vinc1963 Posted November 12, 2004 Report Share Posted November 12, 2004 I am currently behind 3 to 4 months with the following creditors: Bank One, American Express,Chase, ,MBNA,Discover,Fleet,Capital One, Citibank & Sears. I am unable to pay at this time & have not spoken to the banks yet. My goal is to sell my home in New York in the next 4 to 6 months, then I will have the funds to pay them all back if they reduce the amount I owe to 50%, this way they are all getting something & no one is getting "totally" screwed. If they sue me & win, then they will attach a Lein on my home, if they do that will I have to pay the creditor the full amount?? Can I still negotiate the debt down if there is a LEIN/JUDGEMENT on my home ?? How long does it usually take for the bank to start to sue?? I plan on calling the creditors over the weekend to discuss the delinquency. Any advice on what I should or should not tell them?? Right now I am out of work due to illness.. Thanks for any feedback.. Link to comment Share on other sites More sharing options...
admin Posted November 12, 2004 Report Share Posted November 12, 2004 Ya know, this is hard to answer - the answer can be "never" to 180 days after you miss the last payment.The usual scenario is for them to let the account to go to collections, and then the collection agency may or may not decide to sue you. That's why you need to be proactive with collection agencies and demand that they validate your debt as soon as you know about them. In rare instances, the credit card company may turn your case over to a collection team within the company, so you can't claim all the protections of the FDCPA. In this case, they may decide to sue you within the 180 days.If you don't own anything or very much, most companies won't really go to the expense of taking you to court and resort to threats only. You'll have to assess your situation. Link to comment Share on other sites More sharing options...
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