Re: Should I be worried about this debt?
 

also, isn't ur credit rating being crushed by this debt being unpaid??

Re: Should I be worried about this debt?
 

I'm thinking of a number between 0 and 8. Do you know what it is? It's your credit score.

Re: Should I be worried about this debt?
 

Try to negotiate repaying a smaller amount and learn your lesson. Also, I missed the part where you called the cops and filled out a police report.

Re: Should I be worried about this debt?
 

I would fix that "being an epic dumbass" problem first. The debt is likely the least of your worries given the other problems it's probably creating.

Re: Should I be worried about this debt?
 

this debt is not showing up on my credit history as of right now. My history shows the 5 credit cards I have used and since I never have been late on a payment my score is near perfect as of right now.

Is 5k a huge debt for a bank to collect?
Doesnt the fact that is has been two years and nothing has happened reflect that I might be ok?

Re: Should I be worried about this debt?
 

[ QUOTE ]
this debt is not showing up on my credit history as of right now. My history shows the 5 credit cards I have used and since I never have been late on a payment my score is near perfect as of right now.

Is 5k a huge debt for a bank to collect?
Doesnt the fact that is has been two years and nothing has happened reflect that I might be ok?

[/ QUOTE ]

Banks have lawyers and accountants on staff whose only job is to identify and collect debts. Sure they will go after $5 million embezzlers first, but they will eventually find time to squash you like a bug. It will most likely happen when they get bored and need something to fill their downtime.

Re: Should I be worried about this debt?
 

it probably won't show up on your credit report until the bank gives up and sells your debt to a collections agency. there is very little chance you can avoid this eventually getting on your credit report without at least negotiating with them. that it is not on your credit report yet in no way means it won't eventually show up once they eventually escalate

Re: Should I be worried about this debt?
 

[ QUOTE ]

Doesnt the fact that is has been two years and nothing has happened reflect that I might be ok?

[/ QUOTE ]

no. jesus you are stupid. You seriously thought someone was going to send you checks so that you could send them back smaller checks? I really am at a loss for words. This guy is like the perfect example of the human race being in big trouble.

Re: Should I be worried about this debt?
 

I used to work in 3rd party collections and we often were sent accounts resulting from this same situation.

Basically, it depends on the bank. My office would not litigate unless the debt owed was over 5,000 and the banks would not authorize us to litigate unless it was over 10k.

A few things to understand...it is illegal for a company to pressure a debtor by threatening legal action unless they intend to follow through on that threat. If they told you it was going to legal action unless you paid by xx date and they did not then that is a pretty serious violation of the Fair Debt Collection Practices act. It is illegal for them to communicate that a debt is owed to any third party or to ask for any information from a third party that is not directly related to locating you.

The bad news is that banks communicate with each other and you will be unable to open a checking account for 10 years and this matter will affect your credit history negatively in other ways.

If the bank does choose to litigate you can usually look to settle the debt for less than 50% of what is owed prior to litigation. Most banks will not litigate on checking accounts less than 10K because the demographic that allows that type of debt is generally uncollectable.

My advice is to determine if you are in a 1 party disclosure state (if you are you can record phone conversations without disclosing that you are doing so) and keep a record of all conversations with the bank. Let them call you and read up on the FDCPA...most 3rd party collectors do not follow the law properly and each offense that you can get on tape is a pretty clear cut $10,000 violation. Ongoing and willfull abuse of the law (such as repeatedly threatening litigation if they don't intend to file suit) can get you much more than that.

Re: Should I be worried about this debt?
 

In essence then, the blame falls sqaurely on me? The bank is in no way responsible for allowing the bad check to clear?

GOD [censored] DAMIT. How bad will this hurt my score? And for about how long?