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helpsteve · Dec 21, 2007, 10:26 AM

Hi all,
I have a summons to which I have filed an INTEND TO DEFEND. They may or may not come up with the validation for the debt but my question is as follows. I don't believe the credit card company fully disclosed what it was going to do with my name and "supposed resorces" when I signed up. Had I know that they could write $7k on there books (using my name as the basis) and then borrow $63K from the federal reserve making 9-22% on it I would have chosen a different means of obtaining money. So I believe I do not owe this money because of nondisclosure. In fact maybe they owe me... let see 9%*63K... now compound that over several years. The only reason they go after you when your maxed out is because they cannot borrow on your name anymore. I would settle for even with my credit repaired but maybe I could go for about $20k and pay off valid debt.

excon · Dec 23, 2007, 05:38 AM

Hello help:

I thought I was the only one smoking stuff around here. Even if they borrow in your name, you still need to pay them back. If you don't, they'll get a judgment, and take what they want from your wages and your bank accounts.

Actually, the only reason they go after you, is because they want their money. I don't know where you get the rest of that stuff from.

excon

Fr_Chuck · Dec 23, 2007, 07:47 AM

I believe you fully misunderstand the process of the lender. Also your defense will have no bearing on the debt you owe, money you received and did not pay back plus interest, late charges and attorney fees

JudyKayTee · Dec 23, 2007, 07:57 AM

Originally Posted by helpsteve

Hi all,
I have a summons to which I have filed an INTEND TO DEFEND. They may or may not come up with the validation for the debt but my question is as follows. I don't believe the credit card company fully disclosed what it was going to do with my name and "supposed resorces" when I signed up. Had I know that they could write $7k on there books (using my name as the basis) and then borrow $63K from the federal reserve making 9-22% on it I would have chosen a different means of obtaining money. So I believe I do not owe this money because of nondisclosure. In fact maybe they owe me... let see 9%*63K... now compound that over several years. The only reason they go after you when your maxed out is because they cannot borrow on your name anymore. I would settle for even with my credit repaired but maybe I could go for about $20k and pay off valid debt.

Other than amusing the Court this is no defense and worth even less as a counterclaim.

s_cianci · Dec 23, 2007, 08:07 AM

Get yourself a good lawyer if you want to go this route. You're looking at a potentially precedent-setting judgement here if your facts are all in order.

ScottGem · Dec 23, 2007, 08:48 AM

I'm not sure where you are getting your facts from. But the ONLY thing material in being sued for a debt is whether you actually incurred the debt and defaulted on it. If you applied for a credit card, then charged $7K against it and did not pay that $7K (+ interest) then you are liable for the debt. What the card issuer did with your promise to pay has no bearing.

talaniman · Dec 23, 2007, 09:54 AM

I can't see where you have a leg to stand on legally. Better cut a deal as once they get a judgement, they can ask the court to garnish wages, freeze all accounts with your name on it, and they usually take 25% of your gross until this is retired. Don't wait for court cut a deal, quick, and pay them. They have no obligations, to take your deal either. Sorry.