Collection notice

[Mom2one]

NOt sure if I am posting this in the right place or not. We got a collection agency notice (our 1st one) from GE Money Old Navy today. Does this mean we will be sued soon? UGH! We are waiting to file as we need overtome to fall off. We are only 2-3 months late on cc payments!

Thanks
Christine

[Lajazz947]

Nope, not yet although GE is calling me relentlessly over $200!!!!!!!!!!!!!!!

I am tempted to pay them so they will just stop calling.

[Mom2one]

I am just so upset. We are waiting or hoping to wait until the Fall at least to file. There is no way we could afford the 13 payment we would get if we file now!

This sucks
Christine

[Frogge]

I wouldn't worry yet

Hi Mom! A notice from the collection agency doesn't necessarily mean you will be sued soon, I would consult the Collections board to get some good advice, I have gotten a LOT of good ideas there.

[keepmine]

Stop worrying about a lawsuit. You very likely have many months if not a year or more before any litigation.
You've plenty of time to file before a lawsuit is likely.

[reallynervous]

I agree with not worrying at this time. I know those letters feel scary, but there is usually a longer process before someone would sue you. Also, I think it helps us some that we are in PA where they cannot garnish wages.

Try not to worry so much about it. Even if you would get sued before you file, you most likely would have time to get filed before it would take effect.

Hang in there!
Carol

[Cassiopeia]

Stop worrying about a lawsuit. You very likely have many months if not a year or more before any litigation.
You've plenty of time to file before a lawsuit is likely.

Ditto on that. Been there, done that. When I filed, almost ALL of my accounts were in collections and had been for months and months.

Now that I think about it, that is one of the things that surprised me most of all about this whole process of financial problems/BK, etc.....the sheer length of time between your first ever late payment and the actual suing process. It really does take forever. I had the worst credit imaginable and I put off BK for a couple of years. (If I had it to do over, I certainly would not have waited that long. I guess I expected a miracle. If I only knew that BK was this painless.....far less painless than two years of harrassment!)

[Mom2one]

Does that mean that the account is still in in house collections? I am so confused at this point!

Christine

[keepmine]

Does that mean that the account is still in in house collections? I am so confused at this point!

Christine

If you're only a few months late, the account has probably been assigned to an outside agency as opposed to sold.
Really, nothing to get confused about or upset over. This has happened to us all. Your best interest and your creditors best interest have diverged. Just part of the procees. Don't let become overpowering.

[laurannm]

We also had just received a notice on both of our GE Money accounts (old navy and Gap) that they had been "placed" with a collection agency called NCO. I think as Keepmine stated, it was placed with NCO as opposed to sold, which doesn't mean much. I wouldn't worry too much about it. I would be pretty shocked if you got sued by the fall if you are only a few months late now.

[WhatMoney]

In the first 6 months you should expect about 2 letters per creditor per month, starting after about 2 months. The most letters occur before the original creditor writes off the loan at 6 months, and they may be from the OC or an assigned collector. It's no big deal. Just file the letters in folders, one per original account. Doesn't take up much room at all.

If you start getting letters from law firms who are licensed to practice law in your state threatening to take "legal action" you might pay attention. Of course legal action is doing anything legal, like sending your account back to the original creditor, or selling it to another collector, or just filing it away.

[JRScott]

Don't worry about being sued as the others say that's a long ways off , probably 6 months to a year you'll be filed in plenty of time.

[Mom2one]

Thank You to everyone that replied. This forum is awesome! I am trying to keep myself busy and trying not to worry. Its hard though. I am not worried about a budget, just a high payment. I worry about not having enough money to buy food or clothes for my son. Or to save for my escroe since our taxes are always going up. I know I am not alone and that helps

Chrissy