what happens next?

[landofpoor]

new news

well was expecting a call from someone today and answered the phone before it went to meg machine.lo and behold it was the collecter that was wanting to talk to wife. Before I put her on I done realized who it was and asked him what this was about he said due to fccp I believe he couldnt so I put her on they confirmed last 4 digits of ssn then they wanted to talk to me about her debt which the card is only in her name.I told them I wasnt at liberty to discuss anything now and he got all pissy and started to say how my wife stole 30k from there client. He says seeing with my attitude they would go forward I told him do what you gota do and hung up.
Question is why did they wanna talk to me when the cards are held seperatly in each of our names?BTW neither is a authorized user of each others cards.Also why did he confirm the last 4 digits of her ssn?
Anyways no more answering the phonesever again till I know who it is for sure.

[catleg]

This stuff is standard procedure for them, you should read the collectors manual in the sticky threads at the top of this forum. They have to identify that they're talking to the right person, someone who is legally responsible for the debt. Being a spouse doesn't cut it, they want to talk to the cardholder.

There is really no reason to talk to these people, unless you are prepared to send money. It is legal extortion, we will keep calling you and potentially your friends, family, neighbors, relatives, and employer to try and "locate" you. So they can "help" you find your checkbook.

I've come to realize that once you get buried on credit cards they really aren't viewed as a loan anymore, it is more like an annuity or a stream of payments. With the sky high interest rates plus the late and overlimit fees you could potentially pay many times the actual balance originally charged on the card.

However the tables are turning and the legs have been knocked out from under their business model, which partly relied on extraction of value from real estate (your home) as their ultimate leverage against you. And ironically the 2005 bankruptcy reforms enhanced the protections in bankruptcy for 401k contributions and loan repayments.

The price paid by junk debt buyers for fresh chargeoffs has been falling. Apparently it's down to about 5 cents on the dollar now. Used to be about 15 cents I believe. Kind of confirms the hypothesis.

[junker]

i have a drawer full of those letters, i have ignored them for almost 7 yrs now, only one, mbna which is now bof a sued me and got a judgement, and it took them over 3 years to do that, when they run a asset check on you and see that you have nothing and are unemployed they usually arent that quick to sue, when they called i have been telling them i am in the process of filing bk, i have been telling them that for almost 7 years also, they just tell me to give them the # when i file. and quit for 3 or 4 months, then i tell them again.now everything is about to fall off of credit report, except the judgement, which will remain till 2012. the judgement creditor has been trying to settle with me for far less than the amount owed, he wants 2k and i owe almost 7k now. my roomate stopped paying the same time on 14k cc debt, afer 3 years b of a gave her new credit of 5k and chase gave her 5k and she has no judgements. crap one just gave her 1k and the bad stuff hasnt even fallen off her credit report yet.