Law suits by CC companies

[coolgurka]

Typically how long does the CC card company file suit ? I read that one has at least 6 months after the last payment ? Is that the norm?

What happens if one doesn't know (due to moving) about the CC's law suit and hence doesn't show up?? Can filing BK Ch 7 discharge that?Does the BK have to include the lawsuit and or judgement? How does one find out if one has been sued by any CC companies?

[lookingforward]

This month makes nine months since I've paid my credit cards. No lawsuit yet, but I'm sure one is on the way.
Sorry, I can't help you with your other questions, but I'm sure someone else here will know the answers.

[DeadManCrawling]

This really varies and there seems to be NO way to guess who will file and over how much money.

I owe one CC 80k. Haven't paid for two and a half years and not a word from them, other than an occasional letter or recorded message. I am sure the debt is on its 5th or 6th collector outing by now.

Another card sued 2 months after default. We owed that one $1,200.

Go figure.

Good luck!

[HHM]

I just posted this in another thread

"...From a collection portfolio standpoint, accounts under $5,000 have the highest yield rate (i.e. highest return to the collection agency), so lawsuits on those amounts are filed more frequently and because in most areas amounts under $5,000 can filed in small claims or some lesser civil court, the cost is low and success rate of getting a default judgment are high."

The law of averages is still about the 6-18 month. Sometime sooner, sometimes longer, sometimes never. As the amount of debt owed gets higher, the chance of a law suit decreases.

[coolgurka]

Wow, I didn't know that ! I would think that CC would sue for higher amounts, like the 55k's etc. (per card)

By the way, if one has moved away from the original address, how does one go about finding out if there are any lawsuits or judgements that have been filed or levied against you ?(if one doesn't show up, it is a default )

Interest accrues, so when filing BK, how does one find out the total amount ?I don't really want to call them up and some of the online accounts will be shut off .

[maddog2112]

Just out of curiosity, who`s most likely to sue. original creditors or junk debt buyers? Hey deadman, do those collectors bug you at home or work?

[LuciluS]

Wow, I didn't know that ! I would think that CC would sue for higher amounts, like the 55k's etc. (per card)

By the way, if one has moved away from the original address, how does one go about finding out if there are any lawsuits or judgements that have been filed or levied against you ?(if one doesn't show up, it is a default )

Interest accrues, so when filing BK, how does one find out the total amount ?I don't really want to call them up and some of the online accounts will be shut off .

Some States/Counties/Districts have websites where you can look them up cases/judgemenets by name for Free. In this Society, I don't believe there is anything that is kept hidden LOL! There is Pacer, but I'm not too familiar with it Yet, and it's not free. I believe there is a Stickie above the posts about Pacer and it's usage.

You are entitled to 1 free credit bureau report from each Agency every year. I pulled Experian on myself and hubby back in November. Will pull the other two later as it gets closer to our Chapter 7 filing on 9/30/09.

Luci

[keepmine]

Wow, I didn't know that ! I would think that CC would sue for higher amounts, like the 55k's etc. (per card)

By the way, if one has moved away from the original address, how does one go about finding out if there are any lawsuits or judgements that have been filed or levied against you ?(if one doesn't show up, it is a default )

Interest accrues, so when filing BK, how does one find out the total amount ?I don't really want to call them up and some of the online accounts will be shut off .

Contact the court clerk's office where you used to live. Many have online access.
The dollar amount isn't important. The big thing is, get the creditor listed. Use the amount on your last statement or dunning letter.

[coolgurka]

What is a dunning letter?Thanks for your input.

[coolgurka]

Some States/Counties/Districts have websites where you can look them up cases/judgemenets by name for Free. In this Society, I don't believe there is anything that is kept hidden LOL! There is Pacer, but I'm not too familiar with it Yet, and it's not free. I believe there is a Stickie above the posts about Pacer and it's usage.

You are entitled to 1 free credit bureau report from each Agency every year. I pulled Experian on myself and hubby back in November. Will pull the other two later as it gets closer to our Chapter 7 filing on 9/30/09.

Luci

Thanks for your reply Luci. Can you will your onefree credit report on line from say Experian? Or do you have to request it by mail?

[DebtEnder]

The reason CC won't sue on a tens of thousand dollar debt is that amount is high enough to "justify" the debtor filing BK on them. The smaller amounts it's not really worth spending 1500+ dollars to file BK to avoid a 3-4k debt.

And for the CC it's a smallish fee as the lawyers who do the suing just add their fees to to inevitable default judgment they get.

[LuciluS]

Thanks for your reply Luci. Can you will your onefree credit report on line from say Experian? Or do you have to request it by mail?

Yes, you can get your credit reports online and don't have to wait for snail mail.

I believe there is a specific website you enter your info to get the free credit reports each year. I'm so tired I'm seeing double. So will PM in the morning when I find the website.

A Dunning Letter just means a letter stating you Are Past Due & it may threathen you with a lawsuit. Here let me put it this way - It's something besides a Normal Credit Card Statment LOL!

Luci

[coolgurka]

Thanks DebtEnder for the reply on why large CC debt don't tend to get sued.


Luci, I will wait for the PM, thanks for the help.

When one gets the Dunning letter, does it mean that the lawsuit will follow suit or can that be just a means to "threaten " you into paying up?? (especially when the debt is above 10K?)

[keepmine]

A dunning letter is a letter from a creditor {or collector} saying you owe us "X" amount.
Usually, letters like this are an empty threat but nobody can tell you with any degree of assurance when or if you'll get sued. That's something beyond your control and I'd just stop worrying about it.

[jennordhavn]

I had 5 credit cards, all under $1000 limits. I didn't pay them for 3-4 years and I only got sued by one and it was right before the 4 year SOL was up. That was Crap One.