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.: _____"
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.