collections language - do we need to worry?

[sleeplessinohio]

I know that creditors use language as a scare tactic, but I don't want to overlook a red flag.

Do we need to worry about the following from US Bank?

"We are currently in the process of searching and verifying any property that is owned by you. The search may include, but is not limited to the following: automobiles, business assets, homes, and land. This information will be compiled and retained to aid in future collections procedures against this account.

When this search is complete and all property is verified, we will consider forwarding your account to our legal department for disposition."

Thanks for your insight.

sleepless in ohio

[Lajazz947]

Nope, just part of the collection process so that they can find something to attach if they get a judgement someday or sell the debt to a collection agency.

[CompTweaker]

Check your state's bk/judgement exemptions. If you're not over the exemption amount, and if your state doesnt allow wage garnishments, you should be fine. Are you planning on filing bk? Which one?

[sleeplessinohio]

Thanks to everyone who responded.

I'm just hoping to be able to file before there is some kind legal action against us. I hoped the letter from them wasn't a next step toward that process.

[Nicollette]

Sleepless,

Do you have an overdrawn account with US Bank, or some other line of credit with them?

[BigJohn]

I know that creditors use language as a scare tactic, but I don't want to overlook a red flag.

Do we need to worry about the following from US Bank?

"We are currently in the process of searching and verifying any property that is owned by you. The search may include, but is not limited to the following: automobiles, business assets, homes, and land. This information will be compiled and retained to aid in future collections procedures against this account.

When this search is complete and all property is verified, we will consider forwarding your account to our legal department for disposition."

Thanks for your insight.

sleepless in ohio

Sounds like the best scare tactic I have seen. I think they want you to contact them so they can pressure in to do something you will later regret.

[treehugger1]

This can be quite scarey to a person who does have assets. If you have assets that BK can protect, then BK is probably worth moving forward on. If you have no assets, then this sounds like a scare tactic. As I mentioned in another post, I recently had CA tell me they would begin to do an "asset search." I told them that if they turned anything up to give me a call. I'd love to know I had a few $K in assets that I didn't know about, as I have $0K. LOL

[junker]

a ca that represented a Mbna acct i had, told me they were going to do a asset search, i did have a house in california, i was selling the house, and 6months later the very day i closed on the house and was loading the rental truck to move out of state, they served me to appear, i left the state and they got a judgement of course, at same time i bought a house in florida, by the time they caught up with me in florida 3 years later ,i had that house for sale,. and sold it before they even tried to domesticate the judgement there,now i am renting and have nothing they can take. so if you have anything they can take, they will probably eventually sue.

[jktrading]

It's a scare tactic pure and simple. Why else would they tell you their plans? If they do anything "real" you will know by legal documents being served and having a chance to respond. Ignore everything that isn't a legal document, it means nothing.

[sleeplessinohio]

Thanks again for all the responses.

This is near the top of the list for the most difficult things we've ever faced and we're grateful for this forum.

[Genenco]

Thanks again for all the responses.

This is near the top of the list for the most difficult things we've ever faced and we're grateful for this forum.

I can attest, places like these, help so many in crisis. The words of comfort, encouragement and advice (Though not legal, but still helpful) is warming to all who read them.

Plus, your success in your journey, is another note to others entering that this need NOT be the worst time of your life, but it is a stressful and painful experience.

But one that can be concluded to a good end.

[BigJohn]

Thanks again for all the responses.

This is near the top of the list for the most difficult things we've ever faced and we're grateful for this forum.

Make sure you read every letter you receive. Sometimes they try suing and present it in such a way, you don't realize it. So check your small business and County court systems to see if anything got filed. The way the economy is, expect 'them' to pull tricks they normally would not get way with. For collectors, this time period seems to be a great fishing day but I suspect they like to fish where the fish are biting.

[Bell30656]

Until they have actually filed a lawsuit, seen it through the courts and got a judgment against you... Don't worry about it. A JDB owns two of my debts. One is clearly out of statute but they filed lawsuits anyway. One lawsuit was filed in our Superior Court in November of 2007. The second was filed in February 2008. Neither of the two of them have made it to court as of yet.

Collectors will use any means to trick you into making any type of payment. I received a call on a debt that is better than 12 years old. They told me that they would allow me to transfer the debt to a new credit line provided by them if I made a $50 payment. Gee, what a way to re-start an expired SOL.

Also CHECK YOUR STATE LAWS but in my state you have to be served, by a deputy for them to get a debt to court.