few lawsuits and judgments. All they can do is put a lien on my property. BTW, house values here are steadily going down. I am just going to kind of wait and see.

[holycowe]

Dylan, both of us (me and wife) will file 13 in a couple mos. One of the creditors already filed a complant with the court. Awaiting the summon now. We're trying to hide as long as we can. Will try our best to avoid the judgments.

[catleg]

BofA in my experience was the least likely to file suit.
We never got sued by them.
You're probably at the point where collections turns into recovery.
You know, like a plane crash.
First they try to rescue the survivors (ha), then they start counting bodies.
Oh sorry, the original question.
Attorneys will always send you a demand letter. Always. Normally 30 days before filing a complaint (civil suit).
Which you can respond (promptly) with a FDCPA validation letter to slow them down a little bit.
Since attorneys are always third parties (except Chase which uses in house counsel).

[DYLAN150]

Catleg: I mean, I am not fooling myself, I know those lawsuits will be coming follow by judgments. The two easy things that they go after is bank accounts and wages to garnish, I have neither. Car next, well it's a lease. Household goods, I am under the state exemption. They will be able to call me in for those debtors exams. But they don 't do many of those here.

[GoingDown]

BofA in my experience was the least likely to file suit.
We never got sued by them.
You're probably at the point where collections turns into recovery.
You know, like a plane crash.
First they try to rescue the survivors (ha), then they start counting bodies.
Oh sorry, the original question.
Attorneys will always send you a demand letter. Always. Normally 30 days before filing a complaint (civil suit).
Which you can respond (promptly) with a FDCPA validation letter to slow them down a little bit.
Since attorneys are always third parties (except Chase which uses in house counsel).

This made me laugh.


Yes, at a certain point, usually charge off, but sometimes even before charge off, the original creditors start to figure out that their normal collections routine is simply not working, and it is at that point that they reach a crossroads. Some choose to sue. Some choose to punt it to aggressive outside collection agencies (often with scary sounding names and with attorneys attached to their names eventhough they rarely sue), and sometimes they give up and just sell the debt to a junk debt buyer.

When my debts reached this crossroads I noticed a large amount of hard and soft pulls of my credit reports, and some very scary letters sent my way. I sent them DV letters and C&D letters that also contained my "Judgment Proof" status, letting them know that they would never get a penny from me, even if they got a judgment against me. None of those particular creditors ever bothered to sue me. I think when their staff attorney received the letter he saw that I was going to fight them with the FDCPA which shuts down their easiest method of debt collection-- PHONE CALLS-- and he saw that I was claiming to be insolvent with no assets to take, no wages to garnish, and no checking account to seize. He saw that he was in for an uphill fight all the way with no payday in sight, and didn't want to bother with it. So they sold the debts off to junk debt buyers and I repeated the process with them.

The one and only creditor (CrapOne) who actually sued me only waited 3 months after my initial missed payment, and without any real scary warning, filed a lawsuit against me in the state where they were based-- Virginia-- not where I lived-- Arizona. And it was over a credit card with a $300 credit limit! I couldn't believe it! They then called me and threatened to take things that I never even owned, like my boat, my house, etc. I've never even owned a boat. My home is rented. I laughed at them and then they screamed at me. Years later they sent out a deceptively happy and cheery credit card application saying I was pre-approved for a $25 limit above the past due balance on my old credit card, and all I had to do was sign the application reaffirming the old debt and they would send out my shiny new credit card. I wonder if anyone actually falls for such tactics?

[DYLAN150]

GoingDown : That's funny! Yes, they can take my boat to. Plus my RV, jet ski, Rolex, Condo in Maui etc etc.

[discombob1]

FWIW, I owed the most to BoA and they never sued. Chase was the one that jumped on lawsuits... but that was after two years. Also, I was unemployed for about a year of that time so maybe they knew I was not collectible. But BoA never sued, I was shocked.

[DYLAN150]

Discomb: may I ask how much you owed to them? I owe BOA 14K and 16K.