I was the owner of an LLC, secured 2 loans (LOC and term loan) and a VISA card from a big nationally known bank. I personally guaranteed the loans and VISA account. My business dried up and I stopped paying in 2010-05.
I spoke to “Primary Financial Services” in 2010 and tried to make arrangements for monthly payments on all the loans in one bundle…but we could never reach a reasonable amount. They then disappeared and I heard nothing until this last summer. That’s when I have been pursued by “Investment Retrievers,” a debt collection company.
Last week I received a notice by an attorney of intent to file a law suit on behalf of INVESTMENT RETRIEVERS.
Steve…I am in my mid 60’s…on Social Security, now living with relatives. I have no assets (i.e. home equity, car equity or savings) and only living expenses in my checking account.
I have hope for a better future, but if I declare bankruptcy…frankly, I’m out of money and time to recover or start over.
I am now getting three or more calls daily from INVESTMENT RETRIEVERS (all within reasonable hours…but very annoying…I do not answer…sometimes they leave a voice message other times not)
What plan of action would you suggest? I must respond by 2011-12-15, according to the letter from the lawyer.
Thank you in advance for your help.
What kind of assets do you have laying around that your creditors could get to?
Please post your responses and follow-up messages to me on this in the comments section below.