Passing on experience-timeline collections

[IamOld]

I'd like to pass on my experiences with collections/lawsuit that has happened with me (us) thus far...

Anyway - I hope this helps some other folks - as Frogger would say, though, your mileage may vary!

HSBC unsecured loan - last payment early summer 2010 - suit in Feb - headed off at the pass by the 13 - so that was...oh - four months before HSBC put the loan out to their...ehem...law firm, and three more months for them to file suit. That was AFTER the "law firm" told me that my payments were acceptable...so this roughly 8 months after last payment.


I am about 6-9 months from last pay for everything else - phone calls pretty much died down...Zwicker and Farbus still calling...but I would expect to be sued soon...

So overall, I'd add that 6-8 months seems to have to pass by before one is sued....

Just FYI for the group.

[Freddy03]

I'd like to pass on my experiences with collections/lawsuit that has happened with me (us) thus far...

Anyway - I hope this helps some other folks - as Frogger would say, though, your mileage may vary!

HSBC unsecured loan - last payment early summer 2010 - suit in Feb - headed off at the pass by the 13 - so that was...oh - four months before HSBC put the loan out to their...ehem...law firm, and three more months for them to file suit. That was AFTER the "law firm" told me that my payments were acceptable...so this roughly 8 months after last payment.


I am about 6-9 months from last pay for everything else - phone calls pretty much died down...Zwicker and Farbus still calling...but I would expect to be sued soon...

So overall, I'd add that 6-8 months seems to have to pass by before one is sued....

Just FYI for the group.

HSBC - unsecured loan got me too! Quick! I was sued after 6 months of non payment and 2 months of partial payments paid per their agreement. I think they do these partial payments to see if you have any money then bam they sue you.

[IamOld]

HSBC - unsecured loan got me too! Quick! I was sued after 6 months of non payment and 2 months of partial payments paid per their agreement. I think they do these partial payments to see if you have any money then bam they sue you.

Freddy we need to meet and share one day!!!! Not only that, but I actually gave them two payments by phone in the 11th hour, and they decided to not take the $$ - first they said because the funds were returned/NSF (lie, because it never even hit my bank) then because they said the person didn't have the authority to take such payments. AND!!! guess what - it JUST now was charged off....

[GoingDown]

Wow! What a different experience I had with HSBC. I had a credit card from them, and unlike most of the other credit card companies, they never sold the debt to a junk debt buyer. Instead they used a lot of different third party collection agencies for about 2 years after I stopped paying them. Then they fell silent. Years passed with nary a word from them. Then suddenly I received a 1099-C form in the mail from them for the full amount of the debt plus interest. Never heard another word from them. Never sued me. Never sold the debt to a junk debt buyer.

I think they must have some way of knowing that a lawsuit against me would be worthless, but still I wonder why they never bothered to sell the debt to a junk debt buyer before the 1099-C form was filed? I mean a few pennies on the dollar for the charged off debt is still better than nothing.

[Freddy03]

Wow! What a different experience I had with HSBC. I had a credit card from them, and unlike most of the other credit card companies, they never sold the debt to a junk debt buyer. Instead they used a lot of different third party collection agencies for about 2 years after I stopped paying them. Then they fell silent. Years passed with nary a word from them. Then suddenly I received a 1099-C form in the mail from them for the full amount of the debt plus interest. Never heard another word from them. Never sued me. Never sold the debt to a junk debt buyer.

I think they must have some way of knowing that a lawsuit against me would be worthless, but still I wonder why they never bothered to sell the debt to a junk debt buyer before the 1099-C form was filed? I mean a few pennies on the dollar for the charged off debt is still better than nothing.

I too had HSBC credit cards that went into default and they never sold to JDB or filed suit. The one that did was an unsecured loan. I think they sue fast.

All 3 of my lawsuits were from original creditors. Out of all my credit cards that I stopped paying on only one was actually sold. It was a $200 Lowes balance sold to one of the larger JDBs. I think it's common now they are holding onto the debts longer.

[bcohen]

I have 2 charged-off credit cards, a charged-off cellphone account, a charged-off overdrawn bank account, and several defaulted medical bills. I quit paying on all my unsecured debts back in March of 2009, except for the cellphone which I quit paying on in August of 2008 due to high over-minutes charges that they wouldn't help me with.

Of these debts, my Citibank Mastercard (approx. 26 k), cellphone account (approx. $600), and overdrawn bank account (approx. $150) were sold to JDB's within the past year. My other debts, including a Discover card of approx. $7 k are still with the OC's.

Every month, I got letters from a string of different law firms regarding the Discover and Citibank debts, however no lawsuit has been filed yet. Each month, at least 2 or 3 collection agencies/law firms/JDB's do hard pulls on my credit, giving the "permissible purpose" of "collections". Since my credit report shows that I am not employed and do not have any attachable assets, I suspect that the creditors are waiting to see some "sign of life" such as an employer pulling my credit before they pounce with a lawsuit. When that happens, of course, I'll file BK.

[IamOld]

Freddy and bcohen - thus far my experience is similar...HSBC with the unsecured loan sued after about 8 months, court date would have been about 9 or 10 months after last payment - BUT there was the wrinkle of the payment they were supposed to take from me but didn't, payments made to their "law firm" so...I'd say 6 months would be more "safe."

I expect that my local credit union is getting real real close...

HSBC either sold or transferred my 3 small credit cards with them to various outfits - Nelson, IC Systems, etc.

Zwicker and Forbus are two Target cards respectively - all of the above call most days a few times...