wiseguy Posted April 18, 2008 Report Share Posted April 18, 2008 Ok , this is my first post, so patience please ,I'm in Florida i've been taking the advice on this site , for the last two months , been able to increase my score by 55 points ! Thanks ! to my problem:I defaulted on a Capital One Credit card i took out when I was 19, around 2001, due to my irresponsibility, I defaulted on the card it was $2700, at the time, in 2004 I was taken to court by capital one and a Judgement was filed against me, again I defaulted on that. This time because money was extremely tight , and had but no choice .Yesterday I checked my account and saw it was overdrawn by $7500! and my direct deposit from work that came in today is gone, I'm completely wiped out . Capital one placed a court ordered garnishment on my account , I called the law firm to discuss a cash settlement, the debt now is at $3800, they told me they first have to hear from the bank as to what my balance is before they can discuss any settlements, they advised it could take up to 21 days, so at this time I'm currently waiting My question, What would be the best way I should discuss a settlement with this firm? should I start at 50%? and if I settle , is there a posibility that they can come after me for the remainder of the balance ? Anything I should be aware of when dealing with this firm? Any help would really be appreciated, This is defenetly a kick in the butt but it's my fault.Thanks a bunch , Gus. Link to comment Share on other sites More sharing options...
Guest BucFan Posted April 18, 2008 Report Share Posted April 18, 2008 Not to try to sound like an @ss... but, it's been 4 years since the judgment and you haven't paid anything? Did you ever contact them to setup some kind of payment plan at least? Seriously, if you completely ignored the judgment, I'm going to guess that you're just screwed and at their mercy. But, if you've been in contact with them over the years and making some kind effort to pay, you might get some kind of break.Either way, the situation REALLY sucks and you have my sympathy. I'm lucky I have never been dragged in to court or had my assets frozen. Best of Luck! Link to comment Share on other sites More sharing options...
wiseguy Posted April 18, 2008 Author Report Share Posted April 18, 2008 Yeah, thanks that really helps. Link to comment Share on other sites More sharing options...
AISLE4 Posted April 18, 2008 Report Share Posted April 18, 2008 If they were able to take the complete judgement amount from your account, they won't settle; they'll take the money. If they didn't collect the full amount from your account, you have some room to negotiate. But that account is now dead. Do not deposit any more money into that account...or any other account with that bank. Get the direct deposit canceled asap. Time to go shopping for a new bank, preferably one in a different state. Link to comment Share on other sites More sharing options...
Focus2069 Posted April 18, 2008 Report Share Posted April 18, 2008 i dont see how they could overdraw her account 7500....wouldnt they only be able to take what was in the account? nothing more?and that is assuming none of those funds were exempt from garnishment.isnt there a limit as to what they can take? Link to comment Share on other sites More sharing options...
wiseguy Posted April 18, 2008 Author Report Share Posted April 18, 2008 Well there was $2300 in the bank which I'm considering lost, however if they take it is fine, that means i would have $1500 left to pay and negotiate, maybe I can offer to settle with $1000? really all I want to do is get rid of this , this is basically the last debt i have on my credit, everything has taken me 5 years to pay off, just when I was getting ready to tackle this one I get hit.And what do you mean by getting an out of state bank? besides the point of the statement it self . Link to comment Share on other sites More sharing options...
AISLE4 Posted April 18, 2008 Report Share Posted April 18, 2008 They can put a freeze on the account for twice the judgement amount. They, of course, can't collect twice the judgement amount. Some of the funds in the account may be exempt. The freeze will be lifted when it gets sorted. Link to comment Share on other sites More sharing options...
wiseguy Posted April 18, 2008 Author Report Share Posted April 18, 2008 i dont see how they could overdraw her account 7500....wouldnt they only be able to take what was in the account? nothing more?and that is assuming none of those funds were exempt from garnishment.isnt there a limit as to what they can take?I contacted Suntrust and apparently they are required to take double the amount by Florida law, (this is what the banks legal department told me) apparently is to cover any additional lawyer fees ect ... .at the time the freeze happened I had about $50 in there, then my direct deposit from work came in today. and a check i recieved from an insurance company from a small car accident, totaling $2300 Link to comment Share on other sites More sharing options...
wiseguy Posted April 18, 2008 Author Report Share Posted April 18, 2008 They can put a freeze on the account for twice the judgement amount. They, of course, can't collect twice the judgement amount. Some of the funds in the account may be exempt. The freeze will be lifted when it gets sorted.I have cash, and ready to pay, so if i can somehow arrange to settle with the lawfirm, they can in turn notify the court so that my freeze is lifted, ? Link to comment Share on other sites More sharing options...
MountainDude Posted April 18, 2008 Report Share Posted April 18, 2008 If you decide not to deal with them, then you really don't have whole lot to fight them off with, you're just basically letting them do whatever they please to you.Most states have ridiculous interest rates on unpaid judgments (usually at least 10%), which doesn't sound like a whole lot, until you ignore it for 4 years. It's the "making interest on interest" theory.As for settlement, you don't state what they are claiming is outstanding. If they have already recovered the initial outstanding debt, then I would call them and ask them to drop the rest. Or, if scores are important to you in the near future, I would suggest to their attorney that for $200 all collection ceases and they can't report anything concerning this transaction through any credit collector or credit reporting bureau.You're at the point of contract law, decide what the contract needs to say for your purposes, then agree with the company on how much that will cost. If it's a big chunk of money to you, then you probably should see a lawyer. Link to comment Share on other sites More sharing options...
wiseguy Posted April 18, 2008 Author Report Share Posted April 18, 2008 If you decide not to deal with them, then you really don't have whole lot to fight them off with, you're just basically letting them do whatever they please to you.Most states have ridiculous interest rates on unpaid judgments (usually at least 10%), which doesn't sound like a whole lot, until you ignore it for 4 years. It's the "making interest on interest" theory.As for settlement, you don't state what they are claiming is outstanding. If they have already recovered the initial outstanding debt, then I would call them and ask them to drop the rest. Or, if scores are important to you in the near future, I would suggest to their attorney that for $200 all collection ceases and they can't report anything concerning this transaction through any credit collector or credit reporting bureau.You're at the point of contract law, decide what the contract needs to say for your purposes, then agree with the company on how much that will cost. If it's a big chunk of money to you, then you probably should see a lawyer.They are claiming $3800, original defaulted amount $2700, Amount in bank at this time $2300, Thanks for your replies all by the way! What do you mean by "I would suggest to their attorney that for $200 all collection ceases and they can't report anything concerning ...ect ?Yeah, i just want to get rid of this and move on . Link to comment Share on other sites More sharing options...
merrybucks Posted April 18, 2008 Report Share Posted April 18, 2008 Get an internet bank account or one in another state that has internet banking. They are much harder to track down. If you open a bank account in the same town they will find it. Link to comment Share on other sites More sharing options...
wiseguy Posted April 18, 2008 Author Report Share Posted April 18, 2008 Get an internet bank account or one in another state that has internet banking. They are much harder to track down. If you open a bank account in the same town they will find it.Ok, harder to track down , I understand, so after I settle I still have to worry about them freezing the account again ? or this is just for an FYI? after this is gone I have nothing else to hide. Thanks Link to comment Share on other sites More sharing options...
merrybucks Posted April 18, 2008 Report Share Posted April 18, 2008 This is an FYI, but you need to open another account soon because any money deposited in your current account will be frozen that includes your direct deposited paycheck. Link to comment Share on other sites More sharing options...
Bigwoodystyl Posted April 18, 2008 Report Share Posted April 18, 2008 Don't forget that they know where you work and they know how much you take home!Opening a new account doesn't make this go away. I would turn head on and deal with them and contract payments for the remainder of the balance you owe. Anything besides that makes it seem like you are unwilling to pay, which is silly, because they already have a judgment.. Link to comment Share on other sites More sharing options...
merrybucks Posted April 19, 2008 Report Share Posted April 19, 2008 I agree, you need to work with them but you still need to setup a different account or they will continue to take all of your money until the debt is paid. Link to comment Share on other sites More sharing options...
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