VelocityHelp

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About VelocityHelp

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    Georgia
  1. Hi all. I'm in North Georgia and I've read in this forum a ton of folks being sued by Velocity, in care of Lending Club. But, with the goings on of things lately (in the wake of the pandemic, I feel as though they're pursuing this more aggressively than they normally would) I feel like I'm in need of advice. In 2015, I stupidly took out a $20k loan. I bet my future earnings on the ability to timely pay off this loan. I lost my job in April 2016, and made my April, May, June, and July payments. I was financially unable to make a single payment after that. To add salt in the wound, I was unable to find meaningful work; I was making 1/4 of what I was making for nearly a year. I racked up a TON of credit card debt, where I was finally able to start servicing it in early 2019. I was working the snowball method of paying off debt. I paid off 2 credit cards, in the process of paying off the third, and get laid off in March 2020. Side note: I paid off $22,000 of debt (car + Credit Cards) in 2019. I knew I still owe money from Lending Club, but I wanted to "get my house in order" with paying off my CC and car debt first. It's now October 10, 2020, and I'm STILL trying to find work. All the money I'm bringing in from unemployment doesn't even cover my rent (Unemployment: $306 Net per week/ Rent: $1468/month. I was fully able to pay this rent + aggressively pay off debt when I was gainfully employed). Now the legal stuff. On October 1st, I was served by the county magistrate papers that Velocity is planning to take me to court; it was a standard "You have 30 days to reply, etc." That's not all. Because of when I was unemployed in 2016, I wanted to have a decent amount in savings just in case of emergency. I currently have about $11,000 in savings/checking. I've only burned through about $3,000 thanks to major cuts in spending. I owe Lending Club about $18,000. I'm absolutely frightened that they will try to take this money from me which will literally leave me homeless. I have a family: A 5 year old son, a 2-month old son in the NICu (he's a preemie). I will fight to the death to make sure they're taken care of. Should I seek legal counsel? I HATE HATE HATE the thought of bankruptcy since I want to buy a home in the next 5-ish years. I strongly think they were able to see the money in my account and think they can get their hands on my savings. I'm also assuming that revenue for these debt collectors has been sluggish given the economic times, hence the aggressive nature of these guys.