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Barrister, Attorney
Category: Legal
Satisfied Customers: 37003
Experience:  16 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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Greetings. It appears that I am being sued by an credit

Resolved Question:


It appears that I am being sued by an credit card/debt collector. I have not yet been served papers but I have started receiving solicitations in the mail offering legal representation (and scam-sounding offers)

I am writing in order to seek advice on the most productive way to address this matter.

I will try to include what I think is useful information:
State: Maryland
Debt: Capital One (However -- it appears to have been charged off. They refuse to discuss this debt with me. I have tried to negotiate several times. Rather they refer me to another number that goes to a collection group.)
Amount: 900'ish dollars and a whatever currently undisclosed fees may be present.

I do not have this amount to pay them currently.
Nor do I have funds to file bankruptcy.

Should I attempt again to negotiate with them?
Should I look into hiring an attorney and attempt to fight the suit?
Should I just do nothing and allow them to garnish? (I am paycheque to paycheque so this option could sink the boat rather quickly.)

....if I could potentially get funds to file bankruptcy, would that be the best option? (can probably sell some stuff, beg some people, etc -- might take some time though.) I have a good amount of credit card debt -- I am making payments, but they are not enough to ever pay the debt down. I have been doing so with the hopes that it will appease them enough not to sue until which time in the future I can formulate a better strategy. ... so far it has been working, with the exception of this debt, as they refused payments unless I got on a payment plan (that I couldn't afford, regretfully)

Any help is much appreciated!

Submitted: 6 years ago.
Category: Legal
Expert:  Barrister replied 6 years ago.



If the original creditor has charged off the debt, then that usually means that they have sold the debt to a third party collector who now legally owns the debt and can pursue collection efforts. With that said, it probably wouldn't help to contact Capital One as they likely don't own the debt anymore.


If you owe the debt, then paying an attorney won't do much good as the attorney won't be able to get you out of a binding contract and the best he could do is try to negotiate it down. But you can do that on your own without an attorney, so I would opine that hiring an attorney would just be throwing money away you could use to try to settle it.


If they do sue and get a judgment, they can garnish up to 25% of your wages so that probably isn't a good option. So you could contact them and just tell them you can pay $X to settle the debt or you will have to file bankruptcy. They know they will get nothing if you file BK so this will give you some leverage.


But if they refuse to settle it for something you can pay, if you have lots of debt, it might be best to stop paying everyone and just save up to file bankruptcy to extinguish all the debts and start over fresh.







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