Well my past caught up to me - I was served last night with a Summons from Portfolio Recovery on a past Providian account I had. I owe $3,600 plus fees, interest, costs..not sure what the total is - it is left blank. Came along with a letter that I could call the attorney to discuss settlement and I woud not have to go to Court. My question is what is a reaonable settlement offer I can make on the above amount? Also - when making a settlement offer do I have to have the money up front, because I don't. I would need to have a payment schedule - anyone have experience with that? Also - if I choose to settle this and pay out - will there still be a Judgment against me on my credit or only if I was to ignore this would that happen? (which I won't!) Please any help/advise/opinions are appreciated...I am so upset over this.
Is this a summons from the court? Does it have a case number and name of the court? I would check with the court to see if you have really been served. Have you been contacted by Portfolio Recovery before? If so, have you requested validation? If so, what did you receive?
Oh yea, I was really served. It is a Summons/Complaint/Civil Cover Sheet/Pretrial Conference - I looked up on Clerk website and it's there. I had previously disputed this account on all three of my credit bureaus and actually was able to get it removed from two of them, still on my Experian. The debt is real, I owe it. Ultimately, I would like to be able to not have to go to court, deal directly with the law firm, schedule a payment schedule for a lower amount than I owe. Does that sound like I am asking too much?
Have you asked them to prove that it's your debt and how they calculated the amount (interest at what percent, etc)? How old is the debt? What's the SOL in your state? They may not have the appropriate paperwork. Since you've received a summons, you need to answer it.
They attached to the Complaint as exhibits my cardholder agreement and the last statement. It is the amount I owe they are seeking. Just don't know if I am in the position to be bargaining a lower amount seeing as I really owe that amount and I have no money up front to pay it, would have to be payments.
Also - how do you even go about answering a summons?? Can I simply state that I am working with Plaintiffs counsel on settlement??
How do you know it's the amount you owe? What amounts were added as interest? At what rate? What does the cardholder agreement say about adding interest? Does your state have any restrictions on interest, especially after it was charged off? I wouldn't pay them until you make sure that they have properly computed the amount and that it is within the legal limits of your state.
I read on another post that if you are Head of your Household in Florida that you can NOT be garnished & therefore have much more leeway for settlement..can anyone confirm if that is true??
Why settle, they may not have the all of what is needed. When was the last payment made? Look at the card holder agreement, does it have a Choice of Law Provision? If so what state? Can you post an exact copy of the complaint verbage? Have you had any hearings yet?
enigma, Is an assignee still entitled to collect on a debt if the required notice has not been sent? This pertains to Florida only.
There is no teeth in the statute and there is not a lot that can be done about it except to lobby the legislature.
I understand that, and know there isn't any private cause of action under the statute, but was thinking it may be used as an affirmative defense (unclean hands). It is something I've wondered about for a while.
This was once used against a well know CA, but the judge ruled that it was a procedural violation and allowed the CA to cure. But it could be used as an Affirmative Defense just to toss one in and see what happens.
If he did not aloow it, the CA probably would have dismissed, cured and refiled. But I agree with you.
Hi Enigma - Thank you for your help. I was wanting to settle this so I don't have to go through a long drawn out court process. And the fact is that I due owe this money. I am scheduled for a pretrial conference in a couple weeks but the letter that came with the Complaint attachs a Stipulation for Entry of Final Judgment Execution Withheld & states that I do not have to go to court if we can come to a settlement agreement. It looks as if New Hampshire is the state under the provision on the cardholder agreement.
The verbage of the Complaint: 1. Action for damages within jurisdictional limits of the court 2. Defendant is a resident of this county. 3. In the event the matter is resolved by way of deafult a reasonable attorney fee would be 750. 4. Plaintiff is the owener and holder of the debt pursuant to an assignment from the original lender Providian. 5. The Bank, at Defenants special instance and request issued a credit card with the account number ___ to the Defendant. 6. That the plaintiff is due interest from the charge off date which is 10/06/04. 7. All conditions precendent to the bringing of this action have occurred. 8. Defendant by use of the credit card, have accepted the terms and conditions of the credit card holder agreement. 9. Defendant has breached the Agreement by failing to comply with the terms of the Agreement. 10. Defendant caused various charged to be made through the use of said card. 11. Defendant owes Plaintiff the sum of $3,688.28 that is due with interest. 12. THe contractural interest is 11%. 13. Plaintiff has made demand upon Defendant for payment. 14. Defendant has failed and refused to pay the sum due and owing to the Plaintiff. 15. Plaintiff is obligated to pay the undersigned a reasonable fee for whihc Defendant is liable pursuant to the cardholder agreement. 16. The Defendant requested an account, which is owned by the Plaintiff, and the credit card holder agreement wsa sent to the Defendant. 17. Before the institution of this action Plaintiff and Defendant has business transactions between htem and they agreed to the resulting balance. 18. Plaintiff rendered a statement of it to Defendant and the Defendant did not object to the statement. 19. Defendant owes Plaintiff $3,688.28 that is due with interest at the rate of 11% per year on the account. 20. The Defendant owes Plaintiff $3,688.28 that is due with interest since 10/06/04, for money lent by Plaintiff to Defendant at various times. ** and they attached a copy of my cardholder agreement and last statement to the Complaint
