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So I have no way of paying and have accepted that I'm going to get sued. Since I'm liable for their legal fees, I'll be paying those too. I want to know just how much money I'm going to lose.

2007-03-06 02:49:07 · 3 answers · asked by cejones345 1 in Business & Finance Credit

3 answers

Credit card companies have so many bad loans outstanding that they do not have the time or money to sue every Tom, Dick, and Harry. What they normally do is sell the bad loans to a collection company for 10 cents on the dollar and let the collection company worry about them. The collecton company might then be willing to settle for 30 cents on the dollar since that will guarantee them a 300% profit. What they will settle for depends somewhat on how good a negotiator you are.

You might however get sued if you owe a lot of money.

2007-03-06 03:20:04 · answer #1 · answered by Anonymous · 0 0

It really depends upon the lawyer you choose and how much you owe. It sounds like your account has already been turned over to a collections agency. Often you can negotiate for a reduction in the amount owed either with the company or the collection agency. Remember too, that the company only gets a percentage of what they are owed once a collection agency is pulled into the picture. It is going to cost them a lot, a lot of money to sue you. They may only get 50 cents on the dollar from the company if the collection agency wins, so do some quick math and decide is an agency going to sue you to obtain 50 cents on the dollar will make any real profit. If it is many companies you owe money to you should (very carefully) seek out the advice of a debt consolodation organization. I filed for bankruptcy and was really happy with the out come. Do you own a house and car and any other real property with value? Do you work? They could garnish your salary. You should speak to an attorney. Usually the initial consult is litte or no money.

2007-03-06 03:30:01 · answer #2 · answered by gervoi 3 · 0 0

wow yeah your screwed, um legal fees vary in most parts, what will happen is they have the option to garnish your wages until they are paid back, if you open and checking account, savings, money market, IRA, cd what ever they are going to drain it.....The best thing to do is to get in contact with a debt specialist and see what you need to do....More than likely your gonna have to claim bankruptcy..

2007-03-06 03:02:08 · answer #3 · answered by Joesph B 4 · 0 0

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