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Want to know how often creditors sue for non-payment?
Hello. I'm just curious to know how often creditors (credit cards in particular) sue for non-payment?? I've read so may conflicting opinions. Some say they rarely sue, while others say after about 9 months they will generally sue. I'm in a debt settlement program. I have 7 cards with about $40,000 in debt. 2 of the accounts have been settled for about 50% of what I actually owed. It's the other 5 I'm worried about. I'm doing really well aquiring funds, and will likely complete the program well before the 3 year time frame origionlly projected, but some of the creditors will still be waiting close to 2 years before payment. It's been 10 months since I began the program, and 10 months since the 5 unsettled cards have seen any payments from me. At first the calls from creditors were constant, like 20 plus calls per day from Bank of America. In the past few months I have only had one call. All seems to be going as the settlement company predicted, but they did warn me of the possibilities. Lawsuits, credit report damage. They say they will negotiate, and try to keep lawsuits out of the equation, but they can't guarantee what any creditor may or may not do. So, I'm just curious to know from others that have been through this. Is there a certain time frame they will generally wait before taking legal action? As I said it has already been about 10 months since some have seen payment. I'm trying to remain positive, and so far all seems OK, but it's just a bit overwhelming at times. Advice, and info from others helps. I don't feel alone in my struggles. Good luck to all.
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