so you say you know how to do all of that you know how to win so how do we who dont know how to do all of that learn??????
--- On Tue, 9/16/08, Creditwrench <creditwrench@gmail.com> wrote:
From: Creditwrench <creditwrench@gmail.com>
Subject: [creditwrench newsletter] [creditwrench] Answering a summons
To: creditwrench@googlegroups.com
Date: Tuesday, September 16, 2008, 9:09 AM
Answering summons QUESTION:Hello Creditwrench, I have a few questions. I live in New Jersey and I received a court summons. It was filed by the attorney of a debt collection agency. The summons says that in order to avoid a default judgment, I have to answer the complaint by sending an answer to the court and to the plaintiff's attorney "within 35 days (including weekends) from the date you were 'served' (sent the complaint)". Including the day that the summons was served, I have three days left to send an answer. My plan is to answer the summons tomorrow (Monday, the 34 day) by certified mail to both the court and the plaintiff's attorney. Both parties should receive the answer on Tuesday (the 35 day). So my question is: Are default judgments carried out within the 35 day answer period; will a judgment be entered against me on Tuesday? Or, does the answer period have to expire before a judgment can be entered against me? The last questions has to do with the fact that the complaint filed by the plaintiff's attorney clearly demands judgment for the amount I owe "plus accruing interest to the date of judgment plus costs." I do owe the money, but is there a way for me to demand that the court dismiss the plaintiff's claim for interest and costs? Also, the only assets that I have are a 9 year old computer and some books, is it possible that these items will be seized in order to satisfy the debt? What is the process that the plaintiff must follow in order to seize my assets? Will this be immediate at the time of judgment? Also, I am unemployed. How do I request a motion to be heard in court, so that the judge might be better able to understand my situation? Is it too late to demand from the plaintiff's attorney a copy of the contract that I had with the original creditor? I know this is a blizzard of questions, but I've been researching online and this is the only place where it seems I can get specific information regarding my case. I have to answer the complaint by sending an answer to the court and to the plaintiff's attorney "within 35 days (including weekends) from the date you were 'served' (sent the complaint)". Including the day that the summons was served, I have three days left to send an answer. My plan is to answer the summons tomorrow (Monday, the 34 day) by certified mail to both the court and the plaintiff's attorney. Both parties should receive the answer on Tuesday (the 35 day). So what is your answer going to be?_____________________________________________ So my question is: Are default judgments carried out within the 35 day answer period; will a judgment be entered against me on Tuesday? Or, does the answer period have to expire before a judgment can be entered?
_________________________________________
Also, the only assets that I have are a 9 year old computer and some books, is it possible that these items will be seized in order to satisfy the debt?
Not likely to say the least.
____________________________________________
What is the process that the plaintiff must follow in order to seize my assets?
In most states there has to be a garnishment hearing first. A judgment only states that you owe the debt but does not state that you must pay it.
____________________________________________
Will this be immediate at the time of judgment?
NO.
Judges do not care about your situation. The only question before the court is whether or not you owe the debt and that is the question that must be answered one way or another.
________________________________________________
Is it too late to demand from the plaintiff's attorney a copy of the contract that I had with the original creditor?
No. That is done through use of demand for production of documents.
_________________________________________________
I know this is a blizzard of questions, but I've been researching online and this is the only place where it seems I can get specific information regarding my case.
I believe that I have answered your questions but they don't go to the heart of the matter which is how do you answer the complaint. Doing that is what is important while most of the questions you have asked are only of peripheral interest. Knowing the answers to the questions you have asked do not inform you about the proper ways to respond to the complaint, how to use your discovery tools and many other questions you must know in order to present a successful defense.
Of course, you may just be resigned to the fact that you will lose in court no matter what you do as are most folks who get a summons and complaint. But it does not have to be that way. There are other possible outcomes.
---------- FOLLOW-UP ----------
QUESTION: Thanks for your help, so far.
What is the best way to respond? I have an answer form, but it only seems to
provide choices for claiming that I do not owe money to the plaintiff. This is
the main reason why I am confused about the entire process. It as if the
system is saying that if I do agree that I owe the money, I should not answer
and just let the court enter a default judgment against me.
As you said, I feel resigned. How might I have a chance to turn things around
that excludes negotiating with the plaintiff. I have no means to pay the debt
at the moment, so that's not a reasonable track to take.
I really do appreciate your help.
Answer:
creditwrench
I'm not an attorney so I can't give you legal advice but I know what I would do if I were in a similiar situation.
The first thing I would probably do is prepare a graduated denial unless other circumstances mandated some other response, interrogatories, demand for admissions and production of documents and a certificate of mailing.
In the event that the debt was outside of statute of limitations I would file a motion to dismiss as my response, a notice of hearing, order of the court, the above discovery tools, certificate of mailing.
I would also see what violations of FDCPA and FCRA might have been committed and start preparing my federal case against the attorney and I would most likely include the plaintiff as a co-defendant in the federal case.
I would go into the local case expecting to lose no matter what I did or how well my defenses were presented so I would hope that I could raise issue(s) that might be grounds to demand that the judge recuse himself so I could begin the recusal process in conjunction with the motion to vacate the judgment and repeat that as many times as necessary to get the case into appellate court without having to put up a supersedias bond. I would also begin to think about how to develop an issue upon which to mount a well founded motion to vacate.
Between the appellate and federal courts the plaintiff in the lower court case is not likely to have a crying chance to win for the simple reason that just as I expect to lose in local court because I probably do owe the money the lawyer and his client will lose in higher courts because they violated the law and have no defense against that.
I know how to do all of that. I know how to win. -- Posted By Creditwrench to creditwrench at 9/15/2008 03:01:00 P --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Creditwrench" group. To post to this group, send email to creditwrench@googlegroups.com To unsubscribe from this group, send email to creditwrench+unsubscribe@googlegroups.com For more options, visit this group at http://groups.google.com/group/creditwrench?hl=en -~----------~----~----~----~------~----~------~--~---
Hello, Creditwrench has just posted in the Real Estate and Home Loans forum of CreditWrench under the title of New Calif. Foreclosure law. This thread is located at http://www.creditwrench.com/consumers/showthread.php?t=3813 Here is the message that has just been posted:
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New California Law Requires Additional Steps For Foreclosures
Effective July 8, 2008, the State of California enacted new requirements for foreclosures on owner-occupied properties, as well as a new requirement for eviction of tenants by the purchaser at a foreclosure sale. The new law applies to residential mortgage loans that were made between January 1, 2003 and December 31, 2007 and will expire on January 1, 2013. The new law can be found at California Civil Code Sections 2923.5, 2923.6, 2924.8 and 2929.3, and California Code of Civil Procedure Section 1161b. The key provisions of the new law provide that:
1. A mortgagee, trustee, beneficiary or authorized agent (hereafter referred to as the "mortgagee") must wait 30 days after contact is made with the borrower, or 30 days after satisfying due diligence requirements to contact the borrower before filing a notice of default.
2. Contact must be made in person or by telephone in order to assess the borrower's financial situation and explore options for the borrower to avoid foreclosure.
3. The borrower must be advised that he has the right to request a subsequent meeting and, if requested, the subsequent meeting must occur within 14 days of the original contact. Any meeting may occur telephonically.
4. The borrower must be provided with the toll-free telephone number made available by HUD to find a HUD-certified housing counseling agency.
5. In order to satisfy the due diligence requirement, the mortgagee must first attempt to contact a borrower by sending a first-class letter that includes the toll-free telephone number made available by HUD to find a HUD-certified housing counseling agency. After that, the mortgagee must attempt to contact the borrower by telephone at the primary telephone number on file at least three times at different hours and on different days. The diligence requirement is deemed satisfied if the mortgagee determines that the borrower's primary telephone number and secondary telephone number or numbers on file, if any, have been disconnected. If the borrower does not respond within two weeks after the telephone call requirements have been satisfied, the mortgagee must send a certified letter, return receipt requested. The mortgagee must also provide a means for the borrower to contact it in a timely manner, including a toll-free telephone number that will provide access to a live representative during business hours, and post a prominent link on the homepage of its internet web site, if any, to the following information:
a. Options that may be available to borrowers who are unable to afford their mortgage payments and who wish to avoid foreclosure, and instructions to borrowers advising them on steps to take to explore those options;
b. A list of financial documents borrowers should collect and be prepared to present to the mortgagee when discussing options for avoiding foreclosure;
c. A toll-free telephone number for borrowers who wish to discuss options for avoiding foreclosure with the mortgagee; and
d. The toll-free telephone number made available by HUD to find a HUD-certified housing counseling agency.
6. A notice of default must include a declaration from the mortgagee that it has contacted the borrower, tried with due diligence to contact the borrower, or that the borrower has surrendered the security property to the mortgagee.
7. If the mortgagee has already filed a notice of default prior to July 8 and did not subsequently file a notice of rescission, then the mortgagee must, as part of the notice of sale, include a declaration that either (a) states that the borrower was contacted to assess the borrower's financial situation and to explore options for the borrower to avoid foreclosure, or (b) lists the efforts made, if any, to contact the borrower in the event that no contact was made.
8. Most of these requirements do not apply if the borrower has filed for bankruptcy (and the proceedings have not been finalized), the borrower has surrendered the property to the mortgagee, as evidenced by either a letter confirming the surrender or delivery of the keys to the property to the mortgagee, or the borrower has contracted with an organization or person whose primary business is advising people who have decided to leave their homes on how to extend the foreclosure process and avoid their contractual obligations to mortgagees.
9. A servicer under a pooling and servicing agreement is deemed to have acted in the best interests of all parties if it agrees to or implements a loan modification or workout plan if the loan is in payment default or payment default is reasonably foreseeable, and anticipated recovery under the modification or workout plan exceeds the anticipated recovery through foreclosure on a net present value basis.
10. If the billing address for the mortgage note is different than the property address, then upon posting a notice of sale, the notice required by Civil Code Section 2924.8 must also be posted.
11. A legal owner that fails to maintain vacant residential property may be subjected to a fine of up to $1,000 per day. Failure to maintain means failure to care for the exterior of the property, including without limitation permitting excessive foliage growth that diminishes the value of surrounding properties, failing to take action to prevent trespassers or squatters from remaining on property, or failing to take action to prevent mosquito larvae from growing in standing water or other conditions that create a public nuisance.
12. A tenant or subtenant in possession of a rental housing unit at the time the property is sold in foreclosure must be given 60 days' written notice to quit before the tenant or subtenant may be removed from the property.
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Hello, Creditwrench has just posted in the ASK AN ATTORNEY forum of CreditWrench under the title of rss:Debt Law Network. This thread is located at http://www.creditwrench.com/consumers/showthread.php?t=3809 Here is the message that has just been posted:
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The Servicemembers Civil Relief Act (SCRA) (http://usmilitary.about.com/od/sscra/l/blscramenu.htm), signed into law on December 19, 2003, limits collection tactics and enforcement of claims against active duty military personnel.* In this post, I will discuss how the SCRA protects activy duty military personnel from default judgment.
The SCRA, Section 201 - Protection of Servicemembers Against Default Judgments (http://usmilitary.about.com/od/sscra/l/blscra201.htm), applies to any civil action or proceeding in which the defendant does not make an appearance in the case.* Section 201 of the SCRA requires a plaintiff to file an affidavit with the court before entering judgment against the defendant.* This affidavit must state that either 1) the defendant is not in military service, 2) the defendant is in military service, or 3) the plaintiff cannot determine whether the defendant is in military service.
If the defendant in the action appears to be in military service, the court may not enter a judgment against that defendant unless the court appoints an attorney to represent the defendant.* The SCRA provides special rules for stays of the civil proceedings for a minimum period of 90 days if the court determines that 1) there may be a defense to the action and a defense cannot be presented without the presence of the defendant or 2) after due diligence, counsel has been unable to contact the defendant or otherwise determine if a meritorious defense exists.
If it cannot be determined whether the defendant is in military service, the court, before entering judgment, may require the plaintiff to post a bond in an amount approved by the court.* If it is later found that the defendant was in military service, the bond is used to indemnify the defendant against any loss or damage that the defendant may have suffered as a result of the default judgment being entered.
*If you liked that post, then try these...* Should You Voluntarily Give Back Your Auto Before Repossession? (http://www.debtlawnetwork.com/should-you-voluntarily-give-back-your-auto-before-repossession/) by Karen Oakes, Southern Oregon Debt Law Attorney
Who is Not Subject to All Provisions of the Fair Debt Collection Practices Act (FDCPA)? (http://www.debtlawnetwork.com/who-is-not-subject-to-all-provisions-of-the-fair-debt-collection-practices-act-fdcpa/) by Stephen Otto, Pittsburgh Consumer Attorney
Some Debt Is Not Covered By The FDCPA - Business Debt (http://www.debtlawnetwork.com/some-debt-is-not-covered-by-the-fdcpa-business-debt/) by Andy Miofsky, Illinois Consumer Law Attorney More... (http://www.debtlawnetwork.com/feed/)
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Hello, Creditwrench has just posted in the ASK AN ATTORNEY forum of CreditWrench under the title of rss:Debt Law Network. This thread is located at http://www.creditwrench.com/consumers/showthread.php?t=3810 Here is the message that has just been posted:
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Recently, our firm received a question from an individual/employer.* The question was as follows:* "My company gets calls from collectors for employees all the time. They will hardly ever identify themselves, but I have one company in particular who calls all the time. I have a log and their company name and address. Is that enough to turn in to the State Attorney General?"
The state attorney general may pursue the debt collector but this may be a case that falls under Section 1692d of the Fair Debt Collection Practices Act (http://abusivedebtcollection.com/text-of-the-fdcpa/).* Section 1692d states "A debt collector may not engage in any conduct the natural consequence of which is to harass, oppress, or abuse any person in connection with the collection of a debt."* Arguably this individual/company owner falls in to the definition of any person.* The protections of Section 1692d are not limited to consumer or debt.* They are open to any person and that may include employers, creditors, relatives, friends, and neighbors affected by violations connected with consumer transactions.
*If you liked that post, then try these...* Who is Subject to All Provisions of the Fair Debt Collection Practices Act (FDCPA)? (http://www.debtlawnetwork.com/who-is-subject-to-all-provisions-of-the-fair-debt-collection-practices-act-fdcpa/) by Stephen Otto, Pittsburgh Consumer Attorney
Landlord charged with serving fake eviction notice (http://www.debtlawnetwork.com/landlord-charged-with-serving-fake-eviction-notice/) by Chip Parker, Jacksonville Debt Law Attorney
How Long Does It Take A Check To Clear (http://www.debtlawnetwork.com/how-long-does-it-take-a-check-to-clear/) by Andy Miofsky, Illinois Consumer Law Attorney More... (http://www.debtlawnetwork.com/feed/)
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Hello, Creditwrench has just posted in the ASK AN ATTORNEY forum of CreditWrench under the title of Oklahoma Law blog. This thread is located at http://www.creditwrench.com/consumers/showthread.php?t=3803 Here is the message that has just been posted:
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The demise of Bear Stearns and the bankruptcy of Lehman Brothers, followed by the purchase of Merrill Lynch by Bank of America, heralds the final end of the Wall Street business model.
B of A's CEO claims that for seven years he predicted the commercial banks would end up owning the investment banks. Merrill's CEO claims that this would be great for Merrill's 16,000 registered representatives because they will have access to B of A's customer base.
However, the bank owned model of broker dealers and the Wall Street model have been radically different. The banks have never been as tolerant of risk nor as tolerant as salesmanship. As a result, the banks have had a narrower range of products.
Merrill Lynch training and compliance has always been enviable in the industry. But, neither will be as necessary in the new world where banks dampen the sharp edges more than regulators. Banks like to charge fees and so many of the free services with which Merrill Lynch built its book of business will no longer be free. Banks like the wealthy and have very little to offer the non-wealthy (currently defined as someone with less than $500,000 of investable assets). Retail broker dealers liked everyone. It is interesting to see which business model failed.
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Hello, Creditwrench has just posted in the ASK AN ATTORNEY forum of CreditWrench under the title of credit law network. This thread is located at http://www.creditwrench.com/consumers/showthread.php?t=3664 Here is the message that has just been posted:
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Credit scores are the driving force of consumer finance.* And consumer finance is the driving force of our economy.* But obsessing over your score can be time-consuming and unrewarding.* Your credit score (http://www.creditlawnetwork.com/what-is-my-credit-score/) says nothing about you as a person.
I spoke with a young woman a few months ago who was upset with a credit card lender that had reported her late payment.* It hurt her credit score.* I asked her if she had been applying for a loan or other credit?* No.* Had her interest rate increased or had any other loan rates increased?* No. * Did she anticipate applying for any new loans or credit in the next few years?* Not really.* Had she actually been late with the payment?* Yes, although she subsequently paid off the entire balance owed.
As a consumer lawyer, I hear from people fairly regularly who are hurt by poor credit reporting.* So in this case, it took a moment to realize my potential client had not really been harmed at all.* Her score had dropped a few points, that was true.* However, the score was not relevant to anything she needed or wanted and no one else knew.
But in a more profound way, she was hurt.* Not in a legal sense, but psychologically.* She had completely absorbed the credit industry's viewpoint that a credit score defines who you are, and how good a person you are.* To her — and to millions of Americans — a credit score defines self-worth.* Obsession with credit or debt can become dangerous or tragic (http://www.debtlawnetwork.com/debt-and-suicide/).
Don't be fooled.* Your credit score doesn't define who you are.* It is not a value judgment.* You are not a better or worse person based on your payment history with Visa!* A credit score is only a crude backward-looking estimation of your credit risk probabilities, nothing more.
I had a short discussion about this with the young woman on the phone.* Later I received a very sweet thank you card from her.* She had begun to see that she had never really thought about what her credit score meant but had allowed monitoring it, feeding it, making it happy to become a small obsession.* Getting past it was a liberating experience for her.
Don't get me wrong, credit scores are important and influence far too many (http://toughmoneylove.com/2008/08/07/my-campaign-against-credit-score-obsession-part-1/)financial transactions these days.* They just aren't everything.
*If you liked that post, then try these...* Test Your Credit Knowledge (http://www.creditlawnetwork.com/test-your-credit-knowledge/) by Stephen Otto, Pittsburgh Consumer Attorney
Really Free Year Round Credit Report (http://www.creditlawnetwork.com/really-free-year-round-credit-report/) by Andy Miofsky, Illinois Consumer Law Attorney
Is Suze Orman The Light Of Your Financial Future? (http://www.creditlawnetwork.com/is-suze-orman-the-light-of-your-financial-future/) by Rachel Lynn Foley, Kansas City Missouri Consumer Attorney More... (http://www.creditlawnetwork.com/feed/)
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Hello, Creditwrench has just posted in the ASK AN ATTORNEY forum of CreditWrench under the title of credit law network. This thread is located at http://www.creditwrench.com/consumers/showthread.php?t=3672 Here is the message that has just been posted:
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Credit card company raise your interest rate without notice, pulling the rug out from under you?* If so, you may be in luck.
Boston.com (http://www.boston.com/business/articles/2008/08/22/us_banks_fight_limits_on_credit_changes/) reports on a bill currently pending in Congress would stop credit card companies from just deciding it's time for them to get more money by raising your interest rates and fees. The terms that you were told when you first signed the contract for the card (perhaps minus some exceptionally fine and vague print, or a flat-out "any time, any reason" policy) would be enforced and maintained if the bill passes.
Most are beyond enraged when they find that their debt will soon be significantly increasing as they notice their interest rate has suddenly jumped. With only about 40% (according to Ben Woosley, director of research at CreditCards.com (http://www.creditcards.com)) of consumers paying their balances in full every month, chances are good that you're in the angry majority.
If the bill passes, it will also make credit card companies mail statements 25 days before payment due dates, as opposed to the current minimum of 14 days.
Credit card debt is almost twice what it was in 1996, nearing *one trillion dollars*. If it passes, this bill would likely reduce the pace of increase in debt levels, which would lighten the burden on your wallet.
*If you liked that post, then try these...* Debtor Wants to Pay Creditor - Creditor Refuses to Negotiate in Good Faith (http://www.creditlawnetwork.com/debtor-wants-to-pay-creditor-creditor-refuses-to-negotiate-in-good-faith/) by Jonathan Ginsberg
What Is In Your Agreement Capital One? (http://www.creditlawnetwork.com/what-is-in-your-agreement-capital-one/) by Kent Anderson, Oregon Bankruptcy Lawyer
AARP pooh poohs Medical Credit Cards (http://www.creditlawnetwork.com/aarp-pooh-poohs-medical-credit-cards/) by Andy Miofsky, Illinois Consumer Law Attorney More... (http://www.creditlawnetwork.com/feed/)
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Hello, Creditwrench has just posted in the ASK AN ATTORNEY forum of CreditWrench under the title of credit law network. This thread is located at http://www.creditwrench.com/consumers/showthread.php?t=3671 Here is the message that has just been posted:
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Identity theft is rampant in this country, and we've previously reporting on ways to reduce the risk of identity theft (http://www.creditlawnetwork.com/identity-theft-what-can-the-average-american-do/).* But we're always looking for an easier way to get things done.
Technology has made life in the 21st century a breeze in comparison to the lives our grandparents lived.* The Internet has been the driving force behind much of this.* It has revolutionized almost every aspect of life, from how people get their news to how they shop.* Of course, every new marvel has a dark underbelly and the Internet is no different.* With all those names, social security numbers, and credit card numbers floating around the web, it's no wonder that identity theft has skyrocketed in recent years.* This doesn't mean you have to be another helpless victim, though.
Here's one simple way to prevent identity theft from happening to you.
Empty your wallet.* Yes, it can be that simple.
A lot of people carry a driver's license, a social security card, multiple credit cards, a medical insurance card, and the list goes on.* If you are one of these people and your wallet is lost or stolen, the thief now has access to all that information which he can pass on to others.* Simply removing your social security card makes identity theft much more difficult.* By reducing the amount of identifiable material you carry, you reduce the scope of damage the thief can do to your credit.
All those cards that are now free of your wallet should be locked away in a secure place, like a locking filing cabinet or a safe.* You should also place anything else with your information on it in the same place.* Burglars won't just take your television and stereo, they could take your identity if you're not careful.* If you don't need to keep something with your information on it, shred it.* It's best to use a cross-cut shredder.
Never just throw that stuff away.* You never know who is going through your garbage.
While no one is ever completely safe from identity theft, a few simple steps can greatly reduce the chances of it happening to you.
*If you liked that post, then try these...* E-threats to Your Identity - Phishing (http://www.creditlawnetwork.com/e-threats-to-your-identity-phishing/) by Stephen Otto, Pittsburgh Consumer Attorney
Credit Unions: Lots Better Than Payday Loans (http://www.creditlawnetwork.com/credit-unions-lots-better-than-payday-loans/) by Brett Weiss, Esq.
What Is the Fair Credit Reporting Act? (http://www.creditlawnetwork.com/what-is-the-fair-credit-reporting-act/) by Kevin Gipson, New Orleans Consumer Attorney More... (http://www.creditlawnetwork.com/feed/)
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Hello, Creditwrench has just posted in the ASK AN ATTORNEY forum of CreditWrench under the title of credit law network. This thread is located at http://www.creditwrench.com/consumers/showthread.php?t=3670 Here is the message that has just been posted:
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It's no great secret that the banking industry is floundering and that credit has tightened considerably. But to date, no one has considered the effect of all of this on the nation's credit unions. *Credit Unions are beginning to follow banks and mortgage companies into failure.
While the National Credit Union Administration does publish statistics of failures, the most recent data ends in 2005 (http://logec.repec.org/scripts/paperstat.pl?h=RePEc:fip:fedfel:y:2005:i:aug19:n:2005-20) and does not show current trends. *Even though Credit Unions are generally smaller than banks, they are allowed to finance mortgages. *If even a single mortgage loan falls into default, a small credit union's financial health can be compromised. *Because credit unions often are run by non-banking professionals, lending criteria aren't always followed resulting in riskier loans.
In the past two months, two Federally insured Credit Unions have failed in the State of Connecticut. *One of them, the New London Security Federal Credit Union, was formed in the depths of the depression in 1936 and had over $12.7 million in assets. The other, Meriden F.A. Federal Credit Union, was much smaller with assets of only $337,968,00.
Credit Unions offer similar deposit insurance to banks, covering $100,000 in deposits and up to $250,000 for retirement accounts. In the case of the new London credit union, however, $800,000 of the deposits were not covered by insurance.
The New London Security Federal Credit Union had only 2% of its $12.7 million assets invested in loans. *Ed Rachleff, New*London Security FCU's investment advisor committed suicide only hours after the credit union was closed by leaping from an open window on the 11th story of the Mohican Senior Apartments and now authorities are looking for reasons (http://www.hartfordbusiness.com/news6272.html) for that credit union's failure.
*If you liked that post, then try these...* Creditors Try To Collect Debt Discharged By Bankruptcy (http://www.creditlawnetwork.com/creditors-try-to-collect-debt-discharged-by-bankruptcy/) by Susanne Robicsek, North Carolina Bankruptcy Attorney
Citibank Says, "Stealing From Our Customers is a Business Decision" (http://www.creditlawnetwork.com/citibank-says-stealing-from-our-customers-is-a-business-decision/) by Jay Fleischman, New York Consumer Attorney
Credit Card Companies Are Reducing Credit Lines. Why? (http://www.creditlawnetwork.com/credit-card-companies-are-reducing-credit-lines-why/) by Carmen Dellutri, Attorney at Law More... (http://www.creditlawnetwork.com/feed/)
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Hello, Creditwrench has just posted in the ASK AN ATTORNEY forum of CreditWrench under the title of credit law network. This thread is located at http://www.creditwrench.com/consumers/showthread.php?t=3669 Here is the message that has just been posted:
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Have you ever tried to negotiate with your credit card company?* Perhaps you want to reduce the interest rate, or make a deal on the balance owed.
Reducing the interest rate, if you're in good standing, is relatively easy; especially if you're receiving offers from other companies to transfer your balances.* Under those circumstances, simply call your credit card company and explain to them that you've received an offer to transfer your balance. Usually your company will find a way to keep your business by reducing their interest rate to be competitive.
But, negotiating with the credit card company when you're behind, and your interest rate is going up, is a different matter altogether. Don't expect them to be particularly sympathetic. Their position will be that they lent you the money to buy whatever it was you used the credit card for, and now you should pay them back. Never mind that they're now charging you 25% interest plus late charges causing the $200 purchase to become $1000 in debt!
If you are trying to negotiate your balance remember that credit card companies will almost never take payments on a reduced amount.* They may, however, lower the balance for a cash settlement, particularly if you're behind and have missed a couple of monthly payments.* Unless you're going to pay them a significant portion of the debt, however, they'll transfer the account to their collection department or an outside collection company. Curiously, once that happens, you have a better chance of negotiating!
In part 2, I'll give you some hints about negotiating with a collection agency or department.
*If you liked that post, then try these...* Credit Cards Versus Charge Cards (http://www.creditlawnetwork.com/credit-cards-versus-charge-cards/) by Stephen Otto, Pittsburgh Consumer Attorney
What Type Of Credit Card Do You Have? Part I (http://www.creditlawnetwork.com/what-type-of-credit-card-do-you-have-part-i/) by Carmen Dellutri, Attorney at Law
Exodus 22:24-26 (http://www.creditlawnetwork.com/exodus-2224-26/) by Rachel Lynn Foley, Kansas City Missouri Consumer Attorney More... (http://www.creditlawnetwork.com/feed/)
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Hello, Creditwrench has just posted in the ASK AN ATTORNEY forum of CreditWrench under the title of credit law network. This thread is located at http://www.creditwrench.com/consumers/showthread.php?t=3668 Here is the message that has just been posted:
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September 1st is a free credit report day for me.* So is January 1st, and May 1st.* Every four months I send*a free credit report request (https://www.annualcreditreport.com/cra/requestformfinal.pdf) to annual credit report dot com.* Annual Credit Report provides a free report from each of the three major credit reporting agencies, Equifax, Experian and Trans*Union.* You are permitted one free report from each bureau once per year.* There is a charge for additional reports.* By using this tip you can keep the free credit report pipeline open all year long.
I*request a report from only one company at a time, but I do that every four months, so that over the year I receive 3 separate reports.* If you have a computer and if your computer has access to a calendar system, like Outlook or Google Calendar, you can program a reoccuring event to notify you when to order the next report.* Easy Schmeasy.* Get one free report*in the mail every four months.* Free is good.* Really Free is better.
Addtional information is available on the Federal Trade Commission (http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre34.shtm) website.
*If you liked that post, then try these...* Debt Collectors Are Making Money Hand Over Fist In This Time Of Crisis (http://www.creditlawnetwork.com/debt-collectors-are-making-money-hand-over-fist-in-this-time-of-crisis/) by Carmen Dellutri, Attorney at Law
Identity Theft Insurance: More Bogus Bank Charges for Dubious Benefits (http://www.creditlawnetwork.com/identity-theft-insurance-more-bogus-bank-charges-for-dubious-benefits/) by Kent Anderson, Oregon Bankruptcy Lawyer
Erase Your Debts Legally! (http://www.creditlawnetwork.com/erase-your-debts-legally/) by Jay Fleischman, New York Consumer Attorney More... (http://www.creditlawnetwork.com/feed/)
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Hello, Creditwrench has just posted in the ASK AN ATTORNEY forum of CreditWrench under the title of credit law network. This thread is located at http://www.creditwrench.com/consumers/showthread.php?t=3667 Here is the message that has just been posted:
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In part 1 (http://www.creditlawnetwork.com/negotiating-with-your-credit-card-balance-part-1/) I discussed negotiating with your credit card company.* Once that fails and the account gets significantly behind, they will transfer it to their collection department or an outside collection agency.
Curiously enough, collection departments or agencies, although often more aggressive than the credit card company, will usually negotiate more readily. They're paid on what they can get, so a dollar in hand is worth a lot more to them than two dollars over a long period of time.
There are a couple of tricks to remember in negotiating with a collection department or agency.* First of all, there's little to be gained in threatening them with bankruptcy.* They've heard that many many times, and simply won't believe you.
They've also heard the "identity theft" argument: "it wasn't me; the card was stolen."* That will usually result in them telling you to make a police report or file a statement with the Federal Trade Commission (http://www.ftc.gov/).
Just remember not to be penny wise and pound foolish. Sure you might be able to negotiate a $10,000 credit card and pay it off with $6000 in cash, saving $4000, but that won't have any better effect on our credit report than a bankruptcy will.* In fact, bankruptcy may well be the more prudent and less expensive thing to do.* Before you pay anything under these circumstances, check with a good consumer bankruptcy attorney.* There may be better options available.
*If you liked that post, then try these...* More People Will Fall Behind On Their Credit Cards This Year, Says Rating Agency (http://www.creditlawnetwork.com/more-people-will-fall-behind-on-their-credit-cards-this-year-says-rating-agency/) by Jay Fleischman, New York Consumer Attorney
Exodus 22:24-26 (http://www.creditlawnetwork.com/exodus-2224-26/) by Rachel Lynn Foley, Kansas City Missouri Consumer Attorney
What's In Your Wallet - A Lower Credit Limit And Lower Score (http://www.creditlawnetwork.com/whats-in-your-wallet-a-lower-credit-limit-and-lower-score/) by Andy Miofsky, Illinois Consumer Law Attorney More... (http://www.creditlawnetwork.com/feed/)
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Hello, Creditwrench has just posted in the ASK AN ATTORNEY forum of CreditWrench under the title of credit law network. This thread is located at http://www.creditwrench.com/consumers/showthread.php?t=3665 Here is the message that has just been posted:
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Credit card banks may offer settlement at a reduced amount if you get behind and fail to keep current on your payments.* My colleague, Doug Jacobs, talks about Negotiating Your Credit Card Balance (http://www.creditlawnetwork.com/negotiating-with-your-credit-card-balance-part-1/) in an earlier series of articles on this website.* However, if a bank or other finance company agrees to settle a debt for less than the balance due, IRS regulations require them to file a 1099-C reporting the cancellation of debt income you receive from the settlement.
While settling a debt for less than the balance due improves your financial position and may allow you to avoid bankruptcy, this benefit comes at a price.* The difference between the debt that is due and the amount you pay will be included in your income for tax purposes by the IRS in the year when the debt was cancelled. *If you do not report the income on your tax return, the IRS will send you a notice from the under-reporter unit and then assess more tax (and a penalty) if you can not show there is some reason to exclude the amount.
There are several exceptions to the rule that can avoid tax on the cancelled debt (http://www.bankruptcylawnetwork.com/2008/09/06/bankruptcy-can-stop-cancellation-of-debt-tax/).* If the debt is discharged in bankruptcy, it is not considered to be income to you.* Despite the credit counseling requirement of the bankruptcy law, you may be better off with a bankruptcy discharge than a settlement of your debt at a discount.
*If you liked that post, then try these...* What Bills Should You Pay? Feed The Bear First! (http://www.creditlawnetwork.com/what-bills-should-you-pay-feed-the-bear-first/) by Wendell Sherk, Missouri Attorney
More debt reduction companies sued (http://www.creditlawnetwork.com/more-debt-reduction-companies-sued/) by Chip Parker, Jacksonville Consumer Attorney
What Is In Your Agreement Capital One? (http://www.creditlawnetwork.com/what-is-in-your-agreement-capital-one/) by Kent Anderson, Oregon Bankruptcy Lawyer More... (http://www.creditlawnetwork.com/feed/)
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Hello, Creditwrench has just posted in the ASK AN ATTORNEY forum of CreditWrench under the title of credit law network. This thread is located at http://www.creditwrench.com/consumers/showthread.php?t=3666 Here is the message that has just been posted:
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Image: http://www.creditlawnetwork.com/wp-content/uploads/2008/09/citigroup-logo-300x86.jpg (http://www.creditlawnetwork.com/wp-content/uploads/2008/09/citigroup-logo.jpg) citigroup-logo
What do you think would happen if you walked into a convenience store and took money out of the till? How about if you robbed a bank? Embezzled from your employer? I'd be willing to bet that you'd be serving some serious jail time… unless, of course, you're Citibank. The lending giant stole, in effect, over $14 million dollars from credit card holders between 1992 and 2003, according to the State of California Department of Justice.</p> Marketplace (http://marketplace.publicradio.org/display/web/2008/08/27/citigroup_refund/) is reporting that Citigroup has agreed to a settlement following a three-year investigation for their "account sweeping program." According to California Attorney General Edmund G. Brown, Jr. (http://ag.ca.gov/) this practice consisted of taking positive credit card balances from customer accounts and putting them into a corporate account.** Even worse – the vast majority of the 53,000 accounts affected by the sweep were in recovery status, which means that Citibank was targeting the recently deceased as well as those suffering from financial hardship (such as those in the bankruptcy process, or in collections from Citibank).
According to the press release (http://ag.ca.gov/newsalerts/release.php?id=1602) on The California Attorney General's website, an anonymous Citibank executive said, "Stealing from our customers is a business decision, not a legal decision." The same executive later said that the sweep program "…could not be stopped because it would reduce the executive bonus pool".
How can such a thing occur? Why is it only now getting media attention? If you find it hard to believe that no one said anything about this program, you should know that someone tried. According to The Consumerist (http://consumerist.com/5045056/citibank-must-pay-back-the-14-million-it-stole-from-customers-over-a-decade), "…a whistleblower brought the program to the attention of an internal audit team in 2001, but that person was ignored and later fired."
The terms of the settlement stipulate that Citibank must pay back the affected customers the "swept" amount plus 10% by June of 2009, but many customers consider this to be nothing more than a slap on the wrist, as no criminal charges have discussed as of yet. Apparently theft isn't theft if you're Citibank.
*If you liked that post, then try these...* Credit Repair -- Beware of the Predators! (http://www.creditlawnetwork.com/credit-repair-beware-of-the-predators/) by Wendell Sherk, Missouri Attorney
AARP pooh poohs Medical Credit Cards (http://www.creditlawnetwork.com/aarp-pooh-poohs-medical-credit-cards/) by Andy Miofsky, Illinois Consumer Law Attorney
Is Bankruptcy Court The New Venue For Legal Malpractice Claims? (http://www.creditlawnetwork.com/is-bankruptcy-court-the-new-venue-for-legal-malpractice-claims/) by Carmen Dellutri, Attorney at Law More... (http://www.creditlawnetwork.com/feed/)
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Hello, Creditwrench has just posted in the ASK AN ATTORNEY forum of CreditWrench under the title of credit law network. This thread is located at http://www.creditwrench.com/consumers/showthread.php?t=3663 Here is the message that has just been posted:
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Having been hit by the mortgage crisis, and increasing defaults, banks looking to increase profits, or decrease losses, are trying harder to get money owed to them, faster.
Banks are putting people to work collecting, as opposed to lending.
They are contacting you earlier if you are late on a payment.
Banks are making some deals to reduce credit card debt (http://online.wsj.com/article/SB122100709651817495.html?mod=googlenews_wsj), but there are no programs that "the credit card companies don't want you to know about", like you hear on the radio ads.
You have nothing to lose by contacting your credit card holder if you are, or will have, trouble making the payment.
Some of them offer programs online, so you can avoid any embarassing phone call.
If you are making an offer, be sure you have figured out your complete budget (http://www.bankruptcylawnetwork.com/2008/01/08/preparing-your-chapter-13-budget-part-one/) first, and only commit to pay an amount you are certain you can pay.
There is more stick than carrot in the intensified collection efforts.
Some banks are sending phone cards, which can only be activated if you talk to them about your debt.
And, they are sending files out to collection agencies faster.
This is not legally worse for you, in fact, there are more restrictions on what collection agencies can say or do than on the debt holder itself, under the Fair Debt Collection Practices Act, or FDCPA (http://www.bankruptcylawnetwork.com/2007/07/02/the-fair-debt-collection-practices-act-fdcpa-2/).
*If you liked that post, then try these...* E-threats to Your Identity - Phishing (http://www.creditlawnetwork.com/e-threats-to-your-identity-phishing/) by Stephen Otto, Pittsburgh Consumer Attorney
Debt Collectors Are Making Money Hand Over Fist In This Time Of Crisis (http://www.creditlawnetwork.com/debt-collectors-are-making-money-hand-over-fist-in-this-time-of-crisis/) by Carmen Dellutri, Attorney at Law
A merchant in Texas cannot charge you extra if you pay by credit card (http://www.creditlawnetwork.com/a-merchant-in-texas-cannot-charge-you-extra-if-you-pay-by-credit-card/) by Pam Stewart, Texas Bankruptcy Attorney More... (http://www.creditlawnetwork.com/feed/)
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