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Line of credit

Date: Mon, 07/11/2011 - 21:08

Submitted by anonymous
on Mon, 07/11/2011 - 21:08

Posts: 202330 Credits: [Donate]

Total Replies: 3


I was given a line of credit March of 06, made my payments last year I fell behind, got caught up. This year I asked for a hardship review to get lower interest rate and monthly payments. They declined I fell behind. I received a letter from a CA last week, said I had 30 days to respond. I was served with a summons on saturday. I spoke with CA who says my only way to stop litigation is to sign a judgement, agreed to a lien, pay the past due and then we can agreed on a payment plan. Is this my only option?


Hi!
Welcome to the Forums!

First of all you should give a reply to the summons. You should try to draft a proper reply to the summons. The best option is to settle the debt out of court. The CA can secure a judgment from the court if you lose the case. Don't sign any papers just because the CA tells you to do so. You may consult an attorney regarding this matter also. He/she may help you settle the debt out of court.


lrhall41

Submitted by Good Nelly on Mon, 07/11/2011 - 21:25

( Posts: 2846 | Credits: )


The CA has asked for my bank statements and checkstubs. I am uncomfortable with this and am looking for some legal aid. Thank you


lrhall41

Submitted by on Tue, 07/12/2011 - 06:15

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"I received a letter from a CA last week, said I had 30 days to respond. I was served with a summons on Saturday"

Yes, respond to the summons! The CA violated the Fair Debt Collection Practices Act because they didn't allow you 30 days to send them a validation letter or any letter for that fact. They violated section 809 of the FDCPA. Contact a lawyer ASAP!

Good Luck!


lrhall41

Submitted by BD85 on Tue, 07/12/2011 - 17:26

( Posts: 35 | Credits: )