Leo87 Posted August 29, 2015 Report Share Posted August 29, 2015 So I have a question about my debt, I opened my credit account in NJ about 5/6 years ago. I've been living in Texas for a year, my monthly payments are high, but I pay about half(not good enough, I know) and its taking effect on my credit report. It'll take me quite sometime to pay it off, minimum payments of 332.11 a month over a 23 year period. Worse case scenario in trying to completely avoid it, but its really taking a chunk of my pay. Since I opened it in NJ what would happen with my current wages if I just stop paying it off? I've never been in debt like this so this is all new.Thank you! Quote Link to comment Share on other sites More sharing options...
Clydesmom Posted August 29, 2015 Report Share Posted August 29, 2015 Since I opened it in NJ what would happen with my current wages if I just stop paying it off? Well the good news is NJ no longer has anything to do with it. Where you opened it doesn't matter as much as where you reside now and Texas does not allow wage garnishment for a debt. So, if they sue you they could levy a bank account once your paycheck was deposited but they could not garnish it before you ever received your pay. Quote Link to comment Share on other sites More sharing options...
TomnTex Posted August 29, 2015 Report Share Posted August 29, 2015 The SOL in TX is four years once you stop paying. If your lucky enough to not be sued in that time you try waiting them out. There is a questionnaire link in my sig line below, copy and past that on here with the your answers so we know more about it. TX is more debtor friendly than a lot of states. Quote Link to comment Share on other sites More sharing options...
Leo87 Posted August 29, 2015 Author Report Share Posted August 29, 2015 Thank you Clydesmom and Tom, either way I'm gonna try to hold out as long as I can to go down that road, its just getting harder. Tom, you mentioned a link?So I'm just trying to understand this, worse case scenario, I guess after 2-3 months ill receive a letter in the mail regarding about th levy, and I assume since I have direct deposit, they'll take a % out?Thank you again for explaining all this to me! Quote Link to comment Share on other sites More sharing options...
TomnTex Posted August 29, 2015 Report Share Posted August 29, 2015 Copy this below, fill it out and repost without your name etc. For everyone that posts here, it will help us out if you can provide the following information: (revised 02-09-2012) If you are inquiring about a lawsuit in which you are the defendant (ie you are being sued), you need to answer the following questions (as much as possible): 1. Who is the named plaintiff in the suit? 2. What is the name of the law firm handling the suit? (should be listed at the top of the complaint.) 3. How much are you being sued for? 4. Who is the original creditor? (if not the Plaintiff) 5. How do you know you are being sued? (You were served, right?) 6. How were you served? (Mail, In person, Notice on door) 7. Was the service legal as required by your state? Process Service Requirements by State - Summons Complaint 8. What was your correspondence (if any) with the people suing you before you think you were being sued? 9. What state and county do you live in? 10. When is the last time you paid on this account? (looking to establish if you are outside of the statute of limitations) 11. What is the SOL on the debt? To find out: Statute of Limitations on Debts 12. What is the status of your case? Suit served? Motions filed? You can find this by a) calling the court or looking it up online (many states have this information posted - when you find the online court site, search by case number or your name). 13. Have you disputed the debt with the credit bureaus (both the original creditor and the collection agency?) 14. Did you request debt validation before the suit was filed? Note: if you haven't sent a debt validation request, don't bother doing this now - it's too late. 15. How long do you have to respond to the suit? (This should be in your paperwork). If you don't respond to the lawsuit notice you will lose automatically. In 99% of the cases, they will require you to answer the summons, and each point they are claiming. We need to know what the "charges" are. Please post what they are claiming. Did you receive an interrogatory (questionnaire) regarding the lawsuit? Here is an example of what the summons/complaint may look like: Sued by a Debt Collector - Learn How to Fight Debt Lawsuits 16. What evidence did they send with the summons? An affidavit? Statements from the OC? Contract? List anything else they attached as exhibits. 17. Read this article: Sued by a Debt Collector - Learn How to Fight Debt Lawsuits ==================================================== If you are inquiring about a the best way to sue someone, you need to answer the following questions (as much as possible): 1. Who are you suing? 2. How old is the debt? 3. If the person harrassing you about the debt is a collection agency, Is the debt being reported on your credit report? 4. Have you disputed the debt with the credit bureaus (both the original creditor and the collection agency?) This means you wrote or called Experian, Equifax and TransUnion. 5. Has the collection agency sent you a letter, called you on the phone? How did you learn about the collection? 6. What state are you in? 7. What kind of debt is this? (credit car, auto loan, student loan) 8. What kind of violations do you THINK the collection agency has committed? What section of the FDCPA do you think has been violated... ============================================ By answering these questions, you will really get more help. If other people have more suggestions for questions, let me know. Edited by admin, 09 February 2012 - 08:59 AM. Quote Link to comment Share on other sites More sharing options...
Leo87 Posted August 29, 2015 Author Report Share Posted August 29, 2015 Quote Link to comment Share on other sites More sharing options...
TomnTex Posted August 29, 2015 Report Share Posted August 29, 2015 They will have to serve you for a law suit, then get a judgment if you don't defend, then they can go after you, but only after they go to court and win. They may, and may not do so. But they will call you and threaten you almost everyday. Quote Link to comment Share on other sites More sharing options...
BV80 Posted August 29, 2015 Report Share Posted August 29, 2015 @Leo87 As @TomnTex has pointed out, nothing can be done to your accounts unless you've been sued and the court has granted a judgment in favor of the creditor. Whether or not they can levy your accounts depends upon TX law. Tom knows that information. I'm not trying to get personal, but what is the balance of the debt? A round number is fine. Could you afford smaller payments? 1 Quote Link to comment Share on other sites More sharing options...
Leo87 Posted August 30, 2015 Author Report Share Posted August 30, 2015 10,000.00 Wells Fargo credit card. But I'm currently at 9,188.00 in debt Quote Link to comment Share on other sites More sharing options...
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