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First time experience with CA
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Posted by HopefullyWiserDefinitelyOlder
(205.188.116.131) on July 26, 2004 at 13:47:22:
I was looking for a bankruptcy attorney in my area, got discouraged and googled the collection attorney that just called for the third time. Then I came upon Bud Hibbs website, WhyChat, and this forum. Thank you for keeping me sane this past week. I have learned immensely. On 7/19, I returned a call from a "law office" and learned that they were handling debt collection for Maryland Bank, and a lawsuit was about to be filed. Did I want to settle out of court? I now realize this was foolish, but I said yes. I had to drag information out of them, but they were Cambece law office and their client was Collect America. When I asked who Collect America was, I was told they bought my MBNA debt, and they paid 80% of it. And, if I declared bankruptcy, they would still get their money back from MBNA. I offered about 25%, but was nonspecific when I could make payment. Over the next two days they changed the name of the new debt owner to Worldwide Asset Purchasing, then to Worldwide Asset Management. I said I needed something in writing, and was told all appropriate paperwork had been sent, and I couldn't challenge the debt because I was already talking about it. No 30-day time period applied. Though they made a couple of counteroffers, they declined to settle for 25%. On Friday, they were going to "attach" property I'm paying a mortgage on. Wish I had taped some of this, but don't know what state laws apply, MO or MA. They're different. I admit, until this week I was naive on FDCPA, etc., but I know you can't attach property without a judgment. And, if Worldwide (or whoever) was smart they would have hired a collection attorney in my state. And since when do payments have to be over the phone or through Western Union. Needless to say, I was getting suspicious. I have Midwestern values, and tried to deal with them realistically, and all I got in return was grief. I don't have the money to pay now. I was trying to work out a settlement with MBNA, but I guess time ran out. A letter from Cambece's office dated 7/18, postmarked 7/21, arrived 7/23. It listed creditor as Worldwide Asset Purchasing, LLC, a new account number, the original creditor and the balance. I'm still puzzled about SOL and validation. I live in Missouri, and the credit card was issued in Missouri. My first past due occurred in late 1996 or 1997. I have struggled financially for a long time. Please believe me when I say I want to pay my debts. I think I went through every assistance program MBNA had. But with a job loss last year, I'm losing ground. Haven't been able to make purchases on the account since late 1996 or early 1997 either. And at some point MBNA reduced the credit limit so they could add overlimit fees in addition to past due fees. The account was closed 01/02 (I have the letter). MBNA last reaged the account on 3/02, and stopped the past due entries. I fell behind again in 05/03, and the fees started again. They wrote it off 6/04. Cambece latched on to it two weeks later. I'm worried they jumped on this because they think I'm easy pickings. Also worried they could farm out to a local attorney, uh, that does business in a similar fashion. After reading Bud Hibbs website, I know they're prevalent, if not predatory. My internet browser doesn't access the Missouri Casenet website. There I could see if Worldwide/Cambece has suits on file. Neither is registered with the Sec of State's office as a business entity. But Worldwide's website advertises for jobs in MO, so that doesn't bode well. I sure could use any words of wisdom/encouragement anyone has to offer. How do I figure the SOL? I've read WhyChat's info and the Missouri statutes, but forgive me, I'm still puzzled. It sounds like its the day of last adverse entry. Does that mean charge-off date? If an agreement has to be in writing to be enforceable, is that my signature on MBNA's cc application way back in 1994. If so, I sure don't want to send CA a validation letter with my signature. Somewhere I read Missouri has adopted the federal fair credit rules. Do I want to send validation letter at all? What CA doesn't know is property they want to attach has been sold, and it's in another state. Supposed to close 7/31, but may be 8/15. Can I be sued in the state where property is? If so, chances of me finding out about it are remote. Once it's sold, I have no other assets, car is 16 years old, and I'm not currently employed. Proceeds from sale expected to be small, not enough to settle account, or much of anything else. I don't know if I can fly below the radar for the next 5 years, so any ammunition to respond with would be very helpful. My CR is trash anyway. I realize this is long, but it's cathartic to get some of it off my chest. No one knows of my troubles. Thank you for your time.
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