I had a number of credit cards in 1999 that I defaulted on when a business went belly-up. One of those was a card issued through First National Bank of Omaha. I have no record of the principal amount, but a statement from Great Seneca dated 11/07 stated $8725.82 was owed.
The amount they want today? $32,246.18!
I decided to wait the debt out rather than file bankruptcy, and in the summer of 2004 I made a crucial mistake. I had received so many threats from debt collectors that hey had lost all effect and so when papers were served me by their local lawyer in Eugene, Oregon, Derrick E. McGavic. I disregarded them as I had many times before. A crucial mistake, I would learn, and a favorite tactic used by Great Seneca in these cases. They won by default.
Great Seneca purchased my bad loan for pennies on the dollar and sued me, hoping I wouldn't show up in court and thereby winning by default. For all I know, they didn't show up themselves. A loan they perhaps purchased for $400 or less is now a $32,000 payday if their greedy little plan succeeds!
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