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Writing letter to credit card companies (guys magic method?)


Bamaga
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  I stopped paying credit cards 5 months ago.It was pay mortgage,power,phone etc or the same cards I have bene paying 10 years so I decided to choose food,power,uilities etc.Its not a situation I ever thought I would be in.I have never had any issues this serious,never had any credit problems,never been to jail,never been to court.Now I will never be able to pay back the cards.Even if the last 5 months were wiped clean Its impossible to make minimum payments now.I could not even settle 20 cents on the dollar.

  I have not responded to any letters or calls from any of my credit cards.I work for my self,Dont own a home,drive a 20 year old car.I have nothing of value for anybody to sue me for.I don't want to be sued and just wondering if I should just say quiet or send out letters explaining anything or decreasing my chance of being sued?

There is this guy here..claiming to have a magic letter to keep from being sued.The Video makes it look so easy..which I know it cant be but I am willing to try anthing

[deleted]

IS any one familiar with the guys method?Any help appreciated.

 

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There's no magic anything to keep you from getting sued by a creditor.  If you really cannot pay the full amount, your options are a.) call and ask to settle for a lesser amount; b.) file bankruptcy; or c.) let them sue you and try to fight each one individually and deal, possibly indefinitely, with whatever judgments you are slapped with.

Even though it sounds like  you're probably judgment proof for now, I'd be taking a good hard look at bankruptcy if I were you.

P.S. I deleted the link you posted because this site doesn't want to be affiliated with things that could be scams.

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@Bamaga

I listened to the youtube link and am not impressed.   The guy claims he has a letter that will keep consumers from being sued.   Then, he wants you to pay to see it.    Yeah, uh huh.

First, he does not explain the difference between a collection agency collecting for an original creditor and a JDB who buys a debt.  Second, unlike what he claims, not all original creditors sell accounts immediately after charge-off.  In fact, some original creditors don't sell debts at all and will hire debt collectors.   In the event the debt is not paid, the creditors will sue.  

He says you don't have to pay your credit card debt.  He's right.   He says debt collectors and debt collection are powerless.   That is not necessarily the case.   It is even less so if one is sued by an original creditor.

He claims his debt validation letters will make collection agencies and attorneys look elsewhere.   I don't know what he claims one can include in a validation letter but the FDCPA is specific about what one can request.   If he claims that one can request and expect more than what the FDCPA allows, he's wrong.

If he's claiming that including recitations of the FDCPA and other statutes will scare off debt collectors, he's full of baloney.   It might have worked at one time, but not today due to the fact that so many people copy and paste letters they find on the internet.   Debt collectors know that just because a letter includes references to statutes doesn't mean the consumer understands them.  They also figure the consumer probably copied the letter from a website.

Long story short, a debt validation letter must be sent within a certain period of time.  You can write a short, simple letter that is just as effective as anything the guy is selling.    A debt collector's willingness to validate is not determined by "legal appearance" of the letter.   The same applies to junk debt buyers.

Save your money.

 

 

 

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Harry Seaward and BV80 thanks for responding.Yes the video seemed to good to be true.Just did not know if there was some sort of letter I could write to help my cause in any way.I owe 4 cards (2 cards same company) so I have 3 potential lawsuits.I have not responded in any way and its been 5 months.I wanted to tell them that I have nothing,there is a line of people wanting me to pay and It makes sense for me to file bankruptcy except I would fault on a paypal loan which means I cant accept paypal and my family ebay business would be shut down so I really cant afford to go bankrupt for that one reason.(sorry for the long run on sentence)

   I really have nothing of value to take so I guess I just wait and see what happens.I never thought I would be living this way.Never had any trouble with the law,courts,not paying bills but sadly here I am.

    Thanks again for the advice,this forum is amazing and if I get sued one day  I hope to ask advice on how I should fight or if I go to court with my head down sobbing with a sad story.

 

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