Is there a rule of thumb for when a creditor sues?
Date: Sun, 12/28/2008 - 11:36
Hi everyone;
I am new to this site. I have about $90,000 in credit card debt with about 10 different creditors. I started a debt settlement program about 3 months ago and so far everything is going as expected. Like everyone else I am most concerned about being sued. The company I am working with, although they act more like coaches than anything, tells me that most likely I will NOT be sued...only a 1 in 10 chance. If all goes as planned I will have enough for settlement within the next 13 months for all of my creditors. I live in Michigan. Any tips/advice/comments are greatly appreciated! I am so stressed out about this!
I am new to this site. I have about $90,000 in credit card debt with about 10 different creditors. I started a debt settlement program about 3 months ago and so far everything is going as expected. Like everyone else I am most concerned about being sued. The company I am working with, although they act more like coaches than anything, tells me that most likely I will NOT be sued...only a 1 in 10 chance. If all goes as planned I will have enough for settlement within the next 13 months for all of my creditors. I live in Michigan. Any tips/advice/comments are greatly appreciated! I am so stressed out about this!
Yes there's always a chance you could get sued and the creditors
Yes there's always a chance you could get sued and the creditors will beat that into you everyday via phone calls, emails, and snail mail. What typically will happen is the original creditor will write it off as a bad debt so it doesn't show up as an asset on their books. A collection company willl purchase the debt - then this is really where the negotiations begins. If you do get sued however, then payment plans can be made on that particular creditor.
