nickysduck2 Posted May 3, 2010 Report Share Posted May 3, 2010 I have read a lot of the previous posts on this board and a lot of the articles but still have a question.I requested debt validation from a collection company named collectcorp within 30 days from reciveing their first letter notifying me they had been assigned my credit card debt from bank of america.All they sent me back was a bunch of credit card statements from the last year.They did not send me anything with my signature on it,no orginal credit card appliaction or agreement and nothing proving they have the authorization to collect the debt or purchased it from the orginal creditor.The last payment made on the credit card was about a year ago but the card was opened about 4 or 5 years ago. I did'nt feel they properly validated it but after reading this forum I learned they sent all they had to under the law.My question now is should I write them back and offer to pay them a monthly payment I can afford or not do anything and hope they dont sue me? The credit card amount was for almost $8000 including latee fees and interests..I can only afford to pay them $75 per month.I have not heard anything from them since they sent me the credit card statments in the mail.I have all their numbers blcoked so they can't call me and sent them a ciest and desist letter only allowing them to contact me by mail.I have not received anything form them by mail either. It hasonly been 30 days since they sent me the credit card statements. I am in TN and they are in AZ.If they sue me what are my chances given what they sent me as validation and what shuld I do? I have no money to settle.I have lots of other medical bills and other credit cards in default as well that I not recieved any validation on after requesting it.Would appreaciate any and all suggestions. Link to comment Share on other sites More sharing options...
jkg3 Posted May 3, 2010 Report Share Posted May 3, 2010 They will not sue you. All they do is try to collect by calling and writing. Eventually, Bank of A will turn the account over to an attorney in your state, and that attorney will sue you. Or Bank of A will sell the debt to a junk debt buyer. If I were in your shoes, I would not pay Collectcorp any payments. They will eat up that $75 a month you pay them with interest and fees, and you will never touch the balance on the debt. Have you other debts? Link to comment Share on other sites More sharing options...
nickysduck2 Posted May 3, 2010 Author Report Share Posted May 3, 2010 Ok, so I will just ignore collectcorp but how long will I have before bank of america decides to sue me? Should I call them up and offer to pay them the $75 per month or not worry about this? I have lots of other debts.A mortgage,another high credit card in default and I never recieved any validation on,a car payment thats current,lots of unpaid medical bills at $192 each which I doubt I would get sued for being that each bill is seperate and two other credit cards that are current but have very low monthly payments and balances.I also am making payments on one medical bill for some tests I had. My wife also has her own credit cards in default but she is self employed and not worried about being sued.I was just concerned about being sued and getting a garnishment on my paycheck.I thought collection agengies were assigned debt and they were the ones who sued.I read lots of stories from others who were or are being sued by ca's so thats why I was so nervous.I thought the original creditor was'nt the one who sued. So I have that wrong? This is so scary.l was trying to avoid bankruptcy because I honestly don't want to go through the process of filing nor can I afford to file.Thanks so much for your help. Link to comment Share on other sites More sharing options...
Andyt293 Posted May 3, 2010 Report Share Posted May 3, 2010 Send Collect Corp a DV letter that elects arbitration. Record every conversation with them. Keep every letter you get from them. When they violate the FDCPA (trust me, they will) go after them in small claims court.I would also send BofA a letter indicating that you elect arbitration and waive their right to sue on these accounts. This will pretty much cause your accounts to end up in an endless circle of collection agencies.I'm on my fourth round of CA's with BofA. The whole arbitration election really confounds them. I think that what is happening is this; CA contacts me about alleged BofA account. I elect arbitration, CA violates FDCPA, I sue, CA sends me check, CA returns account to BofA, BofA employee wishing to get matter off of their desk with as little effort as possible send account to another CA.The best way to beat fear is through education. Knowledge is power. Search for postings by MG05, TrueQ, Seastriper and others. The knowledge they share lets me sleep very soundly at night. Link to comment Share on other sites More sharing options...
Jaknik Posted May 3, 2010 Report Share Posted May 3, 2010 Nicky's wrote: ......because I honestly don't want to go through the process of filing nor can I afford to file.Thanks so much for your help. Far too often, people wait far too long to file BK. 4 months of 75.00 payments would pay the filing fee of BK. Plus that 75.00 to the CA really goes into a black hole and does little or no damage to the principal.Cost of filing BK pro se: 299.00 filing fee about 50.00 bucks for two online credit classes Total: about 350.00Not a bad price to be done with it all. Many folks have unnecessary "fear" when it comes to filing pro se BK. A deep breath, step by step, and viole`! Peace of mind.Been there, done that. Tain't rocket science. Link to comment Share on other sites More sharing options...
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