I'm being take to small claims court for a credit card debt of $4000 (the principal was $2000 the rest is interest and add ons). The companies lawyer is telling me I must pay $500 a month in order to stop the suit. Is there any way to lower this dollar amount?
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Read More Answered By: David Gibbs |
Once you defaulted on the card, the credit card company doesn't have to accept anything but the full amount you owe to stop the lawsuit. The offer to settle the case for $500/month is voluntary on their part and not required. The only way you will get them to lower the monthly payment is to negotiate with them and convince them that you cannot afford that payment. Good luck - collection firms are notoriously hard to haggle with, as they hold the ultimate hammer which is a judgment against you under which they can levy bank accounts, and garnish wages.
*Due to the limitations of the LawGuru Forums, The Gibbs Law Firm, APC's (the "Firm") participation in responding to questions posted herein does not constitute legal advice, nor legal representation of the person or entity posting a question. No Attorney/Client relationship is or shall be construed to be created hereby. The information provided is general and requires that the poster obtain specific legal advice from an attorney. The poster shall not rely upon the information provided herein as legal advice nor as the basis for making any decisions of legal consequence. As required by 11 U.S.C. §528, we must now disclose that, "We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. Assistance we provide with respect to Debt Relief may involve bankruptcy relief under the Bankruptcy Code." |
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