Collections Law/Chase summons

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Expert: Creditwrench - 5/16/2010


Question
Hello,  I have 23k in CC debt all from Chase which I stopped paying since January. The cards were originally opened while living in NY in 2003 and I am now in CT for the past 3 years. I was left a summons at my door with a return date of 6/15. The summons included 2 pages that break down the balances owed on each card. Chase is listed as the Plaintiff.  I will be unemployed as of 06/2010 and Severence thru mid July. After that will be all unemployment wages. I did receive a letter from the attorney last week stating they were authorized by Chase to accept 75% of the balance. Not sure if they would accept as little as 25% but I would threaten chapter 7 since I will be out of work.  I sent a letter to Chase yeasterday offering $5000 to settle and specified I was going to be unemployed and used all other funds to save my home which was in the foreclosure process and negative equity. I received a call the same day and was told my letter was passed on and they referred me back to the attorneys. Im tempted to get an attorney but not sure If should spend for one if I will land up having to pay for a settlement in several months anyway.  The money would have to come from my 401k.  Can I fight the original creditor?  What is my best move at this point?

Answer

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Above all don't hire an attorney. Learn how to respond and defend without attorneys. That is what I teach. If you have money in any banks get it out now and keep it in cash. Get a safe to keep it in if you have to. A good safe isn't all that expensive. A great safe only costs about $5 or $600. You can always pay bills with cash or money orders. I would do whatever it takes to keep them from getting anything. You are going to need every dime you can get your hands on to keep your home and pay your living expenses so don't give them a crying dime. Learn how to defend and how to fight back. I teach all of that. It isn't hard to do. I would definitely not raid your 401K either. You will need that desperately at retirement age. I think your best move at this point is to become a student and learn how to fight back. It isn't hard to do.
Bill Bauer
(405) 237-2174

Creditwrench

Expertise

Debt Collections law, Fair Debt Collection Practices Act (FDCPA), Fair Credit Reporting Act (FCRA), federal law, how to properly answer court summons for collection cases, how to prepare federal cases against debt collectors, how to deal with debt collection phone calls.

Experience

I've been an active consumer advocate for more than 40 years and have helped hundreds of people win cases against debt collectors as well as helping them defeat demands for summary judgment lodged against them by banks, debt collectors and defeat mortgage foreclosures and keep their homes.

Education/Credentials
Paralegal courses for the most part.
I have been teaching people how to deal with judgments, mortgage foreclosures and other such problems both on and off the internet for many, many years. I am a Richard Cornforth information provider ever since 2000 and worked with many other organizations and causes since 1980. I was Oklahoma State Chairman for the nationwide drive to defeat the Constitutional Convention which was proposed by various factions within our federal government such as the Council of State Governments and the National Organization of State Governors who were working hard to organize a Constitutional Convention to be held in 1995 for the purpose of rewriting our American Constitution to be more acceptable to the United Nations. I worked with Senator Charles Duke of Colorado and Senator Don Rogers of California and many others across the nation to keep them from getting the number of delegate states required to lawfully hold a Con-Con and we were successful. I have worked with many other legislative issues in Oklahoma and have always been very successful.

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