Question

[savanasue]

Hi
I have several CC that i have not paid on for at least 2 yrs. They all have been sold to collection agencies. So far no has taken any legal action against me ( I have nothing).. I am not planning on filing BK unless these people come after me. Its been 2 yrs, do you think they will after this long? Also, i need a new vehicle..nthing out rageous or even new, but a decent, low mileage vehicle. If i were to purchase a vehicle and i do end up filing BK down the road, will it be taken away from me? I drive a 14 yr old vehicle now, so i know this wouldnt be taken from me..My sister woould loan me money for a down payment..also, if i need to finace say$ 5,000 with a large down payment , with such bad credit do u think i would be able to be financed???

[BankruptinNJ]

Chase waited three years to sue me and I had nothing either. Don't think that they won't come after you! They can still garnish your wages and levy your bank accounts!

You might have trouble getting financed at a decent rate. Can you buy an older used car? (not as old as your current one of course).

Besides, if you use a large down payment, creditors will definitely think that you have have money to pay them!

[savanasue]

but if the credit card has aleady been written off by the CC company and sold to collection agency, why would the cc come back and sue? Also, if i make a cash downpayment, how will the CC companies/collection agencies even know about it..it doesnt go on your credit report..

[jwmc1]

but if the credit card has aleady been written off by the CC company and sold to collection agency, why would the cc come back and sue? Also, if i make a cash downpayment, how will the CC companies/collection agencies even know about it..it doesnt go on your credit report..

Do you know for a fact that the debt was "sold," or are they simply trying to collect?

[savanasue]

yes, the credit card debt has been sold to collection agencies...i know this for sure...

[nokia123]

for some people it will take up to six months to get sued and for some it can take up to 6,7 years before they get sued, you never know.

[treehugger1]

Does your credit report show the CA as the creditor? Are your original creditors reporting a $0 balance? All of my original creditors who sold my debt report $0 balance. After 5-6 years of this, my credit score is getting better. A charge-off with a $0 balance showing appears to be better than a JDB reporting a CO in collections.

[mountanddo]

My capital one card was sold to a collection agency and I am currently being sued after a year of not paying.

[StEt0417]

Chase waited three years to sue me and I had nothing either. Don't think that they won't come after you! They can still garnish your wages and levy your bank accounts!

You might have trouble getting financed at a decent rate. Can you buy an older used car? (not as old as your current one of course).

Besides, if you use a large down payment, creditors will definitely think that you have have money to pay them!

Do they send you a letter that they are goin got garnish wages and bank accounts?

[IamOld]

You guys, this thought has crossed my mind...BUT - but - it's like having to always look over your shoulder, isn't it??

[sunshinepa]

but if the credit card has aleady been written off by the CC company and sold to collection agency, why would the cc come back and sue? Also, if i make a cash downpayment, how will the CC companies/collection agencies even know about it..it doesnt go on your credit report..

If you take a loan out, that would most likely show up on your report, give the creditors a heads up and that's how they would know. I think I read somewhere they do this "automatic" checking thing, but not positive of that. I know I didn't get away with more than six months without being sued. Of course, I own a home so that may make a difference even though it has a mortgage.

Just be aware, you are never out of the woods with that debt until the SOL on them runs out or you discharge in a BK.

Good luck.

[mountanddo]

Would you be able to get a car loan with not paying credit cards for 2 years and having them sold to collection agencies? If you know for sure that they have been sold to a collection agency I'm guessing either they are calling you or it is on your credit report.

[LadyInTheRed]

Do they send you a letter that they are goin got garnish wages and bank accounts?

They have to sue you and get a judgement before they can garnish anything.

Just be aware, you are never out of the woods with that debt until the SOL on them runs out or you discharge in a BK.

You may not be out of the woods even after the SOL expires. A creditor may sue after the SOL expires in which case you have to file an answer stating that the SOL expired. It can be a real pain and you may have to do more than just file an answer to make the suit go away.