Actually, I wholeheartedly agree with that gripe.
While I understand that at face value, one who's old enough to attend college and live "on their own" should be mature enough and responsible enough to understand credit, I don't think they do. And I do think it's criminal how credit card companies exploit their immaturity and demand for instant gratification.
Same goes for student loans.
But then I worry about the actual thought process the average college student has in regards to driving, drinking, and voting. Sometimes, ESPECIALLY voting.
However, that's neither here nor there. And complaining about their shady (yet perfectly legal) tactics isn't going to help you. The fact does remain that you DID accept the credit, you DID agree to pay the bills, and now it's coming back to gnaw on your posterior.
So, you do owe the bill. There is no "free ride." And they can sue you. And it looks like they're either gearing up to do so (since all you've received is a letter of intent) or are already beginning the process.
Your options are to try to establish some sort of payment arrangement with the agency. Or you can wait the (roughly) 3-12 months for them to file suit and serve you.
If they obtain a judgment against you (which they likely will, barring some sort of miracle), said judgment can result in several scenarios:
1) They completely trash your credit for the next 10 years (or less, or more, depending on state). But since your credit is likely already trashed, due to the "lates" that have accrued over the years, you might not care YET.
You WILL care, however, when you need to purchase a car or a home. Or even have your credit checked to rent an apartment.
2) Your credit will be trashed AND they'll levy your bank accounts or garnish your wages.
I'd contact them and try to work out some sort of arrangement.
