Cabelas charge-off, need advice

Anonymous · ‎08-30-2017

Hey all, I have a HUGE charge off from Cabelas. Had a 29,000 credit limit for years. The card was maxed out for a long time and I was making payments $300.00 over the minimum...out of nowhere, they slashed the limit to 5k making it 20k over the limit. This idiot bank also makes the "minimum payment due" include the over-limit amount. How is this legal? It seems like they make their own regulations. Lady on the phone also told me they charge off after 90 days and not 180 (my account was only 3 months past due). Told her I have NO money to pay this and I guess its too bad.

Just 2 weeks later, i received a letter from a lawyer about the account.. Not going to declare bankruptcy as my accounting is too messed up with lots of bank overdrafts and yes, some frivilous spending in the past year. Is it a guarantee they will file suit just because they sent me a letter? I have zero assets and 200 grand in debt not including 150k negative equity on a house.

gdale6 · ‎08-30-2017

@Anonymous wrote:
Hey all, I have a HUGE charge off from Cabelas. Had a 29,000 credit limit for years. The card was maxed out for a long time and I was making payments $300.00 over the minimum...out of nowhere, they slashed the limit to 5k making it 20k over the limit. This idiot bank also makes the "minimum payment due" include the over-limit amount. How is this legal? It seems like they make their own regulations. Lady on the phone also told me they charge off after 90 days and not 180 (my account was only 3 months past due). Told her I have NO money to pay this and I guess its too bad.

Just 2 weeks later, i received a letter from a lawyer about the account.. Not going to declare bankruptcy as my accounting is too messed up with lots of bank overdrafts and yes, some frivilous spending in the past year. Is it a guarantee they will file suit just because they sent me a letter? I have zero assets and 200 grand in debt not including 150k negative equity on a house.

Looks you are basically judgment proof at this point in time there is nothing to take but that doesnt mean they wont sue and get the judgment. If they do they can come for your wages thru garnishment in most states.

RobertEG · ‎08-31-2017

Only they can make the determination as to whether to seek a judgment.

They may base their decision on a longer-term prediction of ability to pay rather than only on your current situation.

If they do seek and obtain a judgment, it remains enforceable for a period that is usually ten years, and usually extendable.

Being "judgment proof" does not mean that they cannot obtain a judgment, it means that they cannot then also enforce the judgment by an additional court order attaching pay or assets. They may decide to obtain a judgment now, while still within SOL, and then monitor your credit report until they see attachable assets........