After long and expensive divorce got a predatory mtg. Taxes are 12k month. Teacher not paid in summer and ran up credit cards due to high expenses over the years. Just stared making decent money but now have unsecured debt of approx 170k. Mtg of 406k. And can’t make ends meet even on a decent salary. Haven’t paid anything but food and utilities since sept. And now in collections. Just got 3 collection letters and wrote them debt validation letters last week. I dont know wether to send then3rd letter to weltman, Weinberg & reis for discover tat is over 180 days. They are only giving me 10 days to answer. Do you know if they sue?
Should send each collection co a validation letter as they arrive? What is the likelihood of being sued by any of these CAs?
I’m just a wreck. please tell me what I should do next. does discover usually sue through weltmann weisman & reis?
Should I send them the validation letter.
I think I understand why you are sending the validation letters but that’s only going to buy you some time and not solve the problem.
This is probably the opportune time to really deal with the situation and face the problem head on to resolve it rather than push it further up the hill only to have to lose footing in the near future and have it roll back and crush you.
I just don’t get the sense from you that with your current income, repaying $170,000 of unsecured debt is even a possibility. It’s quite possible that it is a completely impossible expectation.
It sounds to me as if you used credit to make ends meet and I would even bet you’ve resorted to charging necessities or even using one card to pay for another. If that’s the case then legal intervention is the most logical and probable answer.
Over anything else, it sure sounds like I need to get you to find a local bankruptcy attorney and talk to them about what bankruptcy would mean for you. Would you rather spend the next five years in collections, getting sued and living month to month or file bankruptcy, discharge your debt, learn from your mistakes and get a legal fresh start?
Which of those two options sounds most logical to you?
Please post your responses and follow-up messages to me on this in the comments section below.