Check out some similar questions!

passmeby · Jun 30, 2009, 10:02 PM

I read a book a long time ago entitled "Stop It", it's all about debt collecting, their tricks and tactics and how to stop them and deal with them. There was a chart in this book that mapped a deb collector's expectations of collecting the debt and how much they anticipate to collect as time goes on. At only 6 months after you default, the expectation was alredy down to 50% of what you owe and steadily declined after that to near 0% at 1 years time. You said it has been 4 years. Offer them 5%. Tell them you don't work and that this is all you can afford. They will want you to beg, borrow or steal to pay them off, just keep saying that 5% is all you can afford and don't waver. If you tell them that you don't work and you are in school they will be very likely to take what you offer because you are essentially judgement proof. You don't HAVE to answer any of their questions either. You don't HAVE to tell them where you work (if you work) or what you own, they WANT you to tell them so that they can assess you money-wise and it also makes their job easier if you voluntarily give up the information. The only time you have to give up this info is if you are sued and the court orders youto submit it.

My parents got sued in NYS Supreme Court for breaking a lease on a piece of farm equipment, the amount they were seeking was around $12,000. They had every right to collect the whole amount too. But my parents had just sold off their farm (which is why they broke the lease) so they had virtually nothing, no more income from the farm and no assets to seize, so my mom made them an offer before the court session of 2.5% and they ended up settling at 5%. So it can be done.

AK lawyer · Jul 1, 2009, 04:33 AM

Originally Posted by Wondergirl

I got my info from here (reposted for your convenience) --

Statute of limitation for credit card debt, all 50 states

State law, scroll to Part 2. Personal Actions, 735 ILCS 5/13‑206

Yes, as I said, if they can provide a written contract, it would be ten years.

... actions on bonds, promissory notes, bills of exchange, written leases, written contracts, or other evidences of indebtedness in writing...

The problem that collection companies frequently have, however, is that the original written agreement has been lost, and so they must proceed on the theory of an open account.

So they would be left with this:

(735 ILCS 5/13‑205) (
Sec. 13‑205. Five year limitation.. . actions on unwritten contracts, expressed or implied, or.. and all civil actions not otherwise provided for, shall be commenced within 5 years next after the cause of action accrued.

JudyKayTee · Jul 1, 2009, 05:42 AM

Originally Posted by AK lawyer

Yes, as I said, if they can provide a written contract, it would be ten years.

The problem that collection companies frequently have, however, is that the original written agreement has been lost, and so they must proceed on the theory of an open account.

Once again we are in disagreement. I do not see where anyone "must" proceed on the theory of an open account unless/until there is PROOF that the written contract is missing or non-existent.

After discovery and the request for documentation, perhaps SOL is an issue. But I don't see that it's an issue now.

I also don't see that you said "if they can provide a written contract [inappropriate comma], it would be ten years." I see you asking if Wondergirl is referring to a written contract.

jeremyx24 · Jul 1, 2009, 08:14 AM

Judy- any advice on what I should/shouldn't say when I call them this afternoon? You've been extremely helpful! Jeremy-

JudyKayTee · Jul 1, 2009, 08:51 AM

Originally Posted by jeremyx24

Judy- any advice on what I should/shouldn't say when I call them this afternoon? You've been extremely helpful! Jeremy-

I would make an offer on the low side but nothing insulting. You don't have time to waste. Make an offer in a reasonable but low amount, add that you have been able to get the money together for a lump sum payment in order to get out from under this debt. I wouldn't answer questions about other assets, employment and so forth. If they decide to go for a Judgment there will be plenty of time for that to be disclosed.

If they hesitate or say no say you will need some time to see what you can do. End the conversation.

Give it a couple of hours and then call back with a slightly higher but final offer.

You will kind of have to play it by ear, see what they seem willing to accept.

I think you'll do well - let us know.

AK lawyer · Jul 1, 2009, 02:02 PM

Originally Posted by JudyKayTee

I also don't see that you said "if they can provide a written contract [inappropriate comma], it would be ten years." I see you asking if Wondergirl is referring to a written contract.

I'm bad. Should have said "... can't provide a written contract... ". Sorry.

But you're right. Moot. Less than 5 years.

JudyKayTee · Jul 1, 2009, 02:13 PM

Originally Posted by AK lawyer

I'm bad. Should have said "... can't provide a written contract ...". Sorry.

But you're right. Moot. Less than 5 years.

No problem - sometimes my fingers race ahead of me, too.

jeremyx24 · Jul 1, 2009, 02:52 PM

Hey Judy~ thanks for your help! I tried to send you a message but I don't see any way to contact you. I have one quick question for you and I'd prefer to do it over email. Thanks Jeremy~

Wondergirl · Jul 1, 2009, 05:00 PM

Originally Posted by jeremyx24

Email is XXXX

We aren't allowed to post email addresses here. Please remove yours. You haven't been here long enough to have PM privileges. Answer others' questions so you will enable PMing. And we do our best to not take a thread off the board, so PMing about something in a thread is frowned upon.

Fr_Chuck · Jul 1, 2009, 05:29 PM

I have deleted any post with the email address.
Contracting members and asking questions off the board is not allowed, you can and would be banned for doing this.

jeremyx24 · Jul 1, 2009, 05:38 PM

First off, I couldn't edit my post because I didn't have the account for 48 hours. Now I can't pm or show my email address. Delete my account. So long, askme helpdesk.com---this is the most ridiculous website I've ever seen... Thank you Judy and Wonder So delete my account you ing clown---I didn't know this site was ran by Hitler. This site is useless and sheds no privacy

Wondergirl · Jul 1, 2009, 05:50 PM

Originally Posted by jeremyx24

First off, I couldn't edit my post because I didn't have the account for 48 hours. Now I can't pm or show my email address. Go ahead and delete my account. So long, askme helpdesk.com---this is the most ridiculous website I've ever seen............ Thank you Judy and Wonder So go ahead and delete my account you ing clown---I didn't know this site was ran by Hitler. This site is useless and sheds no privacy

C'mon, Jeremy. Get your head on straight! When there is an established thread that a variety of people are interested in and then the OP takes it off the board to talk privately with an expert, how do you think that makes the rest of us feel? (So far, this thread has had almost 200 "views.") Judy herself is one who has warned others against doing this.

I forgot you are too new to even be able to edit your posts. Sorry about asking you to do that. I wanted you to understand why the email address you posted would soon disappear.

I've been on about six Q&A sites since 1998, and, trust me, this one is managed the best of any of them. Many of the people I knew on those sites have ended up here too, just like me. If you stick around, you will get to know certain people better and understand the rules better. (Any organization will have rules too that you probably won't like much. Name me someone who likes rules... )

PMing is allowed and even encouraged, but not to drag a thread off the board.

P.S. My second son is Jeremy Todd. I named him that before Jeremy got wildly popular in the late '70s and after.

P.P.S. Please don't leave. I want to hear what happens with your debt situation.

jeremyx24 · Jul 1, 2009, 05:59 PM

Sorry Wonder for getting ahead of myself. I to was the second son after my brother Mathew. It's just the little things like not being able to edit my post(personal info---I wanted the attorney's names removed, but no that's too much of an inconvenience---are you kidding me? That's just plain ol' selfishness.) until after 48 hrs and not being able to p.m. My case has been solved and I appreciate ALL of the input. I have just one more personal question pertaining to my case and I felt she could answer it best.

Wondergirl · Jul 1, 2009, 06:07 PM

Originally Posted by jeremyx24

Sorry Wonder for getting ahead of myself. I to was the second son after my brother Mathew. It's just the little things like not being able to edit my post(personal info---I wanted the attorney's names removed, but no that's too much of an inconvenience---are you kidding me? That's just plain ol' selfishness.) until after 48 hrs and not being able to p.m. My case has been solved and I appreciate ALL of the input. I have just one more personal question pertaining to my case and I felt she could answer it best.

Usually the moderators catch personal names and phone numbers and personal emails, then delete them for privacy's sake. Isn't there a line on each screen that says something about "Report inappropriate post"? You could have clicked on that to get a mod to remove something.

I can't remember how many posts you have to do before you start getting privileges. It should be soon for you.

Now I'm very jealous. You want to email Judy but not me. Hrmmmmph.

jeremyx24 · Jul 1, 2009, 06:11 PM

Haha I wasn't playing favorites, you can actually answer my question I'm sure. It just seemed like she checked the post a little more often. I did ask ScottGem if he could remove the attorney's names and obviously he was just too busy.

Wondergirl · Jul 1, 2009, 06:15 PM

Originally Posted by jeremyx24

haha I wasn't playing favorites, you can actually answer my question I'm sure. It just seemed like she checked the post a little more often. I did ask ScottGem if he could remove the attorney's names and obviously he was just too busy.

I just now clicked Report Inappropriate Post for the screen that has their names, so hopefully FrChuck isn't asleep at the wheel and will remove them. (He's a mod.)

Wondergirl · Jul 1, 2009, 06:16 PM

Originally Posted by jeremyx24

haha I wasn't playing favorites, you can actually answer my question I'm sure. It just seemed like she checked the post a little more often. I did ask ScottGem if he could remove the attorney's names and obviously he was just too busy.

I was home sick all day and have been watching your thread like a hawk.

jeremyx24 · Jul 1, 2009, 06:41 PM

Sorry to hear you're not feeling well. Thank you for taking the time to get ahold of FrChuck!

Wondergirl · Jul 1, 2009, 06:47 PM

Originally Posted by jeremyx24

Sorry to hear you're not feeling well. Thank you for taking the time to get ahold of FrChuck!

So you'll stay here after all? There are some really cool people who post regularly.

Wondergirl · Jul 1, 2009, 06:52 PM

Originally Posted by jeremyx24

Sorry to hear you're not feeling well. Thank you for taking the time to get ahold of FrChuck!

FrChuck showed up and deleted the entire post that contained the lawyers' names. Hmmm. Not what I asked him to do, but oh well. If this thread gets closed (because we aren't supposed to be chatting on it), post later what happened with the debt thing. I can't wait to find out how much they finally accept.