What would happen if the creditor rejects the offer from debt Settlement Company regarding about my credit cards debt? Will I facing a law suit?
2007-10-10 08:43:44 · 5 answers · asked by emilyru23 1 in Business & Finance ➔ Credit
They could take you to court. It depends on how long you have owed for. This has also happened to me. My credit counseling could not reach an agreement with the CC companies and I started getting summonses to go to court. I owed a lot ( after going to court 4x in one year) so I filed for bankruptcy and eventually the summons stopped coming. What I would do 1st though is cancel your credit counseling if it is not working and call the CC companies on your own to work out a payment plan. If they don't work with you than I would file for bankruptcy because they will not go away. I have had my check garnished it is no fun. People might think your a scumbag for filing but who cares about them it doesn't affect them. You have to what's best for you. Good Luck
2007-10-10 09:01:20 · answer #1 · answered by fallguy2004 3 · 0⤊ 0⤋
The creditor doesnt have to accept a settlement offer. They still have the right to pursue collecting the debt even if it means a law suit.
2007-10-10 08:51:23 · answer #2 · answered by Diane M 7 · 0⤊ 0⤋
Settling your debt with a creditor is the clever thank you to bypass. you are able to save making your money for the subsequent 4 years or be out of debt in 12 to 18 months via saving up to your settlement and the lenders will settle whilst they comprehend you're severe and not intimidated via them. there's a company called Asset Protector team. They artwork with you and help you via instructing you as you're making plans to settle. think of of this-not extra harassing telephone calls, not extra stressful call for letters, and the strain relieving understanding which you would be loose in a plenty shorter time. There are links on a yahoo team called FreedomFromUnsecuredDebt that supply you a stronger be conscious of-how of a thank you to try this. it particularly is particularly worth some time and money to be taught it out. once you're out from decrease than your debt, stick to the suggestion of Larry Burkett and stay out of debt. desire this facilitates. Rob
2017-01-03 09:56:53 · answer #3 · answered by Anonymous · 0⤊ 0⤋
They can file a judgement, but they can't if they can't validate the debt. Ask them to validate the debt and get everything in writing
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2007-10-10 11:52:00 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The creditor would retain all the same rights it had before.
2007-10-10 08:47:07 · answer #5 · answered by Anonymous · 1⤊ 0⤋