scarab

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scarab last won the day on November 15 2016

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  1. This is a valid point. In my OP, I mentioned that the atty I spoke with said this is a viable option. I am considering it.
  2. Thank you for this. I'm happy to call a truce. Yes, you've stated the facts as I see them. M has already promised me that they will not borrow any more money. I told M that if they need money for medical or something, to let me know. Now that I know any money I give to M could be seized (non exempt funds), I will just have M send me any bills they need paid, and I will do it directly with the biller.
  3. 1) I agree that M was/is incapable of knowing his/her own limits. I'd like to know why you think this scenario is unlikely. Your statement: "there is no way BoA opened a $33k credit line on this person.  Your scenario (which is highly unlikely for a variety of reasons) doesn't controvert that." is not backed up by anything. Back in the days when I used a lot more credit cards, I noticed they kept increasing my limits everytime I paid more than the minimum. I don't see why its so hard to believe the same thing happened with M. Should M have stopped? Yes of course they should have. Unfort
  4. New info: I just received another letter forwarded from M: This letter is from Gurstel Law Firm out of Scottsdale AZ, and is a demand to collect on one of the other BofA debts. $8 to 9K for this one. So this explains why More Law Group is not asking about the other 2 credit cards. It appears that BofA is using at least 2 (and my guess, 3) law firms.
  5. I wish we could have stepped in years ago. M absolutely flat-out refused to let me know their financial situation until they finally realized they were in way over their head. This is why I spent a couple of hours yelling at M once they did let me know. I finally had the true picture of M's situation. Until this point, I did not even know how much M got from Social Security. You cannot force an adult to disclose stuff like this unless you can prove they are incompetent, incapacitated, or similar. As for family, as I mentioned in my first post, M has no one else besides me. I know M
  6. There's a lot more than 2 possibilities here. One that I can think of right off the bat is that as long as M made payments great than the minimum - by using cash advances from the other 2 accounts or another credit card outside of these 3 accounts, in other words, rob Peter to pay Paul, then rob Paul to pay Mary, then rob Mary to pay Peter, ad nauseam, then the bank's automated systems would keep increasing the credit limits. I've seen this with my own credit cards in the past - if I kept paying them down, they kept increasing my credit limits. So, yes, banks can and will (and are very
  7. These credit cards were opened quite a while back, around 2010 or 2012 I believe. I will check on that and report back here. I am certain the cards were opened at least a year or two before M really racked up the debt. Also, there are other cards/accounts in default with other lenders, but no one else has hired attorneys. M's income has been the same for the past 9 years: social security only. I believe there have been some Cost of Living adjustments over time (not sure about that part), so 9 years ago, M got less from SS than today. Before that, M got by from payments from a ho
  8. I'M not saying this justifies M's actions, only that banks bear equal, if greater, responsibilty. But, they no longer care about being responsible. They can socialize bad debt (taxpayer bailout).
  9. I agree that M deserves blame. At the same time, so does the bank. They KYC (knew their customer), etc. A very long tim ago, I underwrote loans for Subprime consumers (not in real estate though), and we always looked at a consumer's ability to pay back our loan, and other loans they had. We often reduced or denied the amount of credit they wanted. It's up to lenders to lend responsibly. Banks no longer don't want to do this. Things have changed since I worked in that industry (2005). I've seen reports on the Internet going back years, that banks are ok with high default rates
  10. 2 hours ago, WhoCares1000 said: " I know we get jaded on this board because we see more than our fair share of fraudsters and people who refuse to pay their bills not because they don't have the resources but because they don't want to. A few names come up instantly. However, most people do not go out with the intent to defraud the bank. I would put the percentage of applicants trying to commit fraud at about 5%. Also, based on the description of M, I doubt he could have pulled off such a fraud. That said, M will be in his own personal hell from this. The constant calls, the cons
  11. My plan is to inform More (sic) Law Group of the risks they incur if they sue, along with the most likely result (nothing collected, even if they win a judgement). I will write a letter. Risks to them will be: I will hire a consumer attorney that I will pay for (they are aware we have used one) to look for FDCPA and FRCA violations, we will elect arbitration at a cost of $950 filing fees to them plus around $5k starting fees, and so on.
  12. I posted the only agreements I could find for Bofa credit cards in my first post. The aggregate total available of all three credit cards was around $38 to $40k. M was had not maxed out their credit limit at the time of default, which is why the current total is less. Sorry I was not clear on that. Also, per my first post, M is in AZ. I am in NV, so laws for NV do not apply.