Arbitration in Pa for Credit Card Debt
Date: Sun, 01/18/2009 - 16:21
I owe 30,000.00 in credit card debt. One is $15,000.00, the other is aprox. $18,000.00. Iam trying to negotiate w/ the creditors' and have succeeded already w/ 3 other creditors. I have rec. a notice for arbitration for a credit card debt of $18,000.00. I responded to the notice w/ a list of why I can't afford to pay the full amount. I offered to settle at $1500.00. What can I to prepare myself if they take me to court?? I know they want you to have legal representation, but I am willing to do this lump sum settlement. Do you think they'll go for that??
Whether a credit card company will sue you is completely their p
Whether a credit card company will sue you is completely their prerogative. Let me tell you that debt settlement generally lowers your debt by 40 to 60%. To me $1500 settlement for a debt of $18,000 looks a bit too low though I have also heard debt settlement at 80% of the total debt. But these types of settlements are a rare.
