Anyone have a timeframe for Chase/WAMU to sue?

[optimistic1]

Well, they wont like me when they call, I wonder if they like drum and bass, cause I will put them on hold and make them listen to it.

And I can go from 0 to 10 in no time, so they better watch it.

[treehugger1]

I had a defaulted overdraft account with WAMU (not a small amount either.) After 90 days they sent it to a CA. I DV'd and never heard back from the CA. It went on to another CA. I again asked for debt verification. A couple of days ago, I received a letter from a new CA (JDB) who purchased the debt. They are offering a "significant" reduction of the debt down to 70%. LOL!! I defaulted on this nearly 18 months ago. I would guess they paid 5 - 10 cents on the dollar to WAMU. If they ever send me a DV, I'll write back with a 7 cents on the dollar offer.

I'll send them a DV and cease-and-desist commuications letter in a few weeks. I'll also include the information that they are viewed as a debt collector in my state, and as such they need to register in my state. What is always strange to me is that much of my debt has been sold or assigned to CA's/JDB's who are in states 3000 miles away. One would think in this information age, teh creditors would at the very least assign or sell the debt to a CA/JDB in the state where the debtor resides. Then again, the OC just wants some money and if they sell the debt I believe they then wash their hands of the entire affair. This could also be why I've never, ever received a response to debt verification from a C/JDB outside of my state. Perhaps the OC does not make it a priority to fill requests of CA's/JDB's they sold the debt to.

Hard to know.

So, 18 months and with the new owner of my WAMU debt being 3000 miles away, I think it could be another 6-18 months before anyone might take small claims action. Even then, they would have to serve me and I would demand a mediation hearing.

Your experience could be different.

[optimistic1]

I read a post that HHM had on this topic, what he said was, they seek National Arbitration and dont necessarily need to be registered in your state. But who knows.

That sounds re-assuring about your WAMU accounts, although, your accounts might have been so old, that they were original WAMU, and now mine are actually owned by Chase, we will see if that changes anything.

Sounds like you are having fun though.

[treehugger1]

Yep, they can also seek arbitration, but you also have a right to respond to arbitration. In some states, arbitration does not circumvent the law. I think that in may jurisdictions arbitration has created a hinderance.

As an example, suppose you are found "guilty" by an arbitrator. In some states the arbitration process does not imply "due process." So, should someone get a judgment against you, you can make a motion to your local or regional court that the judgment be avoided, reasoning lack of due process. I think that much of the NAF stuff is beginining to conflict with state laws. Just my thoughts.