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 Posted: Wed Dec 06, 2006 3:01 pm Subject: How Long and How much |
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In the past year or so I have fallen into a situation where I have a lot of debt and not much money to pay it all. I have made some of the usual mistakes like payday loans, and I have signed on with a credit settlement company.
My worry is being arrested or having to go to court. I worry because of the missed payments, bounced checks and overdrawn checking account thats been closed.
I am talking to my creditors and trying to pay all that I can, I'm not ignoring their calls or anything. My settlement company keeps telling me that if I want the program to work, I shouldnt set payments up with the creditors.
As long as I'm communicating and showing effort through a credit settlement program do I need to worry about legal action?
Thanks
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jeffc762
Joined: 30 Nov 2006
Posts: 21
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| Posted: Wed Dec 06, 2006 3:06 pm Subject: |
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Don't worry about getting arrested. Won't happen.
Don't worry about going to court. It's hardly the worst thing, and many times is a good thing for a debtor.
Keep paying, negotiate lower payments if you can, and hang in there. If you are also getting calls from debt collectors, take careful notes, record if you can, and find yourself an attorney at naca.net to sue if you get abused by the debt collectors.
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BEFORE YOU SEND ME A PM: Unfortunately, I don't know anything about dealing with debt collectors, payday lenders, consolidating debts, and that sort of thing. I sue debt collectors for violations of the FDCPA, and I defend consumers sued by debt collectors.
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SamGlover
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| Posted: Wed Dec 06, 2006 3:07 pm Subject: |
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First off, a settlement company is not the best thing for you...Did they tell you that you have to pay taxes on the amount settled for??
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| Posted: Wed Dec 06, 2006 3:21 pm Subject: |
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Send proposals to your creditors and see what they have to offer in your case. Review your present financial situation and figure out if you will be able to manage with the payments. If you can do the negotiations on your own, settlement company is not required in your case.
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BKP
Joined: 19 Oct 2005
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| Posted: Wed Dec 06, 2006 3:22 pm Subject: |
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sam if there not licensed in your state can they take you to court and would they considering they are onli 150, 200, loans
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TASHA_MOSELEY
Joined: 16 Aug 2006
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| Posted: Wed Dec 06, 2006 3:27 pm Subject: |
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If a debt collector is not licensed, that could be a violation of state law. You would have to look closely at your state's laws on debt collector licensing.
The amount of the loan isn't always important. Don't think you are safe just because the amount is small.
_________________
BEFORE YOU SEND ME A PM: Unfortunately, I don't know anything about dealing with debt collectors, payday lenders, consolidating debts, and that sort of thing. I sue debt collectors for violations of the FDCPA, and I defend consumers sued by debt collectors.
sjglover.com
caveatemptorblog.com
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SamGlover
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| Posted: Wed Dec 06, 2006 3:32 pm Subject: loan |
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Sam there is a case brewing right now in Kansas where the payday loan company is suing the state. They sure have got nerve. KYSIDE38
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KYSIDE38
Joined: 19 Jun 2006
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| Posted: Wed Dec 06, 2006 3:40 pm Subject: |
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kyside38, what company is that??
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