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concerned | I have a debt on credit cards $30k,lately,i've getting letters from attorneys(court summons)how serious is thi |
i have a house and i'm concern that they will go after that, can they? |
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grierGRIER h
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If a person has accumulated a large amount of credit card debt due to multiple credit cards, the need for a proper counseling for credit card debt consolidation can't be understated. Credit card debt consolidation counseling helps a person get vital insights into the facts that can help him get control over the credit card debt.
Credit card debt consolidation counselors are experts with a good knowledge of debt management, budgeting and behavioral patterns of credit card holders. These services are vital for those struggling to manage their credit card debts. Also called credit counseling or debt counseling the credit card debt consolidation counseling brings immediate relief to a credit card holder.
A person seeking credit counseling can get it from two types of organizations. The professional or commercial organizations, and the non-profit organizations. As depicted by its name or categorization, the commercial organizations charge money for their credit counseling sessions and consolidation help on the other hand the non-profit organizations offer free of charge services. Just because the non-profit organizations are free, it doesn't undermine their quality of service. The persons associated with such organizations are thorough experts and have lived the trauma of being under credit card debt themselves and hence bring their vital experience to the credit card holder.
When a person approaches a credit counseling agency, the first thing it will do is to take stock of the situation and get various facts about the credit card debt. The credit counseling agency collects data about the income, expenditure and spending habits. It will guide the credit card holder about budgeting benefits and try to inculcate good financial habits. Read more from: http://www.credit-card-gallery.com/article/353,Credit_card_debt_consolidation_and_credit_counseling_great_tools_to_get_rid_of_credit_card_debt |
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echo
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If you have actually been served a summons you need to contact your county court clerk and make sure there actually is a suit filed in your name.
If there is you "need" to answer the summons within the time allowed.
Even if you contact them and make a deal with them to pay, you still "need" to answer the summons and include a copy of the signed (by them) payment agreement or they will go ahead and get a default judgment against you (yes they will do that)
Check the collecting SOL for your state.
If you are out of the collecting SOL you need to include an affirmative defense of SOL in your answer. (you would need to include your states SOL statutes in your answer)
Generally when sued for unsecured debt (credit cards) they cannot force you to sell secured property to satisfy the judgment.
They can place liens on the property and if your state allows wage garnishment, they will garnish your pay.
They may also seize your bank accounts.
(The judgment will also be listed on your credit reports, which is a pretty bad negative)
If you decide to get an attorney, be sure the attorney is well versed in consumer credit laws.
(this is not the time to get a consumer credit counselor as some mentioned)
You might also click on my profile and click on the last link I have listed. Do some reading on that site. You will be able to find links to your states SOL statutes and learn how to answer a summons. |
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stephen l
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They can absolutely go after your house. Why not refinance and use the equity plus debt settement (to save money and get a discount on the bills) to solve the problem. A smart loan officer can guide you. I suggest Hometown Banc Corp. They may be your best opportunity for someone to say yes. If your credit does not measure up, they donāt simply āforget to call you back.ā They help you get into a credit repair program you can afford regardless of income. Check out the free evaluation form at the source website and a Hometown loan officer will contact you . |
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saajan_1982
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you really need to seek some pro advice about this cos it is seriouse.. longer you leave it.. worst it gets... cos the interest is being added everyday |
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Luke D
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Very serious. You need to consult an attorney. Don't just consult one attorney. Most attorney's will give you a free consultation where they will review your situation and give you the potential costs up front.
Go to at least three initial consultations so you can pick one that you are comfortable with. |
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businesstherapist
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You need to take action. They can secure judgments, garnish your wages, etc. Here are some options though.
1) Call the credit card company and try to settle the debt. Obviously you've not been paying on them so they will make you an offer sometimes as low as 50%. If you can't pay this, you have other alternatives which include bankruptcy. HOWEVER,
I'd recommend a debt settlement company that would provide you assistance in negotiating these debts. BEWARE though as there are companies that aren't reputable and have little experience. You want a company that is REAL and not a garage operation. I'm happy to provide a referral for one of the first in this business if you'd like. http://www.financialcrossroads.com/
Bottom line is if the creditors know you have assets they will not stop and since you own a house, they won't give up.
Don't avoid the problem, work on a solution and you will ultimately feel better and sleep at night. |
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DebtFree
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very serious. hiding and avoiding them won't help. they will eventually sue you.. and garnish your paycheck.
are you unable to make min payments? contact them and work out a payment plan.... get any deals in writing. don't give them access to your accounts... do not send post dated checks.
stop using the cards. never borrow a penny again, get on a plan. |
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hi91977
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that depends on state you reside. if you are married & both your names on the title, then creditors can only to a lein (judgement) on it. when you sell or refinance, that lein needs to be paid. but something like take time (maybe 3 years) in either case you'll be duly notified by a court summons that such action will take place unless you resolve it before then. they will also add the legal expenses to do that onto your debt.
if you got the court summons (on your door or personally delivered), you'll need to seek legal counsel asap (you may have only 15 days to legally reply.
good luck |
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āinfinitiā
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Yes, they will go after any assets that you have. Check your state as to what assets are exempt from creditors.
Keep in mind that credit card debts are often charged to profit and loss after about six months and then sold to JDBs (Junk Debt buyers). Many JDB's are not really attorney's, but they rent attorney's licenses to try to collect from you. If your debt is outside of your State's Statute of Limitation (SOL), you have an affirmative defence to a lawsuit. The SOL can be as little as 3 years in some states and as many as 15 in others depending on the debt.
After you receive a dunning (collection) letter you have thirty days to dispute the debt. Do not send a JDB a "Cease and Desist Letter" (that is an invitation to a lawsuit), instead send them a "Debt Verification Letter" disputing the validity of the debt and subsequently their right to collect it from you. |
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keegan1055
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yeah its called putting a lean on your house and it can be done when you owe someone money! so if your getting letters from lawyers your gonna get sued and there gonna put a lean on your house!! you should probablly file bankruptcy |
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malinda i
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it might good to get a debt consolidation loan quick if you are concerned that your house will be taken and the debt people will call the creditor and that will stop them from calling |
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Pamella A
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Yes it's hard time for you. You have to consult with an atorney for help. You can also try to remove all your debts with a debt consolidator.
To know more you can visit
http://www.debtconsolidationmanagement.blogspot.com
and
http://www.badcrediteasyloans.blogspot.com |
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