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rico
08-29-2002, 01:47 PM
One of my the companies that secured and bought my debt from a credit card company thretened to file a lawsuit and win it - and getting 30% of my salary witheld from my employer. is this possible. What can I do? I have virtually no equity and lots of debt, should I be intimidated and take them seriously? What options do I have. It seems they are trying to force me to settle.
admin
08-29-2002, 04:11 PM
Quick, send them a debt validation request. This will block them from filing a lawsuit. If they do file after you send the request without validating your debt, they are in violation of the FDCPA.
Anonymous
09-11-2002, 04:45 PM
I've heard that most states have restrictive wage garnishment rules that will not allow garnishment for judgments based on consumer debt.

BUT I DO NOT KNOW IF THIS IS TRUE FOR YOUR STATE.

I would consult an attorney. Third party debt collectors are sometimes known to exaggerate their recourse and remedies just to intimidate.

I do know that wage garnishment is expensive to the point of being cost prohibitive for most creditors -- unless it is for a very large sum or support payments of an indefinite duration (i.e. alimony, child support)
Anonymous
10-01-2002, 12:57 PM
Max allowed under federal law is 25% of your disposable income(i.e. your net paycheck). There are certain restrictions: you must make over $150/week. Also, other restrictions vary state to state. I live in Virginia. Its really cheap to get a judgement($33) and garnishment ($33) Virginia is VERY Creditor friendly. Hopefully you dont live here, otherwise get ready for Chapter 7. Im in the same situation.
admin
10-01-2002, 01:46 PM
Interesting info. Thanks to you both.
wohlfie3
10-02-2002, 06:29 AM
Did they threaten by mail or over the phone??? By phone, I would think they are trying to intimidate you, by mail, they are serious. They CANNOT threaten to sue you and garnish your wages unless that is the remedy they propose (they really are going to do it). Validate! Validate! Validate! They might be blowing smoke. What state are you in? Some states they cannot garnish at all, others you can file a motion with the court for a remedy in place of garnishment. (state of TN)