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  1. #1
    Join Date
    Sep 2010
    Posts
    19,901

    Default Re: How Should I Answer This Lawsuit

    Default on the credit card or my mortgage?
    Wrong kind of default. He's talking about the default judgment that will be entered if you don't answer.

    You are right SC can not garnish you for credit card debts. Child support, taxes, and student loans are the only debts that have that ability.

    Note that the $5000 protection against levy is for all your liquid assets in total, not just any particular account.

  2. #2
    Join Date
    Oct 2014
    Posts
    114

    Default Re: How Should I Answer This Lawsuit

    Quote Quoting flyingron
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    Note that the $5000 protection against levy is for all your liquid assets in total, not just any particular account.
    Woops. Looks like I can't take that exemption anyway. I'd still have the wildcard exemption (and a few others) though. I seriously doubt anything I own is worth any more than $800 by itself. If it were and if it weren't essential to my daily living, I would've sold it already.

    Quote Quoting adjusterjack
    View Post
    Where will you be in 5 to 7 years?
    I'm guessing I'll either still be where I am now, in roughly the same financial boat Or things will have improved to the point where tackling $20,000 worth of seriously delinquent debt doesn't seem like such a hilarious punchline to a cruel joke.

    Will you want things that credit will buy?
    Right now, the idea of credit turns my stomach. Using it has been a survival mechanism up until now. And I am just now getting to the point where I am managing to stay ahead of my bills (minus the credit card bills). For now, the thought of never touching a credit card again makes me smile.

    Will you be making more money?
    I hope so. Which makes me think maybe I'd be better equipped to handle this mess then. I know letting it wait can make it worse, but foregoing basic necessities can be an even bigger mistake. I'd prefer to stay alive to regret my decisions than to die trying to make better ones.

    Will you live in another state where wage garnishment is permitted?
    We're both disabled and have stuck close to family for a reason. I only really foresee leaving the state if my in-laws die.

    You really don't know what the future will bring.
    I figure, if the future does bring a better job, etc., I'll be better equipped to settle then.

  3. #3
    Join Date
    Nov 2013
    Posts
    7,056

    Default Re: How Should I Answer This Lawsuit

    For the amount of the debt, why don't you contact the attorney or BOA and try to work out a payment deal of settling the debt for some percentage on the dollar? BOA is not going to spend $5K to collect $5K.

  4. #4
    Join Date
    Oct 2014
    Posts
    114

    Default Re: How Should I Answer This Lawsuit

    Quote Quoting budwad
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    For the amount of the debt, why don't you contact the attorney or BOA and try to work out a payment deal of settling the debt for some percentage on the dollar? BOA is not going to spend $5K to collect $5K.
    I'm kind of spooked by some of the stuff I've read about not trusting the creditor's attorney. Aaaaand I just found out they're suing me for another $5,700 or so. I've also read that creditors rarely settle for less than 20-50%. So, I guess I'm kind of a deer in the headlights right now.

    At this rate, they couldn't collect $5,000 even if they tried anyway. I just don't know how to convince them to go easy on me. It's really not worth their time unless they're just trying to be vindictive.

  5. #5
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: How Should I Answer This Lawsuit

    You can broadly trust an authorized person who negotiates a settlement and payment plan, but you need to get any agreement in writing and you need to understand the consequences that will follow if you miss an agreed payment.

    As for trying to negotiate a reduction of the debt, as opposed to a payment plan, you won't know if that's a possibility until you ask.

    If you are going to be negotiating over two (or more) debts with the same lender, you would normally want to negotiate a resolution of all debts in the single deal.

    If you attempt to negotiate, the worst they can do is say "no".

  6. #6
    Join Date
    Mar 2013
    Posts
    18,340

    Default Re: How Should I Answer This Lawsuit

    Quote Quoting ransomedbyfire
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    I'm kind of spooked by some of the stuff I've read about not trusting the creditor's attorney.
    The creditor and its representatives are your enemy. Their job is to get you to pay your debt using any legal means at their disposal.

    Quote Quoting ransomedbyfire
    View Post
    I've also read that creditors rarely settle for less than 20-50%.
    True. But, in states where wage garnishment is not an option, they may accept a payment plan and avoid judgment.

    Quote Quoting ransomedbyfire
    View Post

    At this rate, they couldn't collect $5,000 even if they tried anyway. I just don't know how to convince them to go easy on me. It's really not worth their time unless they're just trying to be vindictive.
    You're making the mistake of thinking that this is personal. It isn't. There's no vindictiveness. This is an impersonal assembly line process designed to collect debts. Institutional lenders are budgeted for it. They don't go easy, they don't go hard, they just go.

  7. #7
    Join Date
    Oct 2014
    Posts
    114

    Default Re: How Should I Answer This Lawsuit

    You're making the mistake of thinking that this is personal. It isn't. There's no vindictiveness. This is an impersonal assembly line process designed to collect debts. Institutional lenders are budgeted for it. They don't go easy, they don't go hard, they just go.
    I didn't necessarily say they "were" trying to be vindictive. What I said was that, at this rate, if they're not willing to settle for an amount I can give (which would be way less than 50%), vindictiveness is the only point in trying to collect from me.

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