Lawsuits for unsecured (CC) debts
Date: Sun, 08/01/2010 - 12:12
Submitted by WeShallOvercome
on
Sun, 08/01/2010 - 12:12
Total Replies: 3
Does anyone think it's an effective strategy? After all, settling out of court at the 11th hour is no worse than settling somewhere between chargeoff and whenever ... (regarding credit status, right?).
This is obviously a drawn out solution, but if that's not an issue, one could improve cash flow and stave off the final blow on credit record (that SIF makes). I suppose progressive months overdue would chip away at the old FICO ... but the SIF would bomb it sooner rather than later.
Anyone care to clarify ?? :confused:
I would settle before they file the lawsuit. Most lawyers in a
I would settle before they file the lawsuit. Most lawyers in a lawsuit are going to want more % than a collection agency or the original creditor.
Many, many people are sued and judgments granted in these cases.
Many, many people are sued and judgments granted in these cases. If the judgment is enforceable through wage garnishment, settlement is not an easy option. In addition, the lawsuits and judgments create public records so that anytime you apply for a job or public position it is all dragged back out for you to deal with. I think this is a very flawed plan.
Finally settled ...
Just came to a settlement agreement directly with Amex ... and I am pleased to have resolved this issue acceptably within 90 days (just about!) .