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Indy17

What Can I do besides waiting to be sued?

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Hello Everyone.

 

First thanks to everyone on this site! It has helped me immensely with my debt issues. I had a disaster of a business deal go through a couple years ago, that I am still dealing with the fallout of. I have settled a lawsuit and two other cards for 40%. Stenger and stenger were super tough and I was only able 25% off the principle over two years of payments. I still have a couple people out there after me for nearly 20k. At this point all my debt is in the hands of debt buyers.

I just got a notice from a bankruptcy attorney stating that someone has filed suit against me, Although if they filed they filed in the wrong county. That gives me some time. I have money to offer 40% settlement. Is that really my best option? Wait to get sued and offer a settlement??? This new suit is from Schindler and Joyce representing Calvary from a citi bank debt. I know about JAMS and arbitration court. I will probably try JAMS in this case. Although I have been worried about trying file a JAMS after I have already been sued, I feel that the odds of the court letting that play out is low.

I wish I pursued bankruptcy when this all started. Now I have a company with a business partner that is a much higher value than my debts. On top of all this, I am racking up debt to the IRS. I can't help, but feel underwater at times. On the bright side, I do have access to money and a decent savings.

I have learned some tricks for Indiana. Something that is likely to work is attacking their affidavit of debt, because Indiana law says it must be in pertinent part similar to the state's example- which includes information not usually included in plaintiff affidavits.

IS JAMS something I should do before I get sued?? It just seems like I will be out $200 and the debt will just get sent to a new buyer, and I will need to do it all over again??

When Should I consolidate?

Should I hire some sort of professional to help me manage this debt?

 

THANKS EVERYONE!!! I Have FIXED HALF of my problems with your help!

 

 

 

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I would use arbitration, if the OC's cardmember agreements have arb clauses.  If using arb, I would wait until you are sued, and served, and then file an answer and a MTC Arb.  Wait until the MTC Arb is granted before filing in AAA or JAMS.  It's quite possible you won't even have to initiate an arbitration, as the JDBs often dismiss the case after the MTC Arb is granted.

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Citi has arb in all of their agreements, but they also have a small claims exemption so of you're sued in a "small claims court", arbitration is off the table.

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16 hours ago, Harry Seaward said:

Citi has arb in all of their agreements, but they also have a small claims exemption so of you're sued in a "small claims court", arbitration is off the table.

Not necessarily.  However, since OP said this was from a failed business, I would make sure that these cards were consumer accounts and not a business credit account, otherwise arbitration could make things worse in this case.

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Update to this case.

 

Calvary made a big mistake with this account. I contacted a consumer debt attorney because I had a notice for a class action. This attorney is taking on the class action issue, and looked into this Calvary complaint. Calvary filled this complaint in a county I do not reside in, and claimed I entered into contract with them while being a resident of this county. That is a flat out lie, and my attorney is suing them as well.

I will keep you all posted with the results of my attorney.

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22 hours ago, Indy17 said:

Update to this case.

 

Calvary made a big mistake with this account. I contacted a consumer debt attorney because I had a notice for a class action. This attorney is taking on the class action issue, and looked into this Calvary complaint. Calvary filled this complaint in a county I do not reside in, and claimed I entered into contract with them while being a resident of this county. That is a flat out lie, and my attorney is suing them as well.

I will keep you all posted with the results of my attorney.

Sounds like you will have a nice outcome soon. 

These are some of the few FDCPA violations that still occur due to the automation process of JDBs where someone inputs incorrect information into the system and the system runs with it and no one can catch it until it is too late. 

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@fisthardcheese

 

 

On 5/19/2019 at 8:00 AM, fisthardcheese said:

 

These are some of the few FDCPA violations that still occur ....

I wish I knew what I was doing when Port Folio Recovery literally called my almost every day for a year using an Auto dial-er After I told them to stop.

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