Legal Question in Credit and Debt Law in Illinois
Collection Agencies
When my son was a junior in high school, he was flooded with phone solicitations for ''already approved'' credit card applications. When I protested, many of the companies practically abused me on the phone. Today, the same companies are calling my house daily to ask my help in collecting from my son who's in college. I pay his college expenses, and he does not have any spare money to give to the credit card companies or their collection agencies. What should I do? What can my son do short of declaring bakruptcy? Are there legal ways of writing off some of the debt?
2 Answers from Attorneys
Re: Collection Agencies
Your son, or an attorney, should write the card companies a letter, advising them of their aggressive marketing to a young student, who, by the way, still has a legitimate debt to these companies, and telling them of his non-income producing position. Then proposing a plan, which could include a composition of creditors, that is a plan where your son makes a reasonable payment, to be divided amongst the creditors. An amount he can reliably do each month. You might be surprised how welcome such a plan may be. Also, you should know that your son, when he is in a position to do so, may be able to negotiate a settlement @ 50% or so. This, however, will not look great on his credit report.
Re: Collection Agencies
The collection agencies violated the fair debt collection practices act by calling you at all. Go to www.naca.net for an fdcpa lawyer near you (there are lots of good ones in Chicago). Have your son send a letter to each agency by certified mail telling them to stop calling you or him. Check my website at www.truebloodlawfirm.com, for an example. If he has no money, it is unlikely they will sue.
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