I received my 1st summons today from a law firm representing Chase. The amount owed is over 10K. Is there any way I can try to settle with the Attorneys? The debt was charged off in August, I think, so it is really fresh. I really don't want to get involved in a court proceeding if at all possible. I may be able to scrape up enough to pay about 1/2 of the debt. What are my options?
Honestly, attempt to resolve it. You can go through all the motions and responsive pleadings but, at the end of the day, Chase will be able to prove it up and you'll be on the hook for fees. Call them up and see what you can work out. You don't want a judgment on top of the charge-off. Pay it and thereafter, work on getting it deleted or accruing violations for a potential suit. Too late to try to work up on offset now.
Forgive me but what is an offset? Also, who would I call? The attorney or the original creditor? Is a settlement out of the question? I have several cards that have been charged off and I need to try to settle them low enough so that I can get them all taken care of. Bankruptcy is out of the question as it could cost my husband his career( keep him from getting a job). We got in this position with the debt due to medical problems and a job loss. I feel so hopeless......
You do not have to file bankruptcy jointly. That said, you should contact the attorney of record. No, settlement is in everyone's best interest and is attainable with Chase. 50% to 60% is reasonable.
So I would contact the attorney and try to settle, correct? I assume I still have to answer the summons in order to avoid judgement. Also are there any protections I should try to get in the settlement? I am not a bad person, I would love nothing more than to pay 100% or get on a reasonable payment plan, it is just not possible. Any hints or tips on how to handle the attorneys? Thanks again for you help.
Sorry another question. I have a card with Citibank with a similar balance, and one with American Express all charged off at about the same time. Would it be reasonable to think that they would accept a settlement as well? Would 50% be attainable? Sorry about all the questions. I just want to do what I can to get everything moving in a positive direction again. Too much negative energy..
Contact the attorneys and offer a settlement that you can live with. Give them the sob story, broke as hell, but this is what I can offer. Don't let them bully you into agreeing to a settlement (e.g., payment plan or a lump sum accepted as full settlement) unless you feel comfortable with it. Regardless of what you agree to on the phone, do not send ONE DIME unless you get the agreement IN WRITING from the attorney or original creditor (e.g., Chase). Get this IN YOUR HANDS before paying anything. NEVER, under ANY circumstances, give them authorization to TAKE money from your bank accounts. I would NEVER give them a credit card number, debit card number, or back account numbers. Once they have that info, they'll suck you dry as quickly as possible.
True, but any joint accounts, as well as any accounts that were opened after they married (common law states) will become the legal obligation of the spouse that did not file BK. The other spouse will remain liable for 100% of the debt.
Thanks everyone for the comments, Would I write the attorneys or can I call them? They did offer a 85% then a 75% settlement before, but that is still too high. We did consider bk. Husband a chap 7 on his debts and then the atttorney said I could do a 13 6 months later on my debts. So I'm not sure about the community property issue here. If I write the attorneys should I offer a little lower settlement than I can actually do? In other words should I leave a little room for negotiation?
Just call them and make an offer. The settlement (stipulation of dimissal) will be in writing. At this point, you are not in a position of power. You will have the option to accept their counter-offer or get a judgment against you. Sorry but, you do not have the option to dilly-dally around.
