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Distressed
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Posted by seb
(152.163.253.37) on August 14, 2003 at 22:04:34:
Need your opinion....here's my story (Loan amt: 7400)
In May I received a summons for an outstanding debt. I sincerely was unaware that it was unpaid (loan for a former acquaintance). I did some research and found on my credit report that this loan was opened on 8/92 and became deliquent on 4/95. I replied to the summons on time explaining how I was unaware that it was unpaid and I can't afford to pay it. I also stated that the statute of limitations has expired and the debt is legally uncollectable and if they try to collect they will violate the FDCPA.
In June I received a order to appear to a case mgmt conf. and around the same time I recieved the plaintiff's interrog. & prod of doc's. I then had a friend (judge magistrate) check on my case. She said that she believes that the SOL is 20 years on a bank loan and 6 years on a contracted loan (work done for someone else??) She recommended that I hire a lawyer to see if he can work through some loop holes to help me. So I began to worry a little but still believed the SOL had expired. Therefore I called the collector on 6/13 and requested verification of the debt; a copy of the written contract. Of course he unsuccessfully tries to negotiate but states that he will send me the info.
I never received it so I put it in writing requesting; related insurance contracts, notices given under the CCC, and balances; debit/credit,overdue, amount paid.
They still did not reply....Then I began to worry..... So on July 11 I tried to make a settlement offer($5000) and the collector declined and wanted more money and I tell him I can't afford to pay what they want. The collector then says he will put it in the computer for it to be paid by the 8/13 (case conf 8/14) and if anything happens between now and then give me a call. Does this lock in an agreement?
My thoughts are..if I can pay it I will call him & let him know and if I can't I will be in court on 8/14.
After the phone call I hired a lawyer. I explained everything to him and he said as long as I didn't agree (Yes I will pay you) then it's not valid and the SOL has expired. My lawyer sent them a letter (in summary to you)....informing them that I retained his services seeking bankruptcy, prove the SOL has not expired and if not a counterclaim late will be filed so that a "93A" claim could be raised for an expired SOl, verify the debt, and to respond within 14 days to settle for $1000 the cost for me to file bankruptcy.
Still no reply from them. Then we sent out interrog & prod of docs. (this covered all that I paid to my attny)
Today 8/14 I went to court conf. Their lawyer claimed I agreed to settle by yesterday and then he receives docs from my attny. I then stated I did not agree to pay otherwise I would not be here and that I made an offer that they declined & I can't afford more.
I stated the SOL has expired and their lawyer said that a payment was made in 7/97 and it is still within the SOL & the loan was opened in 1995. I disagreed and said I will need to look into who had made a payment because it wasn't me and will consult with my attny. I called the bank and they are going to send me all check copies for 7/97 to confirm. Now.....what do you think?....after confirming the checks...
Shall I pay my attny to go further? Try to re-negotiate? or go Bankrupt?
I would appreciate your help with this. I am very stressed and hope that I can beat this. Thanks.
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