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I posted earlier....I was actually 2 months behind totaling $416. I was unaware of this due to I thought my husband had been paying this, but as soon as I found out I immediately sent in the $416 Priority Mail. The creditor is taking me to court for the entire balance to be paid which is $7000. I do not have any means to pay this...cannot get financed for anything else right now. What can happen when I go to court? Do you think this can be resolved with the creditor without going to court? Confused as to what to do...Any help would be much appreciated!!!
I posted earlier....I was actually 2 months behind totaling $416. I was unaware of this due to I thought my husband had been paying this, but as soon as I found out I immediately sent in the $416 Priority Mail. The creditor is taking me to court for the entire balance to be paid which is $7000. I do not have any means to pay this...cannot get financed for anything else right now. What can happen when I go to court? Do you think this can be resolved with the creditor without going to court? Confused as to what to do...Any help would be much appreciated!!!
You can always call to discuss, but pretty much at court they will get a judgment from you, and then you'd make payments on the judgment.. Dont lose sleep over it, but do show up for court and show the judge the situation and the creditor, and then point out that you are not behind on the court date.
You can try to bring up that the creditor is suing for the total owed, but that you are not behind, which might work, depending on what type of debt it is, and if there is a call on the debt if you miss x payments.
You might check your credit card agreement to see if the entire balance can be demanded (and, if so, under what conditions). By all means, call the creditor and try to make an arrangement - especially since you're up to date. But it may not be amenable if you've been late in the past. If your credit is OK, you could try to get a balance transfer to another card or get a consolidation loan. You could pay a lawyer for an hour of time to make a call to try to settle this.
Collecting a judgement is up to the creditor who receives it. And usually a creditor will try to collect it all at once. Try Googling "how to collect a judgement in <your state>" to find out what recourses exist to your creditor if granted a judgement. Some assets cannot be accessed to satisfy a judgement.
But you really want to avoid a judgement if possible. You don't want to deal with further hassle - like a lien.
I can't imagine a creditor moving forward with legal action if the account is brought current... do they have the right to, generally yes.... will they, generally no... Legal action is expensive if they have someone making a voluntary/reasonable repayment.
If this is a credit card bill and you were only 2 months past due, then it's a collector bluffing to scare the heck out of you and it's working. You are in default once you pass 30 days late, but if you sent the money, they are not going to come after you for the full balance. I am assuming that your statement was true about only 2 mos past due. Maybe there is more to this story. It will be months before they actually tried to sue you. Call a credit counseling agency and get on a debt mgmt plan if you have to. that will put you on a repayment plan if you cannot come to an agreement directly with the bank. that way you avoid any further legal action and possible judgment/garnishment.
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