Possble lawsuit filed by Credit Card Company.

by GMATT
(Atlanta)

THE last few days, I have been bombarded by solicitations from Law Offices regarding debt that is owed. They mention that there is a lawsuit filed by a credit card company in which my wages are either going to be ganished or a lien is going to be placed on my property and they are willing to assist in finding a solution.I have been devastated by divorce and prior to a year ago, had never missed a payment-always paid on time with credit cards. Unfortuntantley,the minimum amount required and the amount offered to settled is not within my budget. To setttle, these companie are asking for two big installments, which isnt practical. if i had the money, dont they think I would have paid already? I pretty much have nothing,except a House that I continue to wait for loan modifcation paperwork. This has caused much stress and distruption to my everyday life. In dealing with these companies, it isnt so much that one cant pay, its more that one cant pay the amount they are asking. Unless its what they want, paying something is more like paying nothing. If you pay one credit card company, the others seem to hold it against you so its kinda like "PAY ALL OF THEM OR DONT PAY ALL OF THEM".
My question is: For someone that doesnt have much, what exactly does this credit card company want? I cant give them what I dont have. The possibility of going to court isnt something I wish to do. What is going on and what are my options?

Comments for Possble lawsuit filed by Credit Card Company.

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Jul 13, 2010
Possible credit card company lawsuit
by: Mary

Thanks for submitting your debt collection question on our Q&A page.

So sorry to learn about the problems you are having. You certainly sound like you are going through a difficult time.

If the credit card company sued you, you should have received a legal notice of the lawsuit so you could respond and show up for the trial. (From what you wrote, I get the impression that you have not received such a notice, which either means that you have not been sued yet or that you were not properly notified of the lawsuit, in which case the law was broken.) By the way, the credit card company cannot garnish its lawsuit and gets a judgment against you.

Do not respond to any of the law firms that have been contacting you. I think you need to meet with an attorney -- a consumer law attorney who can help you find out if you have indeed been sued and what your next steps should be if you have -- but not one of the firms that have been bombarding you with solicitations. Instead, get in touch with a consumer law attorney in your area who has experience handling debt collection problems. Find out how to get FREE or low cost legal advice about debt collection from a consumer law attorney here.

As for the credit card debt that you owe, I suggest you get in touch with a reputable debt settlement firm, like Consumer Recovery Network, to determine if you are a candidate for settlement. To learn how settlement works, listen to this
debt settlement podcast. It's an interview I did with Michael Bovee, who is the founder and president of Consumer Recovery Network.

If settlement is not an option for you, you may need to consider href="http://www.DebtCollectionAnswers.com/bankruptcy-attorney.html">a free consultation with a bankruptcy attorney. Bankruptcy may be your best bet given your financial situation, but a bankruptcy attorney can tell you for sure. In the meantime, I urge you to deal with your immediate problem by contacting a consumer law attorney. Good luck!

Please share what happens with your situation in the comments section for this question. We are very interested in hearing how this turns out for you, and your experience can help others who are struggling with debt collectors.



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