Credit card debt question?

[SadPanda]

Some of mine were over two years unpaid (before I filed) and I was never sued. I don't know if that's because I'm self-employed or if I was just lucky. I think I read another post here from someone who wasn't sued after four years of nonpayment. But some people are sued a lot sooner.

[josephga]

mine will be 3 years in october of non payment. I went 18 months of no contact b4 getting a letter in july and again. in august. they have offered to settle mine for 9500.00 of the almost 24.000. but want it all in 1 payment. yesterday I mailed out a certified letter too them asking to validate the debit. I'm going to set and wait and see what happens. if they do mail me back validating the debit. I'm going too offer them 25% take it or leave it with the understanding they have 30 days to accept or i'll assume its a no and will be filling

[GoingDown]

Some of mine were over two years unpaid (before I filed) and I was never sued. I don't know if that's because I'm self-employed or if I was just lucky. I think I read another post here from someone who wasn't sued after four years of nonpayment. But some people are sued a lot sooner.

My guess is that being self-employed had a lot to do with it.

From what I have read on debt collector forums, trying to get a judgment paid by someone who is self-employed is a nightmare for them. They have little interest in spending the time, effort, and money going after someone who is self-employed.

[GoingDown]

About a year ago, I also started sending a note stating that I have no assets and a permanent wage garnishment for student loans. I even sent this information a month ago to a local attorney who was obviously fishing for "risk" if he sued me. He quickly backed off when he realized I had no real assets and he could be in line for decades for wage garnishment.

I am now at the 4.5 - 5 year mark for my state's 6-year SOL on my debts. As a result, I have seen a slightly renewed interest in collections. This is especially true of accounts closing in on the SOL date. I can actually promise anything I want to over the phone in Oregon, but unless I make a payment or sign a letter of agreement, I can say anything I want and the SOL will not reset.

Everyone needs to study their own state's SOL laws.

As always, SOL is only a defense. It does not stop a potential lawsuit from occurring. This is why I believe it is often in your favor to suggest you are somewhat knowledgeable about the laws of your state when responding to a debt collector, including attorney collection firms.

I have found this to be true in similar situations.

[bcohen]

Some of mine were over two years unpaid (before I filed) and I was never sued. I don't know if that's because I'm self-employed or if I was just lucky. I think I read another post here from someone who wasn't sued after four years of nonpayment. But some people are sued a lot sooner.

I think the people who get sued quickly fall into 3 categories: those who own real estate (regardless of whether it's "underwater" or not), those who have verifiable employment, and those who keep paying some creditors while defaulting on others. If you rent your home, don't have a valid employer listed in your credit report(s), and quit paying all your debts, your chances of being sued go down. That has been my experience, as well as the experience of one of my friends who quit paying everything at around the same time I did. He even let a car be repo'd, which was way "underwater" and 3 years later still no lawsuit.

I remember back in January of 2010--a few months after all my debts charged off--a local attorney sent a threatening letter implying his intent to sue. I responded back with a FDCPA dispute letter, and amazingly he sent the required validation, but then started sending settlement letters, which I ignored. He never sued, and the account has since been sold and shuffled to various other JDB's, collection agencies, and law firms, none of which sued. Perhaps the fact that the attorney is less than a mile away, and knows I live in a neighborhood where most of the people are poor and on welfare changed his mind!

[GoingDown]

I think the people who get sued quickly fall into 3 categories: those who own real estate (regardless of whether it's "underwater" or not), those who have verifiable employment, and those who keep paying some creditors while defaulting on others. If you rent your home, don't have a valid employer listed in your credit report(s), and quit paying all your debts, your chances of being sued go down.

Very nice summary! It seems that this is mainly what they look for when they try to decide whether or not you are worth suing.

[rta]

I fit bcohen's description. Unfortunately, I got sued 9 months after defaulting on one particular alleged account. OC has been informed of my collection-proof status but is rabidly pursuing this case. I've demanded all kinds of discovery and have served court orders for further discovery responses, and they have sent rent-a-lawyers to represent them in court. They must have spent at least as much on litigation as the amount they're asking for.

Go figure. Maybe they think I have secret wealth somewhere. Or perhaps they're hopeful that I'll get my life back and start working again, despite age and disability issues.

Well, there's the noo-ku-lar option: BK!