LawTalkers - Drive fast, live hard, no regrets... Sorry Penske

Did you loan money to a compulsive gambler?

I know paigow's not here right now, but someone should let her know that my friend is still jobless, had not filed for personal bankruptcy like I told him to do as of last week, and confessed to me that he has been back on the internet gambling sites but not as heavily as he once was. I bought him a beer and cashed his unemployment check for him because his bank account was $500 overdrawn. I am cutting him loose for a while.

notcasesensitive

08-23-2005 05:56 PM

Revisiting Crappy Credit Stuff

Quote:

Originally posted by ironweed
Did you loan money to a compulsive gambler?

I know paigow's not here right now, but someone should let her know that my friend is still jobless, had not filed for personal bankruptcy like I told him to do as of last week, and confessed to me that he has been back on the internet gambling sites but not as heavily as he once was. I bought him a beer and cashed his unemployment check for him because his bank account was $500 overdrawn. I am cutting him loose for a while.

How many kidneys does he have? Has he ever mentioned anything about defaulting on student loans?

(if so, please advise against going the bankruptcy route)

sebastian_dangerfield

08-23-2005 05:58 PM

Revisiting Crappy Credit Stuff

Quote:

Originally posted by notcasesensitive
The rental market in Santa Monica is a bitch. Anything good has 5 offers on it within a day or two and the landlords get to pick and choose. I know of a recent situation where my friend was first in line and they actually took the second in line person who had a ridiculously high score. I'm not super worried, because Mr Man has a great score and this thing on my credit right now is an anomoly, which still doesn't put me into shitty credit land. But knowing that I'm trying to move into an owner's market makes me more concerned than usual.

But it is interesting to know that your "friend" negotiated that. The Bank thinks it has a pretty strong postion here, I think, because instead of a separate guaranty, I am one of two signatories on the note. There is no distinction in the paper between me and deadbeat. I haven't raised the issue of costs of collection and potential settlement amounts with them yet, because thus far I've been more fishing for information than anything.

Its 20K. They're working out sooo many loans on any given day that they can only afford to devote so much time to a loan that small. Plus, you're a lawyer. They know you can drive them nuts.

Put $2000 on the table, to be wired asap in exchange for a release with the credit conditions discussed above, and see if they bite. Let them sit for about four days and you'll get a call demanding $7500-10,000. Tell them to forget it - that you'd rather litigate. They'll call back again at $7000. Offer $2750 and let them drag you to $3500.

But be prepared to go all the way to $4-5000.

ETA: My guess is anything near 40% is what they want, so if they can get anything approaching 20% from you, they'll go after deadbeat for the rest.

futbol fan

08-23-2005 05:58 PM

Revisiting Crappy Credit Stuff

Quote:

Originally posted by notcasesensitive
How many kidneys does he have? Has he ever mentioned anything about defaulting on student loans?

(if so, please advise against going the bankruptcy route)

Dunno and no. He is married to a lovely wife who is going to eviscerate him when she finds out exactly how large a hole he's in. I want to be far away when that happens because I hate the sight of blood. And viscera.

pony_trekker

08-23-2005 06:00 PM

Revisiting Crappy Credit Stuff

Quote:

Originally posted by notcasesensitive
I hear what you are saying, and it is probably a good idea to send them a letter, but I was basically advised by my workout person here not to threaten any sort of litigation with them. I have mentioned FCRA generally on the phone, which led to the collection person saying something akin to "don't threaten me" and me saying that I was not threatening anything (I'm no longer dealing with her anyway, I've moved on to her superior). I've been biding my time a bit on the notice thing under state law because all I know is that it was reported to the credit agencies in July and they had 30 days from the date of reporting to comply. I don't want to tip them off before the period has run. Also I now need to see this purported July letter to see if they covered that requirement.

What would I do with the credit agencies? Dispute the report? I've never had to deal with this, so I'm not sure how that works.

ETA: It helps me not at all that Bank (and its affiliates) is a client of mine. So taking a tough stance with them may very well be frowned upon here.

First rule of litigation:

Don't threaten. Just do.

greatwhitenorthchick

08-23-2005 06:02 PM

Revisiting Crappy Credit Stuff

Quote:

Originally posted by ironweed
Dunno and no. He is married to a lovely wife who is going to eviscerate him when she finds out exactly how large a hole he's in. I want to be far away when that happens because I hate the sight of blood. And viscera.

How much does his wife know already? is it his personal account that is overdrawn, or their joint account?

futbol fan

08-23-2005 06:04 PM

Revisiting Crappy Credit Stuff

Quote:

Originally posted by greatwhitenorthchick
How much does his wife know already? is it his personal account that is overdrawn, or their joint account?

Personal. She knows no-theenk. Like for example she doesn't know about the eviction petition he got served with last week. Her being at work during the day and all.

sebastian_dangerfield

08-23-2005 06:05 PM

Revisiting Crappy Credit Stuff

Quote:

Originally posted by pony_trekker
First rule of litigation:

Don't threaten. Just do.

Banks love getting sued preemptively. Or frivolous counterclaims. That was a fun business...

Penske_Account

08-23-2005 06:06 PM

Revisiting Crappy Credit Stuff

Quote:

Two additional points:

-my "friend's" lover probably had a good credit score; and

-at that point in time my "friend" was fairly judgment proof, so it was a little easier to negotiate hard.

That said, I have been a landlord and I would assume I would find your rental application attractive (if not crushworthy) with or without this gitch.

NotFromHere

08-23-2005 06:10 PM

Revisiting Crappy Credit Stuff

Quote:

Originally posted by Penske_Account

That said, I have been a landlord and I would assume I would find your rental application attractive (if not crushworthy) with or without this gitch.

*A-HEM*
Am I going to have to shorten your little red leash?

Replaced_Texan

08-23-2005 06:11 PM

Revisiting Crappy Credit Stuff

Quote:

Originally posted by ironweed
Personal. She knows no-theenk. Like for example she doesn't know about the eviction petition he got served with last week. Her being at work during the day and all.

Oh fuck. Any kids?

pony_trekker

08-23-2005 06:11 PM

Revisiting Crappy Credit Stuff

Quote:

Originally posted by sebastian_dangerfield
Banks love getting sued preemptively.

Who does?

But then again, my credit-mixing problem went away with one incredibly long nasty letter. But I was ready to file a complaint, fer sure.

Penske_Account

08-23-2005 06:17 PM

Revisiting Crappy Credit Stuff

Quote:

Originally posted by NotFromHere
*A-HEM*
Am I going to have to shorten your little red leash?