Re: Part 2: Assessing likelihood of credit card companies filing lawsuits

Posted by In Debt (66.157.243.27) on June 28, 2003 at 21:10:17:

In Reply to: Re: Part 2: Assessing likelihood of credit card companies filing lawsuits posted by Stopped Paying on June 28, 2003 at 20:51:55:

I think you're right. I stopped paying, too. Used to make 60k - now make little more than 25k after being laid off for 1.5 years.

I owe probably $35-40k now, spread over 6 or 7 cc. Haven't paid on any of them in well over a year and a half now. Even Providian, who is known to sue, has actually sold the acct to a pesky collector.

Before the accts were sold, I sent "I'm broke and unemployed" letters to the OCs when they sent threatening letters. Now that I know they're sold, I send validation letters after the first "you better pay up" letter. So far, none have validated. The debt simply turns up at another collector in 6 months or so.

I'm about 1/2 way to SOL on most of the debts. So, I'm thinking I'll just hang on til then. If one does decide to get brave and sue - I'll file BK.

The only reason I can see any of the going through with a suit is if they just want to force me into bankruptcy. Either way they get zip.

Good luck to all - our boat has lots of passengers!

Cheers!

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