The aforesaid total $83,133.61, exclusive of interest. Unless same, together with interest is paid within ten (10) days of the date of this letter, legal proceedings will be instituted against you without further notice.

Can someone tell me what is meant by "legal proceedings will be instituted against you without further notice."? I don't have a dime to give and I don't own any land.

This is a standard collection letter, they expect you to contact them and make payment arrangements to get the debt paid.

If this is one of the first letters you have gotten most likely ( and this is a guess) they will try standard collections, telephone calls, more letters for a while.

But the legal action they are talking about will be a law suit to get a judgement. Once they have a judgement they can attach what little money you have in the bank. Lets say you deposit 500 from a paycheck, they get it before it pays out any checks you write. Letting you bounce a lot of checks.

Then they can get a garnishment of your paycheck getting maybe 25 percent of your paycheck before you get it.

You must dispute their claim within 30 days, or they can proceed to file suit.