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Re: Totally intimidated!! Don't know what to do!
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Posted by Bob on May 08, 2001 at 23:28:24:
In Reply to: Totally intimidated!! Don't know what to do! posted by Steve on May 08, 2001 at 13:43:42:
Try to relax. They *want* you to be intimidated, and freak out like this, so that you will make snap decisions, feeling like it is desperately urgent. Try to find out if the collection agency is working the debt on commission (i.e. the debt still belongs to the orginal creditor), or if they have purchased it. If the collection agency bought the debt, they would have paid just a fraction of the "face value." Thus, they would have relatively little invested in this particular debt. The balance of $2000 might be borderline for a lawsuit (i.e. near the minimum that they will sue for.) The issue of the house is *not* so they can take it away. That would be way too much expense and hassle over such a small debt. They might just be mentioning it to scare you (which sounds like it is working), or they might have the idea that, if they file and win a lawsuit, they can place a lien on the house. What that means is that you would have to pay the debt before you could sell the house. But, they still would *not* take the house. If you don't have the money, then you don't have the money. You cannot get blood from a stone, and neither can the collectors. Try to make that clear to them, in a business-like manner (*not* in a fearful manner.) The first thing to do is go to this site's "Credit Problems" section, and read the "Collection Agency FAQ (Frequently Asked Questions)" article. <----- The link is over there. Good Luck.
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