I am already in the process of being sued by a law firm who purchased my debt form 4 years ago. I think it has hit the statue of limitations and I'm working to fight it due to lack of funds. But now a second card said they will sue me in 5 days if I do not respond with payment. AHH Thinking about seeing if I can even get a loan to pay these debts and settle the accounts for like 30% off what I owe them should be reasonable. Who would even give me one that's not terrible since my credit score is probably 580 or something Help!
2007-11-28 15:48:30 · 5 answers · asked by Aerin 3 in Business & Finance ➔ Credit
Bad idea. If you have already defaulted on several credit cards, your credit is trashed and the only loans you could possibly get, would have outrageous interest. Besides, you don't have the money to pay on these credit cards, where are you going to get the money to pay this new loan?
These collection agencies may or may not actually sue you. But the worse thing you can do is talk to them on the phone. Send them a letter requesting they only contact you by mail. Ask them to validate the debt, including any contracts or other documentation showing you owe the debt and they have authority to collect the debt. Send it certified mail, return receipt and give them 30 days to respond.
Be careful not to acknowledge the debt as yours. It could restart the Statute of Limitations (SOL). Check here for the SOL in your state: http://www.fair-debt-collection.com/SOL-by-State.html
You should consider some other way to get the money to work out a settlement. Have a garage sale, collect alum cans, get a second job.
2007-11-28 17:34:51 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
make them validate the debt and if they still pursue a lawsuit
then show up in Court and tell the Judge that they didn't validate the debt, they didn't prove you owed them the money,
(and that it may be past the Statute of Limitations)
www.creditinfocenter.com
The Court System isn't current with FCRA Rules and Regulations and Just because they say they are a Law
Firm they have to abide by the Rules. Courts don't realize
that and the Law Firm doesn't expect you to know that either
buddhibbs.com
2007-11-28 23:15:05 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Change your bank account. If they have stored your bank acct information from a previous payment they will levy your bank account with a judgement. That is an asset for them to go legal on you.. Close it and open a different acct at a different bank and only pay by money orders only to creditors.. Never tell them where you work because thats an asset also. You probably won't be able to get a loan if they have a judgement on your credit bureau. If it gets really bad then go to google.com and type in legalhelpers. Good luck!
2007-11-28 16:51:07 · answer #3 · answered by Lea 4 · 0⤊ 0⤋
bdancer has the best advise. Remember the SOL starts from the 1 default not when the purchased the debt and they will tell you. You must pull and print your credit report now. If it is a substantial amount contact a lawyer who specializes in bankruptcy or family law. They will look at your credit and see if you are out of SOL and send the approate letters. THEY WILL DROP AND RUN IF A LAWYER STARTS SENDING THEM LETTERS. it will only cost you 100-200 bucks buy worth it.
2007-11-28 18:33:18 · answer #4 · answered by Anonymous · 0⤊ 0⤋
confident they are able to sue you despite in case you pay much less then arranged while you evaluate this is breaking your settlement. the reason they're coming when you is as a results of the fact they comprehend they are able to't get any money out of your ex. they'll sue whoever they're maximum probably to get their money from. it would desire to be a solid thought to pass to criminal help and communicate over with them approximately it. they may be waiting to speak to the very own loan corporation and choose a sparkling charge plan.
2016-12-10 07:47:08 · answer #5 · answered by ? 4 · 0⤊ 0⤋