being sued by chase
Date: Fri, 08/20/2010 - 09:42
I am at the point of getting sued by Chase credit card, I wanted to ask you what is the worse come sanerio in the event that I lose in court (which I see no reason that I can win) in the NEW YORK CITY area, I owe about 33k and it dont look good! I tried to settle at 7k in lump payment which they did not agree to, they are at 40% of the bal which I cant come up with. I guess I need to know how long can they really go after me after they win the case against me before it all clears up....
best,
Shachar
I'm not Nelly and if you want her answer you should pm her. But
I'm not Nelly and if you want her answer you should pm her. But I can tell you that the worst case is that they get a judgment for the full amount, plus attorney fees plus any other costs they can add on. Then they have at least 10 years to collect it by garnishing wages or other creative measures they may take. 40% settlement looks pretty good. I would try to find a way to pay it.
Shacar, If you have been served or are about to, 40% is a fair
Shacar,
If you have been served or are about to, 40% is a fair deal (its a fair deal regardless).
If you have already been served, you may try to get them to agree to a stipulated judgment at 40% with 7k now and the remainder in payments that are manageable for you to make thereafter.
If you fail to make a timely agreed upon payment as stipulated, judgment will then be entered as a mere administrative matter and they will then be able to lien, levy or garnish.
Do not agree to a stip unless you are highly confident you can meet the payment.
It can be difficult to get a favorable reduction on the debt when entering into a long term arrangement due to this leading to the thought of "He/She can pay 700.00 a month for the remaining 7-ish thousand so why not make it 700.00 a month for 30 months instead of just 10 months".
Your 7k now as first payment would help if presented correctly and your current hardships were supportive of them taking the haircut.
Best of success!
Mileage may vary
