what do i really owe?

[needhelpinMN]

Hi I'm from Minnesota.

I defaulted on a $200 chase mastercard in 2005. Hey I was 18 and stupid, I know.

I got a call the other day from a "law firm" stating that they were collecting on the debt.

They told me that unless I gave them a post dated check immediately that they would file a judgement with the county and said it would be about $4000 if it went to court. He said that a uniformed county officer would deliver the summons to my door and I would HAVE to appear in court.
He said that my wages (I'm a stay at home mom, so that doesn't matter I guess) would be garnished, that any personal property would be taken for this loan: home, vehicles, bank accounts, etc. They were very threatening over the phone, somehow I would guess that thats not legal.

They said with interest that I owe over $1000 and need to pay it immediately or they will file judgement.

When it was blatantly obvious that I wasn't going to give them my checking account info they transferred me to a supervisor who started trying to "negotiate" with me. The lowest amount he got to was 2 payments of $250, $500 total. I said, "how about $400?" He agreed quickly and I said I would call him back in a few hours.

When I called back he said that the $400 had to be paid in one lump sum, and that it had to be done over the phone by check. When I said that wasn't going to happen he said I would have to send it certified mail.

Later, someone told me that I really only HAVE to pay the original $200.

1. What do I really owe? (I only agreed with them that I actually owe the $200)

2. Can they demand that I pay it all at once if I do owe the 400 agreed upon?

3. Can they really try and take my car, property, etc with a judgement?

4. Can they file a judgement immediately, isn't there an amount of time they have to "own the debt?

5. If they make false threats over the phone, can they lose their case?

6. What should I do?

Thanks everybody. By the way if I had unlimited funds I would just whip out the cash and pay them to get them off my back, but I've spent around $20,000 on funerals in the past 18 months.

[debtcollector`]

Originally Posted by needhelpinMN

Hi I'm from Minnesota.
They were very threatening over the phone, somehow I would guess that thats not legal.

Not what you want to hear, but I would bet that they were on the legal side of gray area

Originally Posted by needhelpinMN

1. What do I really owe? (I only agreed with them that I actually owe the $200)

You owe the balance on the account. If that is $1,000, then you owe $1,000.

Originally Posted by needhelpinMN

2. Can they demand that I pay it all at once if I do owe the 400 agreed upon?

Yes, they can demand the full $1,000 all at once.

Originally Posted by needhelpinMN

3. Can they really try and take my car, property, etc with a judgement?

They wouldn't try, they would simply do it.

Originally Posted by needhelpinMN

4. Can they file a judgement immediately, isn't there an amount of time they have to "own the debt?

um, no.

Originally Posted by needhelpinMN

5. If they make false threats over the phone, can they lose their case?

No. Although you may have a separate FDCPA claim.

Originally Posted by needhelpinMN

6. What should I do?

Negotiate in good faith and be ready to meet their requirements of providing a checking account to make the payments from. (perhaps you should open a checking account and only put the payment amount in it, if you are concerned)

DC

[needhelpinMN]

anyone who isn't in the debt collection business want to answer?

[bigun]

I'd send no money until I had a settlement agreement in writing.
I'd also send a letter demanding validation and ask for a full accounting of the alleged amount they claim you owe. Send it CRRR . If they don't comply, contact your AG and file a complaint.

[url]http://www.ag.state.mn.us/Consumer/PressRelease/080715AfniInc.asp[/url]

[CraigFL]

Agree with settlement IN WRITING.

And under no circumstances provide them with a check. If they are unscrupulous, they will electronically debit your account for what they want and you will have to fight to get it back. Send a money order...