Prosper, Velocity...charge off and threatening legal action
Thanks in advance for all your support and help. I’ve posted about my issue here before, but as I’m trying to wrap my head around this issue, more questions pop up...
I have a Propser loan which I royally fu*ked up on. Current balance is roughly $11,000.00. I’m not on a position to pay a lump sump, but I may be able to pay $1000.00 now, and make sensible monthly payments (cause you know, collections agencies are all about being sensible).
They have my phone number, and call a few times a week. I answered a few weeks ago and said I didn’t have the money. They continued to call, ans I continued to ignore them. Today, I stopped by my moms house to water her plants and grab her mail (she’s out of town), and lo and behold, there is a message from CKS (who collects on behalf of Velocity, who now owns the debt), asking about little old me. Saying my mother would loose her mind and possibly murder me should she find out about this dilemma is a gross under statement. I’m taking this to the grave if I can.
I decided to call them up myself, in the hopes that getting me on the phone would stop them from harassing my family members. Why do they insist on calling people when they have my contact info??? (To me to take action??? Well. Kudos. It worked). I still don’t have the money, but I told the lady I was working hard to get something, and that maybe soon. Maybe this Friday I could sit down and really look at my financial situation, hey, maybe I’ll win the lottery before the weekend .... anyway. Lady on the phone said that they were verifying my employment (they said the employer, it was incorrect, I didn’t correct her). She stated my address. Yup. Right there. And finally said that legal action was around the corner. She said she “couldn’t hold the account any more.”
Are they bluffing? Is legal action around the corner? Do they always say that?
At this point, would I be better off waiting until I get a summons? I have no intention of ignoring such a request to appear in court and winding up with a judgment. That seems like an even bigger pickle. I’ll show up.
Am I better off trying to find a way to settle this now? Should I receive a summons, do I need to get a lawyer? I’ve read that the courts don’t really make you pay more than you can afford....
If I do set up a payment plan (Iike now, not in court), how can I do this without giving them by checking account info... I read horror stories online about collection agency is taking money out of your account willy-nilly. I don’t know if they’re just exaggerated accounts, but it does make you think. I suppose I could open a new account for such purposes, but what’s to stop them from overdrafting that one?
So many questions swimming around in my head. When I pull my credit report, it just shows Prosper as being charged off, i.e no one else is reporting so far.
If anyone out there in the internet void can lend a few words, this Ohio girl would be much obliged.
Re: Prosper, Velocity...charge off and threatening legal action
You could set up a new checking account and decline overdraft protection. Deposit only what you need to make a payment leaving the balance at or near zero until you deposit again for another payment. Don't give them your current employer's name either.