I got a letter from US Bank the other day, this is the same company who called my inlaws looking for us. Anyhow, our account is 5-6 months delinquent and I got a letter the other day stating they are currently in the process of searching and verifying any property that is owned by me.

The search may include, but not limited to, automobiles, business assets, home, and land. They say the information will be compiled and retained to aid in future collections procedures against the account. They go on to say that when this search is complete and all property is verified, they will consider forwarding this account to their legal department for disposition.

Has anyone had dealings with US Bank and being delinquent with payment? I’m a bit freaked here. I don’t have the money to pay them and we do have a home and two vehicles, all of which we are making payments on and none of which are even remotely paid off. Other than that, we have nothing. Anyone have any advice on what I should do concerning this? I’m hoping they are just trying to scare me, but I’m also scared that they are close to sueing me.

How much do you owe them? If it is not much, it may be a scare tactic. Most (not all) won’t sue for smaller amounts, due to the cost of court.

It’s a little over $10,000

They may actually take you to court for that amount. The main thing they want is an actual JUDGMENT AGAINST YOU. It is more than a little agreement. If a judge rules against you, on your credit report for the next 7-10 years, maybe more, it will state under this debt that a judgment was made against you in a court of law.

I don’t know what to suggest other than trying to get them to take a lesser amount. Would that help at this point? Some creditors are just plain mean, stubborn and malicious. They refuse to work with you.