2007-03-20 14:58:30 · 8 answers · asked by joe w 1 in Business & Finance ➔ Credit
What they can do to you, as far as garnishment, etc depends on your states exemption statutes.
If you live in a state that does not allow garnishment - they "cannot" garnish for a credit card debt no matter what.
You say that you are "going" to be sued, they have not served you? They are just threatening? (they love to do that)
Check the collecting SOL for you state, if you are out of SOL they cannot legally sue (though they may try) If you are out of SOL, send them a SOL letter.
Click on my profile, I have a site listed that you can check the SOL for your state. You might also do some reading on some of the other sites I have listed, the FCRA etc.
If Cap One's lawyers are acting as collection agents you might also read the FDCPA.
The FDCPA will not give protection from an original creditor, unless your state holds original creditor the same as collection agencys, but will give protection from their lawyers if they are acting as collection agents.
2007-03-20 15:50:50 · answer #1 · answered by echo 7 · 1⤊ 0⤋
Depending on which state you live in they can but even then they can't take more then 10% of your gross earnings. Unless you've been served papers you could still work out some deal with Capitol One like a payment plan or something. You should find out what your rights are, you still have rights to certain things even if you get sued. Nothing else... file for bankruptcy. Bottom line is, they can't take from you what you ain't got. Good luck.
2007-03-20 22:54:46 · answer #2 · answered by supreme_kai_no_1 1 · 0⤊ 0⤋
Have you ACTUALLY been served with a lawsuit or are their stupid collection agents just threatening you? It generally takes them AGES to get around to suing, so you should try to come up with about 50-70% of the balance & settle. Make them give you a settlement IN FULL offer IN WRITING, though, before you give them a nickel. Pay by CASHIER'S CHECK ONLY. Do NOT give them access to your checking account.
2007-03-20 22:39:56 · answer #3 · answered by Tom's Mom 4 · 2⤊ 0⤋
HELLL YES!
For $5,000, I would obtain a court judgement against you and hand deliver the garnishment letter to your employer.
It would be different if you bilked $500, but $5,000? Shoot, you're a professional at that point!
You aren't the rookie you claim to be!
2007-03-21 12:35:45 · answer #4 · answered by DaMan 5 · 0⤊ 1⤋
aww man, you're screwed! $5000!!!! They were threatening to sue me for about $750. Man, they are gonna sue the mess out of you if you can't come up with something, say $3750 ... and yes they can garnish your checks because a friend of mine had to deal with that crap. Please, pay your credit card bills on time!
2007-03-20 22:11:36 · answer #5 · answered by Anonymous · 0⤊ 1⤋
they can get a judgement and then they can ask the judge to do something about it. Sometimes it is difficult to get the money even if you are awarded the judgement, but with a bunch of lawyers for a credit card company, I am sure they know how to get their money out of you.
2007-03-20 22:05:12 · answer #6 · answered by Anonymous · 0⤊ 1⤋
Call them up and make an offer-the most you can afford-sometimes they will accept it and be done.Otherwise they will get you for the $5000.00 plus court costs.
2007-03-20 22:28:41 · answer #7 · answered by K H 4 · 0⤊ 1⤋
you bet they can, and they will.
2007-03-20 22:07:53 · answer #8 · answered by selina 2 · 0⤊ 0⤋