simonize

When will I be sued?

Recommended Posts

My credit card balance is more than $55000 spread among about 15 companies. I have heard from all of them for at least eight months. They can't phone me, but I get letters as though I can still pay them. My only income is Social Security. I thought I would be sued by now or the two stores from which I bought things would notify me to give them back by now. Is this normal? When is it going to happen?

Link to post
Share on other sites
My credit card balance is more than $55000 spread among about 15 companies. I have heard from all of them for at least eight months. They can't phone me, but I get letters as though I can still pay them. My only income is Social Security. I thought I would be sued by now or the two stores from which I bought things would notify me to give them back by now. Is this normal? When is it going to happen?

Have you told them anything about your situation? If they know about it, they will probably eventually give up contacting you and one of two things will happen. Either you will get a summons from one of them suing you or you will start getting collection letters from junk debt buyers which means the original creditors have given up and have sold your debt. This could take awhile, depending on if you will be dealing with the original creditors or like I said, if they know your situation - they will probably sell your debt. The thing is, if you can't pay them - you need to start preparing for the suits. Do you have a home, property, assets? Or are we only talking about social security benefits and if that is all - make sure that "only" your social security is deposited into your bank account and that you don't have anybody else putting money in there either as they can take their money. Also make sure that you take your name off of things like a safe deposit box.

Something to think about - "if" the original creditors sell your debt to these junk debt buyers and the debt gets passed around, each time the odds of them being able to sue you successfully diminishes as they probably won't have the proper documents they need, but they will try their best to make you think they do.

If it were me, but let others chime in here - I think I would tell all the original creditors what has happened and that you won't be able to pay the debts and your only income is social security. That hopefully will pave the way for them to start selling your debts to the junk debt buyers which will be an advantage for you instead of trying to take on the original creditors who will have all the paperwork for sure! Also, if they start selling your debts - time will pass and that too will be on your side, getting you to your states statute of limitations for the debts.

BTW, if you don't or can't pay them - whatever you do, "don't" make any payments - even small, as that will start your SOL clock again!

Link to post
Share on other sites

Make sure none of your accounts are tied to your bank account. You might want your SS check deposited in a credit union account.

I owed on a BOA credit card and also had my checking account at BOA. One month BOA swipped $800 from my checking account to pay my credit card and get it up to date. NO notice or warning was given..the money was just gone. Thank goodness it wasn't the paycheck that paid my rent or I would have been out on the street.

Link to post
Share on other sites

I don't think you need to really panic here just yet. There is plenty you can do before they can attempt to take anything from you. If your only income is SSI, I don't think they can touch it. Search this site and Internet to be sure. It also sounds as if you are judgment proof. Kind of hard to get garnishment or assets if you don't have $$ or assets.

Also, if someone has info on your bank account, it does not matter if it's CU or not. There is nothing to stop them from taking anything out. I at one time made arrangements for a few auto withdrawals with a CA (never again) and called the CU to ask about it and they basically told me if they take more than the alloted amount there's not a lot I can do. They (CU) don't put a limit on it. I would have to dispute after the fact.

If you want to be on the safe side and you have used your account in anyway with the OCs or CAs, I would look into changing your account to a different bank and I would use one that's not the closest to where you live. But first, research about taking SSI, you may not need to.

VBC:wink:

What is your goal here?

Link to post
Share on other sites

Social security cannot be touched by creditors coming after you for things like credit cards, etc. But, if they do get a judgment - they can swoop in and get your money in a bank account if it has ever had other deposits other than the protected social security. If it ever has had other deposits - open up a new account and "only" let your social security deposit go into that one. Even if you need a second account and can shift money from the protected one to the other one and keep the bulk of the money in the protected account.

Link to post
Share on other sites
My credit card balance is more than $55000 spread among about 15 companies. I have heard from all of them for at least eight months. They can't phone me, but I get letters as though I can still pay them. My only income is Social Security. I thought I would be sued by now or the two stores from which I bought things would notify me to give them back by now. Is this normal? When is it going to happen?

Simonize have you thought about working with the credit card companies to negotiate a lower amount(the average right now is about 30% of the total owed) and then work out a new repayment option?

Edited by willingtocope
Link to post
Share on other sites
Guest
This topic is now closed to further replies.