Should we TRY to settle now that we're being sued? They have refused in the past...
Date: Mon, 08/06/2012 - 09:18
My husband just received a certified letter saying he is being sued for money owed on a Home Depot credit card. The card had a $1000 limit (which we never reached in purchases). We fell behind on payments when we both lost our jobs within a few weeks of one another. They have been bombarding us with demands for $2500, $3000 and more for over a year. We have called them time and time again trying to get them to settle for a reasonable amount, but they want all or nothing. They refused to work with us at all, even when we were both unemployed. We assume we should attempt to settle now to avoid marring his credit any further, but with their track record, we are worried it won???t do any good. We???re afraid they will continue to demand the entire amount. What should we do next?
Call the attorney handling the account and try. It is work a sh
Call the attorney handling the account and try. It is work a shot.
Its ok just relax a bit
1) A certified letter is not the same as "Service of Process" its most likely an attempt to scare you.
2) If the letter is designed to resemble "Service of Process" or threaten a law suit and you can show that they do not intend to file or have never filed you can pursue a FDCPA violation .http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre27.pdf <-- full copy of the act or look on this site for comments.
3) Make sure that you are not re-aging the debt by calling them back.
check the statute of limitations on credit card debt in your state.
http://www.suzeorman.com/igsbase/igstemplate.cfm?SRC=MD012&SRCN=aoedetails&GnavID=84&SnavID=20&TnavID=&AreasofExpertiseID=24 <-- suze O's list it may be elsewhere on this site.
4) If you want to call them explain that you are considering bankruptcy and your attorney says that this will most likely be unsecured credit. Tell them that you don't want to go BK but the BK will cost you $800.00 and you have 3 bills or more to pay. Ask if they will settle for $500.00
BEFORE YOU DO THIS --> MAKE SURE THAT THEY HAVE THE RIGHT TO COLLECT ON YOUR DEBT. I would check your credit report. <--see www.annualcreditreport.com for a copy of the federally mandated credit report you are owed.
You might want to call homedepot and see who they sold the debt too.
1) The terms of a home depot credit card usually have a purchase money security interest its usually item 17 or so on your credit terms. This usually states that they can take the items back so call their bluff and tell them per the terms of your agreement you are willing to surrender the items.
2) MAKE SURE YOU ATTEND COURT. If they move to continue tell the judge that you respect the courts time and have left work to answer the summons, state that you are willing to surrender the items per the agreement and ask the judge if it is possible to get this settled today.
3) Talk with a BK attorney
Quote:1) A certified letter is not the same as "Service of Proce
Quote:
1) A certified letter is not the same as "Service of Process" its most likely an attempt to scare you. |
In some states, you can be served via the USPS. This is a blanket statement and is not accurate for all.
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3) Make sure that you are not re-aging the debt by calling them back. check the statute of limitations on credit card debt in your state. |
Calling them back cannot reage the account. Bad advice.
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4) If you want to call them explain that you are considering bankruptcy and your attorney says that this will most likely be unsecured credit. Tell them that you don't want to go BK but the BK will cost you $800.00 and you have 3 bills or more to pay. Ask if they will settle for $500.00 BEFORE YOU DO THIS --> MAKE SURE THAT THEY HAVE THE RIGHT TO COLLECT ON YOUR DEBT. I would check your credit report. |
When dealing with collectors, it's best to just be up front and honest. Don't threaten bankruptcy if you're not actually going to file. It's a waste of time, yours and theirs.
You might want to call homedepot and see who they sold the debt too.
Quote:
1) The terms of a home depot credit card usually have a purchase money security interest its usually item 17 or so on your credit terms. This usually states that they can take the items back so call their bluff and tell them per the terms of your agreement you are willing to surrender the items. |
Pretty sure this is BS.
Quote:
2) MAKE SURE YOU ATTEND COURT. If they move to continue tell the judge that you respect the courts time and have left work to answer the summons, state that you are willing to surrender the items per the agreement and ask the judge if it is possible to get this settled today. |
Judges don't settle the accounts. They simply rule in favor of the complainant or the defendant.
Home Depot is issued by Citibank...those accounts are rarely sol
Home Depot is issued by Citibank...those accounts are rarely sold.
In Ohio you can definately be served by the USPS. That's how I
In Ohio you can definately be served by the USPS. That's how I was served a few years ago when I was sued