Re: follow-up to CAK

Posted by WhyBother (198.81.26.74) on November 22, 2003 at 16:29:29:

In Reply to: Re: follow-up to CAK posted by CAK on November 22, 2003 at 10:09:41:

Well, that's correct in that getting into a payment plan (I think) is the right thing to do at this point. However, with this plan, it will take over five years to pay it off all debts and I still have to worry about getting sued the whole time. I have about $70,000 in unsecured credit card debt and have only about $1,000/month to throw at it. A lot of creditors probably won't accept the minimum payments I can offer on each account, although of course that doesn't have to stop me from sending them money (BTW, if an account is charged off, do I send me money to the CA or the OC?).

That said, one thing concerns me so far. I sent out the first validation letter as I was advised to. However, I read the following in another thread posted by WhyChat:

"If you let them know that you know your legal rights by sending them a "validation" or a cease and desist for a NEWLY defaulted account, all they will do is say 'AHA here is someone who is protecting their credit, so they are a good candidate to immediately file suit against'".

My account defaulted at the end of August; I sent them a validation letter the first week of October. Did I screw up here???

I'm just interested in handling these accounts. I make good money each month, and if I can set aside $1000-$1500/month to pay off these debts, then perhaps a long-term payment plan isn't the best way to go.

(please see my other questions about debthelp.com)

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