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 Posted: Wed Jan 24, 2007 1:48 pm Subject: Lawsuits while using Debt Settlement |
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Those of using a debt settlement company; have your credit card companies sued you during the payment process? And has anyone finished a settlement and actually had their credit score restored?
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leslea
Joined: 16 Jan 2007
Posts: 1
Debtcc Points: 50
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| Posted: Wed Jan 24, 2007 3:11 pm Subject: |
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Creditors can intend to file a lawsuit because of not receiving their money from you during the settlement process. But since your settlement company will be taking care of your accounts and negotiating with your creditors, they will remain updated of what's going on in your case. Chances of lawsuit are very slim because of the court costs and fees involved with it. There is no surety that the company that filed the case against you will be able to recover the amount because you are already not in a position to pay your debts in full. How will be able to pay other expenses? Your contract with the settlement company will stand as vital proof that you are not avoiding the debts. There will be more chances that the judge will rule in your favor.
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a_neblat
Joined: 10 Aug 2006
Posts: 408
Debtcc Points: 5814
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| Posted: Wed Sep 12, 2007 12:53 pm Subject: |
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Thanks for answering that. I know that is something we have worried about before entering into a program. Very helpful information.
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lisaawilliamson
Joined: 04 Sep 2007
Posts: 120
Debtcc Points: 2273
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| Posted: Wed Sep 12, 2007 6:17 pm Subject: |
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Creditors have the option to accept or reject any proposal. Just because you enter a program doesn't guarentee you will be protected if a creditor doesn't accept the agreement. I highly suggest getting copies of all agreements and keep them in a personal file.
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FYI
Moderator
Joined: 18 May 2006
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| Posted: Wed Sep 12, 2007 7:51 pm Subject: |
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You need to find a company that works around litigation for you and will provide legal representation for you in the event you are sued. I have only found one company that will provide an attorney at no charge to us the client and that is sifxpert
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