Going to court...scared to death
Date: Mon, 12/04/2006 - 18:36
I have always had good credit. I lost my job and took another job with a $15k pay cut which changed my debt to income ratio and put a squeeze on my disposable income. I heard of this company Credit Solutions who settles your debt for almost 50% of what is owed (sounded great). My credit has bottomed out so fast its scary. Credit Solutions has been a nightmare and very unprofessional. I would get a phone call on Monday saying we have a deal on the table for $9000 and then another call from someone else saying they have a great deal on the table for $12k. This went on for awhile, due to thier lack of consistency I felt as though they were just trying to get more money from me, so I cancelled the services. I now have a summons that MBNA is taking me to court, what are my options?? Can I negotiate a deal with company myself?? Will I have to pay the entire bill off which I cant do?? Will the judge throw me in jail or will he be sympathetic?? Pls help. I live in PA if that helps.
Take a deep breath, it's not the end of the world. And you cann
Take a deep breath, it's not the end of the world. And you cannot go to jail for owing somebody money.
Basically MBNA has deemed themselves insecure, and they are trying to seek a remedy through the courts.
They most likely have an attorney that filed the suit, and he is representing them now. You can always try to call the attorney and explain your situation, and see if he will accept arragements from you before he follows through with the case.
If it does go to court, they may get a judgment against you for the amount you owe them. But a judgment just means that a judge agrees that you owe them the money. You can usually work out a payment plan in court, whereby the judge orders you to make some type of monthly payment to the attorney.
They cannot take your house; in a worst case they could put a lien on your house, meaning you couldn't sell it until they got paid. They are not going to come and take your couch and tv, etc.
The best thing you can do is call the attorney to see what he might be able to offer; and don't miss any court dates.
ok. On avg how long will it take my credit to rebound. Has any
ok. On avg how long will it take my credit to rebound. Has any one dealt with Credit Solutions, any feedback is appreciated.
Is it just this one account screwing up your credit? Rule of th
Is it just this one account screwing up your credit? Rule of thumb is that bad credit stays on for 7 years, public records stay on for 10.
A judgment doesn't automatically go on the credit report. They attorney has to go through a process to put it on there. In Illinois it's called a Memorandum of Judgment that the attorney has to file with the county recorder; in WI they call it "docketting." If you work out acceptable arrangements, he may not go through that process, which would mean it doesn't even go on the credit.