Notice of Intent to SUE!

[slayer]

Hello,

I received this 'Notice of Intent to Sue' today. Long story short, I sent a letter to GE Money Bank asking them to verify the debt from (LOWES). They couldn't provide the info, and I followed up with a notice of default. Now I got this letter from "National Collection Attorney Network". Should I send them the same thing I sent to GE or something different?

[trooper2ls]

R4C ... they are trying to scare you into accepting and paying, etc.

If they were going to sue then they would file a case not send you a scare letter first. Don't communicate with them via phone, only in writing. Have all documents notarized and send registered mail.

..J

[joycecappello]

Follow up with a letter of your own stating if they sue you they will be committing fraud on the court, and third party debt collection fraud for which you will promptly file a criminal complaint all chargeable felonies.
God Bless,
Joyce

Originally Posted by slayer

Hello,

I received this 'Notice of Intent to Sue' today. Long story short, I sent a letter to GE Money Bank asking them to verify the debt from (LOWES). They couldn't provide the info, and I followed up with a notice of default. Now I got this letter from "National Collection Attorney Network". Should I send them the same thing I sent to GE or something different?

[charincol]

I am friends with slayer and have been helping him out. I have also helped others with this kind of thing and so far have helped discharge over six figures in unsecured debt. I am just really busy and don't have time to post here that much.

My gut was that this is a scare tactic. I always want to make sure I understand everything and at the same time am educating those I help. I had never encountered a 'Notice of Intent to Sue' and figured it was crap. Thanks again.

[Shoonra]

Slayer,

This is a typical collection agency form letter intended to stampede recipients into paying bills. The letter itself has no real legal significance, nor does your "notice of default".

Depending on the amount of your debt and the likelihood of prying the money loose from you (based primarily on what they know of your credit rating and property), they may eventually bother to sue. Otherwise they will write off your debt as a business loss -- and probably file a form 1099 with the IRS saying that your debt of some many dollars is being foregone, so that the IRS treats that amount as if you had received it as taxable income and as a deduction to the credit card companies business revenues.
.

[trooper2ls]

Originally Posted by Shoonra

Slayer,

This is a typical collection agency form letter intended to stampede recipients into paying bills. The letter itself has no real legal significance, nor does your "notice of default".

Depending on the amount of your debt and the likelihood of prying the money loose from you (based primarily on what they know of your credit rating and property).....
.

From my experience in the DC industry from a software programmer's standpoint.. this is very true. A big number debt is usually worth obtaining a judgement for, but anything less than $2500 or so is more valuable to them as a write off. Generally they will go through the motions and put a mark on your credit report as an "Easter Egg" in hopes that you will re-affirm the debt and enter into some sort of agreement in exchange for removal of the item.

Not to say you cannot use the law to your advantage there and contest with the reporting agencies. This is best done right before the holidays (Thanksgiving, X'mas, New Year) in writing via certified mail. Do not use their on line system for disputes.. do it the old fashion way. They frequently miss the deadline for response for validation during this time of year due to holidays and vacations. Just a tip..

..J

[trooper2ls]

Dreaded double post...

[indio007]

You issued the credit. They are suing your strawman and you are benig a bad trustee by not demanding setoff the asset you gave them . That asset is the original security interest you signed. They owe the issuer (you and your signature ) a refund. Tell them to do a setoff using the amount owed to you in accounts payable or it might be recorded as an off-balance sheet liability. Either way they owe you money. Whoever takes the liability for it is the issuer of the credit.

[slayer]

Originally Posted by Shoonra

Slayer,

Depending on the amount of your debt and the likelihood of prying the money loose from you (based primarily on what they know of your credit rating and property)

I have pretty much no property, a car for work and thats about it. my credit rating is less then 600 and I know for a fact the original creditor has 'charged off' the loan. it's funny they say they are collecting on behalf of the crditor or for them when the balance was already charged off!

[sonny]

Originally Posted by slayer

Hello,

I received this 'Notice of Intent to Sue' today. Long story short, I sent a letter to GE Money Bank asking them to verify the debt from (LOWES). They couldn't provide the info, and I followed up with a notice of default. Now I got this letter from "National Collection Attorney Network". Should I send them the same thing I sent to GE or something different?

throw the same to them which they must have the original documents that you signed with lowes, which they possibly do not have. no originals no evidence.