Citi/Discover/AMEX

To Anyone Who Might Know,

What are the odds of CC companies coming after me? I have ~$15,000 with 2 cards that are serviced by the same company (CITI and the Universal card). The DSVR is about $5700. AMEX $2000.

Anyone had any experience?

The forum is great fun, Thanks to everyone that has already participated!

Betsy

[bigun]

Citi and Discover have a reputation for collecting aggressively. As to your chances of being sued, it just depends on what they think they can collect in a reasonable period of time.

It depends on the state you live in. Some card issuers are more agressive in certain states, since collecting on a judgement in certain states is easier.

In any case, AMEX probably won't sue in any state, since the amount is so low. Also, if you don't pay them, AMEX will never give you a caed again, even when the debt falls off your credit report.

Thanks for the input!

I live in Colorado, do you know if that is easy or hard?

I don't know much about CO law...maybe someone else here can fill in the blanks.

Basically, your chances of getting sued are better if the creditor has a good chance of collecting. I would want to know if CO allowed wage garnishment, is a primary home exempt, etc.

Go to this website http://www.lawdog.com/states/co/sta3.htm to check out the exemptions and garnishment laws of CO.

I am not exactly sure what this means, can they garnish me? Actually, does anyone know if they will?

The earnings of a judgment debtor generally may be subject to garnishment for the satisfaction of a money judgment. (C.R.S. 13-54.5-103) However, garnishment on wages or replevin goods prior to the entry of a judgment is prohibited for payment of any debt arising out of a consumer credit sale, consumer lease, or consumer loan. (C.R.S. 5-5104.)

Garnishment may be a lien and continuing levy against the earnings of a judgment debtor due for ninety days following service of the writ or for ninety days following the expiration of any writs with a priority under section 13-54.5-104. (C.R.S. 13-54.5-102.) The maximum amount which may be garnished may not exceed 25% of the individual's disposable earnings for that week, or the amount by which the individual's disposable earnings for that week exceed thirty times the federal minimum hourly wage prescribed by section 206 (a)(1) of title 29 of the United States Code in effect at the time the earnings are payable, whichever is less. (C.R.S. 13-54-104.)

An authorization to confess judgment by a debtor on claims arising out of a consumer credit sale, consumer lease or consumer loan is prohibited under the laws of the State of Colorado. (C.R.S. 5-2-415, 5-3-407.)

Yes they can garnish your wages in CO if they receive a judgement. Discover card most likely will try from what I have heard from others, don't know about Citibank although in CO they tend to try because they can garnish your wages.