[Dr. Know]

My question involves collection proceedings in the State of: Iowa

It seems that wamu/chase has sold my debt owed to them of 1,000+ dollars to another company.

They have hired a "Law office" to collect this amount apparently, and have sent me a letter in the mail today.

"RE: Creditor Midland Funding, LLC
Original Creditor WAMU
Current Balance _____
Client Account No.: _____"

"Dear ____
This office has been retained to collect the debt owed by you to ______. This is a demand for full payment because you have had ample time to pay your creditor."

It goes on to state that i have 30 days to dispute the debt, and that if it is disputed or any portion of it is , "this office will obtain verification of the debt or a copy of a judgement against you"...will be mailed to you...

It goes on to state that "at this time no attorney has personally reviewed the particular circumstances on your account, please contact our office @ ____"

This is all new to me, and frankly a little frightening.

I have been unemployed for about 4 months now, I have no income, and no assets to sell. I have moved back in with my parents due to the mentioned issues, and have been actively seeking employment for the duration of my employment.

I know I made an agreement with the original creditor to pay what I spent on the card, that is my obligation. However I am suprised this has happened so quickly, I made my last payment around march, and had missed no payments before that.

With no income, no job, and no assets to sell, what are my options here? After 30 days what happens?

-Sorry this is so huge, thanks for helping.

[jk]

first, understand that not disputing does not equal admission of liability so don't think that.

If you made your last payment in March, you are obviously within the statute of limitations so you have no escape through that. You also admit this is your debt so many will say to just pay your debts and all will be well.


So, what can happen; from here, they can just keep sending you bills; they can sue you and obtain a judgment; they can forget about you.

what they will do is up to them.

[Dr. Know]

Thanks for the responses I appreciate the input.

There is no doubt it is my debt, I have no problem making my obligation and paying it back , granted I have means of doing so (employment), which right now is not something I can seem to find anywhere.

What I was mainly asking is, (and I know you don't have a crystal ball) in cases you know about similar to this, or where the dollar amount is around the same, do these places usually end up sueing for the amount?

I don't really see the point of that, I have no assets, no income, and no job, they would simply be wasting theirs, and my time by pursuing this legally.

I have told them this, and intend on simply paying off the debt when I can, but frankly I don't know that they understand or care about that.

So to put it simply, with the dollar amount, months delinquint, and circumstances stated, do you think they will take legal action, or simply harass me until I pay it off?

Also, if they do take me to court, does that mean I will then have a criminal record? that could be very bad.

[jk]

Dr. Know;345675]

I don't really see the point of that, I have no assets, no income, and no job, they would simply be wasting theirs, and my time by pursuing this legally.

they would be awarded a judgment. then they can take whatever legal means your state allows to collect a judgment.

So to put it simply, with the dollar amount, months delinquint, and circumstances stated, do you think they will take legal action, or simply harass me until I pay it off?

this would be anybodies guess. Since they can tack the legal fees onto the balance, they aren't out anything.

Also, if they do take me to court, does that mean I will then have a criminal record? that could be very bad.

NO. This would be a civil action. You would have a judgment show up on your credit report but that is about it.

[aaron]

Why do you think this is a contact from a law firm? The letter seems to be a standard collection agency letter and expressly notes that no attorney has reviewed the claim.