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Scared and need help


linste
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In 2002 I got two credit cards with $200.00 on them. I was on unemployment at the time and after my unemployment ran out (which was right after I got the cards) I could never make a payment on them. I am now in a financial bind with the IRS and trying to pay them. I got a letter from ARS for my Capitol One account that has already been charged off stating THIS IS A DEMAND FOR PAYMENT IN FULL. My balance is $730.73. The best I could do at this time is send $10.00. Will they sue me?

Thank you.

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Hey, welcome aboard...you'll find lots of help around here.

First...read...read...read...

All you have right now is a letter from a low-life collection agency (CA). Nothing to be afraid of. Learn about the "debt validation" process. It has nothing to do with whether you owed somebody some money...its about making the CAs play by the rules.

And...going from a $200 credit limit to a $730 balance means somebody has probably violated some laws along the way. You might even be able to sue them!

Reallly...take a deep breath...and read....

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A creditor can sue you, even for a few hundred dollars.

However, my experience has been that unless the amount owed is in excess of $2K, it's unlikely and it becomes more unlikely based on such things as your amount and source of income (if any), whether the creditor is "local" or out of state, etc.

In other words, I wouldn't worry about them sueing you so relax and take some time to read up on your rights.

The best way for you to "win" is to stay in control and act based on a logical plan and not out of emotion.

Good luck.

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