urgent! today "last day to work with creditors?"
Date: Thu, 02/25/2010 - 06:00
Several of my creditors, Discover and a collection agency have said that tomorrow Feb 26th , my acct goes to lawyers to get a judgment.
What does this mean, really? Any advice is appreciated. I am going to try to settle these accts on my own, and get them to hopefully forgive some of the debt and get me on a payment plan I can afford with 0% APR.
I am aware that I can probably find all this info on this site, but I've spent the majority of the last 2 days on this site and my head is spinning.
Since tomorrow is the last day, will they be less willing to give me a deal (because they have me in a bad situation) or more willing? What are the right words to use?
Thanks so much-5 credit cards $27000.00 total owed. Is there a big difference as to whether I'm dealing with the initial creditor or a collection agency?
Account going to lawyers to get judgement means they are claimin
Account going to lawyers to get judgement means they are claiming they are going to sue you. Whether it really happens or not is another animal.
Some people cut the best deals on the last day so if you can afford to make settlement offer you may want to contact them.
Many people get better deals with collection agency than original creditor. Remember, the collection agency buys debt for somewhere around .10-.20 on a $1. So they buy your $27,000 for $2,700 and try to get as much from you as they can but do settle for less. Anything above $2,700 is profit.
You wont get a setttlement with 0% interest with payments you ca
You wont get a setttlement with 0% interest with payments you can afford...settlements are usually expected to be paid out within a max of 3 payments. You cant have it both ways.
Depending on the creditor, they may not sell of the account as stated above. Discover generally hangs on to their paper for quite a while and they do sue as a matter of practice. Who are your other creditors?
