DebtConsolidationCare [A+ on BBB] Logo
DebtConsolidationCare Forums
Discuss your problems and get out of debt
Get honest and blunt feedback on your debt issues from Experts for FREE
For Free Debt Counseling: Call 800-DEBT-913 or

When will Chase sue?

James
member profile picture

At how many days past due will Chase begin legal precedings? Do they give any warnings? I', 80 days past due and they haven't mentioned it yet. I really want to avoid being sued.




SC

Posts: 3618
Credits: 36402.4

Sub: #1 It's hard to say since the creditor can sue (if it wishes) anyti
Sun, 11/01/2009 - 21:00

It's hard to say since the creditor can sue (if it wishes) anytime when a borrower defaults.




love_my_things

Posts: 1438
Credits: 12832.2

Sub: #2 it varies from creditor to creditor, it also depends on communic
Mon, 11/02/2009 - 11:08

it varies from creditor to creditor, it also depends on communication, how much time you have spent on the phone with them and that you are willing to negotiate with them




Unregistered

Sub: #3 I am a few days from charge off. My balance is about 5K, and I h
Mon, 11/02/2009 - 11:22

I am a few days from charge off. My balance is about 5K, and I have not been sued yet. but I have been speaking with them on the phone from time to time to let them know that I am trying to come up with the money to pay them.




Unregistered

Sub: #4 After 3 months Chase wrote me that they had put my case to their
Mon, 11/02/2009 - 15:36

After 3 months Chase wrote me that they had put my case to their lawyers.




Unregistered

Sub: #5 Here is the thing about getting sued. In this market, the climat
Mon, 11/02/2009 - 16:33

Here is the thing about getting sued. In this market, the climate has changed, and although the banks CAN sue you, it just does not make any sense for them too. There are so many people out of work, the time and expense of going to court to garnish your wages are not worth it to the bank. Rather, you are better off negotiating some type of settlement with them.

I am in the same boat, but my debt loads are a lot HIGHER. I have my own business, borrowed of unsecured lines of credit, and now I am looking to default on those lines since the banks froze them, and I cant use them.

Now the money I make, I need to keep, since I can not finance any more of projects. I need to come up with cash, and if I give it to them, its as good as gone.

Will they sue me? Maybe, but it would not be in their best interest. Its unsecured debt, so they would not get anything. I have no money. My business has tanked along with every one elses. So they are going to drag me into court, and get what? NOTHING.. I do not have anything.

Guess what... Neither do most people!

So why sue! Where is the money and what is it in it for the banks to sue us poor consumers that do not have anything.




love_my_things

Posts: 1438
Credits: 12832.2

Sub: #6 for the most part i do agree with you, but they are still suing
Tue, 11/03/2009 - 18:32

for the most part i do agree with you, but they are still suing and they can get a judgement on you were depending on your state your wages can be garnished, the judge can force you into a payment plan if he feels your financials can meet what they are asking, he can put a lein on your home, and also attach a bank levy to your bank account. like i said though you will need to check into your states rules and regulations im lucky enough to live in a debtor friendly state but they can do something to regain thier money back.




Unregistered

Sub: #7 make sure that all processes were followed to a T. make sure the
Fri, 11/06/2009 - 13:51

make sure that all processes were followed to a T. make sure they they validate the debt, etc..




Unregistered

Sub: #8 Quote:Originally Posted by AnonymousHere is the thing about gett
Sat, 11/07/2009 - 05:16

Quote:
Originally Posted byAnonymous
Here is the thing about getting sued. In this market, the climate has changed, and although the banks CAN sue you, it just does not make any sense for them too. There are so many people out of work, the time and expense of going to court to garnish your wages are not worth it to the bank. Rather, you are better off negotiating some type of settlement with them.
I am in the same boat, but my debt loads are a lot HIGHER. I have my own business, borrowed of unsecured lines of credit, and now I am looking to default on those lines since the banks froze them, and I cant use them.
Now the money I make, I need to keep, since I can not finance any more of projects. I need to come up with cash, and if I give it to them, its as good as gone.
Will they sue me? Maybe, but it would not be in their best interest. Its unsecured debt, so they would not get anything. I have no money. My business has tanked along with every one elses. So they are going to drag me into court, and get what? NOTHING.. I do not have anything.
Guess what... Neither do most people!
So why sue! Where is the money and what is it in it for the banks to sue us poor consumers that do not have anything.



That is not born out by the evidence I see in the registry of deeds in my county. I see a load of executions recorded in 2009 from Citi, Amex, Chase, Discover. Most are in the 2-5K range but I see quite a few with 30-40K judgment amounts.




Unregistered

Sub: #9 Thanks for your post unregistered guest. I guess I should prepar
Mon, 11/09/2009 - 08:20

Thanks for your post unregistered guest. I guess I should prepare to go to court. I am not going without a fight though, and I am going to use every applicable defense, and drag it out as long as I can, and hope for a technicality in getting the case dismissed. I really do not have any other choice. I did not sign the agreements that banks changed my agreements too, and I can not function if I pay them. So I guess I will see them court, and they will get nothing, because I have nothing.. Since the business tanked, I am a housewife.




Unregistered

Sub: #10 Another thing that I would like to understand about the judgment
Mon, 11/09/2009 - 08:27

Another thing that I would like to understand about the judgment amounts you are referencing.

It would good to know how many people actually fought back, or if a lot of people just ignored their summons, and there were a lot of default judgments. I know from this perspective, yes, it would make sense to pursue the debt and sue, if statistically speaking the banks know that most people are not going to fight it.




Add new comment

Attachment
More information
  • Files must be less than 2 MB.
  • Allowed file types: txt pdf jpg jpeg png.
CAPTCHA
This question (Case Insensitive) is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA

Share post
-->

Page loaded in 0.539 seconds.