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FIB - Scams 101 - Ye Olde Archives
Posted By: pete In Response To: I'm being Sued! (Joe)
Thursday, 10 August 2006, at 5:49 p.m.
OK Joe, here is some advice you might use.
It's hard to imagine you haven't heard from the card company from time to time, but I'll assume this is like a bolt from the blue. An old nightmare back to haunt you and all that.
First, before getting with the lawyer, who is going to want to collect the whole deal, call the company and see what they have to say about a "settlement". It may be too late, now that they have turned it over to an attorney, but it's worth a phone call.
Many card companies will "settle" for one half or thereabouts. It's a legal deal and you are officially relieved of the balance. They will even issue a 1099 tax reporting form for the balance that you are supposed to claim as Unearned Income, or some such thing.
Sometimes they won't talk to you once an attorney or collection agency is involved, but the agency or attorney can often work the same deal.
Main thing here is you need to have the cash when they say OK. You can have maybe 24 to 48 hours to produce, but usually they want to do an on-line check or Electronic Funds Transfer right then. So, if you go this route, have the money where you can put your hands on it right then.
They are not going to settle and take payments.
If payments are all you can do, they will still probably want a chunk up front, some "earnest money" so to speak. Again, at this point, they are not going to just take your word for anything, you've already proved to them how valueless it is. (Nothing personal, just how they look at it.) So, they may go and get a judgement, just to have something over you.
If you can't really contest the amount, it's a legitmate debt that you just couldn't pay at the time, the worst thing that will happen if you go to court is the judge will tell you to go out in the hall, or down to a little room, and work out something with the lawyer. He will rule in their favor, and there will be lien filed in the local courthouse and your credit score may take a hit.
Of course, it will also take a hit with a settlement. But you can save yourself some bucks if you can come up with some cash and start negotiating.
Inexpenseive Accounting Program for Small Businesses
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