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10 hours ago, REC12683 said:

How long until they sue on average  ?

They don’t always file a lawsuit on every account.  When they do sue, it can depend on the statute of limitations for one’s state of residence.  If your state’s SOL is 6 years, they may sue within a year of acquiring the account or, due to the longer SOL, may wait until just before it expires.  There’s no set timeline.

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The randomness of these situations is such a weird part of it. 

I happened to go broke at a perfect time — right around the Great Recession.  Creditors and collectors and attorneys were often extremely swamped and eager to go after the low hanging fruit.  Bank records were often worse than they are today.  Collectors were more likely to violate federal and state laws and regulations.  And, the arbitration strategy was new and confusing.  I was one of the very first to use it. 

Some creditors sued right away.  Others waited until right before the SOL.  Some never sued. Including the largest creditor with a total of $60-70k in multiple accounts.  

I won collect cases and arbitrations by meticulously saving everything to use against them later, sometimes provoking them into violations.  DV constantly because some were too busy to respond. Bury them in paperwork and counter claims to scare away all but the most dedicated collectors. 

Many of these tactics won’t work as well in 2024 as they did 15 years ago.  But, the principal is the same.  Don’t be the low hanging fruit. Be the guy they hate to mess with.  

There is no magic bullet.  So much of this relies on sheer luck.  If you get the overzealous collector wanting to make a name for himself, you are more likely to lose.  If you get someone swamped and looking for the low hanging fruit, you are more likely to win.  

All you can do is prepare for the worst and hope for the best.  

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