I was served by a process server yesterday on behalf of Machol & Johannes re: a credit card debt purchased from HSBC Bank. According to my credit reports this account was closed 10/06, last payment made 6/06. I noticed that the summons doesn’t have a case number assigned to it.
Am I correct that this account has lapsed or exceeded the statute of limitations which is 6 yrs in Colorado? Moving foward, what should I do to defend myself in court?
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1 thought on “Machol & Johannes Are Suing Me Over an Old HSBC Account. What Do I Do? – Steff”
I certainly won’t give you legal advice, but if you are certain that the statute of limitations in Colorado applies in this case, and if you’re certain that it is six years, and if you are certain that there have been no events in over 72 months, and if you’re certain that you never reaffirmed the debt, you are probably in a position to win. See an attorney to discuss these certainties.
I would then notify the collection agency of your position and your intention to appear at the hearing. They may drop the case if your certainties are correct. It costs money to go to court and collectors don’t like to waste money.
If they don’t cancel, you do need to show up for the hearing and you do need to have your documentation. And you also need to be prepared to lose. These folks won’t show up unless they have a chance to win, although collectors often go through a charade to intimidate consumers into settling. They will have attorneys and they will know the law better than you do.
And settling is your other option. Right up until you walk into the courtroom, it is likely that the collectors will settle for an amount that gives them a good profit. You don’t know if they paid 10 cents on the dollar or 50 cents on the dollar for your account so you don’t know how much it might cost to settle. A 50% or 60% settlement is still better than a 110% (think court fees) garnishment. Make sure you are going to win before going all the way.