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Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!
Good morning. You need not worry about any garnishment of your SS benefits. Your retirement accounts and retirement income are exempt from the reach of these creditors. They're simply threatening you to scare you into paying them something, but they have no legal right to these assets or income. You don't have to worry about these guys and you can get them to stop pestering you. Even though you have not paid it and you do owe it, their only recourse is file suit against you to obtain a monetary judgment. In the meantime, you can stop them from harassing you and put them on their heels because their actions are a violation of Federal law. Send them a certified, return receipt requested letter and demand they immediately cease and desist all further efforts to contact you and/or anyone else to collect this debt except legally mandated notices to you. Inform them that any efforts to do otherwise will constitute a violation of the Fair Debt Collection Practices Act and that you will report each and every violation to the Federal Trade Commission. Each violation carries at least a $1,000 fine, so that should be the end of things for you. Until they file suit and get a judgment, they can do nothing to you. Even if they get a judgment, they still must collect it. You want to remember that your SS income is exempt from their reach. Whether or not they will even pursue you depends upon their assessment of the collectibility of a deficiency judgment. So, if they actually do send you notice they are going to file a civil suit, if you can convince them there is nothing for them to get, and that if they were to pursue a judgment, you would simply file for bankruptcy protection and get the judgment discharged—and even if you have no intention of doing so, it is still good leverage with the bank because they do not know whether or not you would… then it is unlikely the lender will spend the time and money necessary to get a judgment they believe is uncollectible in the end.
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