I'm Being Sued - What's My Best Option Here?

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 6 years ago '04        #1
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187Proof 502 heat pts502
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I'm Being Sued - What's My Best Option Here?
 

 
So I bought some stuff on a line of credit a few years back. Times got tough, I had to quit paying on them.

Now yesterday I'm served with papers saying that I'm being sued for the balance, which is just short of $1,700. It says I have 30 days to file a proper response with the court, or else the collection agency automatically wins.

It also gives the collection agency's phone number & name of a representative and says to give them a call if I'd like to work this out. I'm thinking I should just do this instead of having to file a motion/response with the court and pay the fee's for it. I'm just wondering is this the best way for me to go about things, credit-wise? What's my best option?

23 comments for "I'm Being Sued - What's My Best Option Here?"

 6 years ago '04        #2
hockeythug 66 heat pts66
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Are the papers legit? These collection agencies are pretty shady and resort to tricks all the time. If they are real I would call and see if they will settle for a lower amount.
 6 years ago '05        #3
Greece 8 heat pts
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Its only $1700...call them up and work it out. Any option you take you're going to have to pay something. Make sure to gather your tax returns for the past couple years.
 6 years ago '04        #4
187Proof 502 heat pts502 OP
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I figure I'm going to have to pay, but I'm wondering:

a) What do you guys think I should offer them? I'm short on cash so I'd have to do a monthly payment plan & not sure what a good starting figure would be.

b) If I do call to settle with them, do I tell them I need anything specific done so doing this doesn't damage my credit anymore than it already has?
 6 years ago '04        #5
hockeythug 66 heat pts66
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 187Proof said:
I figure I'm going to have to pay, but I'm wondering:

a) What do you guys think I should offer them? I'm short on cash so I'd have to do a monthly payment plan & not sure what a good starting figure would be.

b) If I do call to settle with them, do I tell them I need anything specific done so doing this doesn't damage my credit anymore than it already has?
Actually I wouldn't do anything over the phone. Do it by mail. That way you have evidence if things don't workout as agreed. These people are the worst.
 6 years ago '07        #6
JohnDoe 216 heat pts216
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 187Proof said:
I figure I'm going to have to pay, but I'm wondering:

a) What do you guys think I should offer them? I'm short on cash so I'd have to do a monthly payment plan & not sure what a good starting figure would be.

b) If I do call to settle with them, do I tell them I need anything specific done so doing this doesn't damage my credit anymore than it already has?
A) NEVER FEEL GUILTY ASKING FOR SOMETHING CHEAPER. As a person who has worked for my dad for the last 4 years and run a sandwich shop all I can say is if at the end of the conversation you are not putting a vibe out that you want to pay less and your not happy with the final number


[pic - click to view]



remember they WORK for a collection company. they want to resolve this and if they are exchanging letters with you they know they almost got ya. they have bought the debt from the previous person you owed at, more than likely, 35% of the debt. the tax loopholes for companies like this is amazing and the longer they hold your debt the more fees they tack on so just start paying asap and

DONT BE ASHAMED OR EMBARRASSED TO SAY fu*k YOU I DONT WANT TO PAY THAT, MAKE IT LOWER.
 6 years ago '07        #7
stargod 
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Collection agencies are a joke.I would check out the credit sticky threads to read some info,post in there usually rekonize responds pretty quick
 6 years ago '04        #8
187Proof 502 heat pts502 OP
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Since they've sued me though, am I still in the position to even bargain at what I wish to pay? I mean, if I don't agree to what they offer can't they just say "it's ok, we sued you do we'll just let that completely go through & then you'll have to pay 100% of the balance? Also, if they throw out a figure that I agree to, is there something specific that I tell them has to be apart of the deal so something negative isn't put on my credit report again?
 6 years ago '09        #9
whatzg00d 1 heat pts
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 stargod said:
Collection agencies are a joke.I would check out the credit sticky threads to read some info,post in there usually rekonize responds pretty quick
dont listen to this nig. i'm in the collections field. I use to do 3rd party collections but 1st party now. At the end of the day, ppl need to pay their bills like everyone else. I know sh*t happens and ppl dont have money to pay but just call them and try to work something out, explore options. Unsecured debt is a tough one though. If you're trying to re-establish your credit, call them up and work something out. Not all collection reps are bad ppl, we are just doing our job like everyone else. It's only $1700 my dude, just work on it. NOTE: If you discuss payment plans, you need to follow through with it. If you don't, they will not be as friendly next time. Just be cool with them, don't act like a punk cause they will not want to help you.
 6 years ago '09        #10
whatzg00d 1 heat pts
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 JohnDoe said:
A) NEVER FEEL GUILTY ASKING FOR SOMETHING CHEAPER. As a person who has worked for my dad for the last 4 years and run a sandwich shop all I can say is if at the end of the conversation you are not putting a vibe out that you want to pay less and your not happy with the final number


[pic - click to view]



remember they WORK for a collection company. they want to resolve this and if they are exchanging letters with you they know they almost got ya. they have bought the debt from the previous person you owed at, more than likely, 35% of the debt. the tax loopholes for companies like this is amazing and the longer they hold your debt the more fees they tack on so just start paying asap and

DONT BE ASHAMED OR EMBARRASSED TO SAY fu*k YOU I DONT WANT TO PAY THAT, MAKE IT LOWER.


35% of the debt purchased? How do you know this? Do you own a collection agency? That aint true bro. When debt is charged off to a collection agency from a 1st party company, the whole balanced is sent to the agency and the agency ususally adds 25% on top of the balance to make their money.
 6 years ago '09        #11
whatzg00d 1 heat pts
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 187Proof said:
Since they've sued me though, am I still in the position to even bargain at what I wish to pay? I mean, if I don't agree to what they offer can't they just say "it's ok, we sued you do we'll just let that completely go through & then you'll have to pay 100% of the balance? Also, if they throw out a figure that I agree to, is there something specific that I tell them has to be apart of the deal so something negative isn't put on my credit report again?
You can offer whatever you want but it doesn't mean they will accept the settlement. Work out your monthly income and what you can possibly afford. Settlements are usually a one lump sum payment but see if they can do 3 months. Just be kind and hopefully they'll help.
 6 years ago '08        #12
Sowhat 1 heat pts
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Make them prove it
 6 years ago '07        #13
kyhoopsgoat 420 heat pts420
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You can pay them $5/month. If you are making an attempt to pay they can't do sh*t.
 6 years ago '06        #14
PokeyG82 
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I owed circuit city $1500 a while back when they were still open. They called me up about 3years later and offered to settle everything for $500. I got the representative name and had them fax over paper work to get this agreement in writing. I went and loaded a prepaid Visa and sent them their money. I told by a lawyer to never give them banking information or allow them to automatic take payments from your account.
 6 years ago '04        #15
187Proof 502 heat pts502 OP
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A lot of good information in here. I appreciate it you guys. Keep the info/opinions/etc coming. The more, the better.
 6 years ago '04        #16
CentsCuZ 19 heat pts19
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You need to file an answer with the court with general denials (like, "Plaintiff fails to state a claim upon which relief may be granted", etc.) regardless of what you choose to do. DO NOT GET DEFAULTED!

From there, you should contact them and offer around $900 for a lump-sum settlement, and see what their response is. If you are going to do a monthly payment plan, then you're probably going to need to sign a consent agreement/order with the plan laid out, so that it can be filed with the court to stay the proceeding. Most of these types of plans usually call for all payments to be made within one year, cause courts don't like having pending cases for much longer than that. This varies by state though.
 6 years ago '04        #17
187Proof 502 heat pts502 OP
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 CentsCuZ said:
You need to file an answer with the court with general denials (like, "Plaintiff fails to state a claim upon which relief may be granted", etc.) regardless of what you choose to do. DO NOT GET DEFAULTED!

From there, you should contact them and offer around $900 for a lump-sum settlement, and see what their response is. If you are going to do a monthly payment plan, then you're probably going to need to sign a consent agreement/order with the plan laid out, so that it can be filed with the court to stay the proceeding. Most of these types of plans usually call for all payments to be made within one year, cause courts don't like having pending cases for much longer than that. This varies by state though.
Definite props for taking the time for this info. Thanks man!
 6 years ago '04        #18
Shizz|M 
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everyone is good on this one... I can only add to it.. You do not want this to get defaulted so you want to respond as soon as possible. Give them a letter stating a hard felt story about your hardship and everything else that is going on. Let them know that you are willing to pay off the balance that was barrrowed off but in payments... (generally i would do about 30% and work my way up to the full balance allotted to me by the company) usually they will take the amount 40%-60% of the balance or the amount that was previously alloted. removign all the late fees and charges...

Just make sure you call them and work something out with the company directly. IF they tell you to go with the collection agency then start your precentage off low and work your ay up every few days. by 5%

Good luck bro
 6 years ago '05        #19
carden2 15 heat pts15
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 187Proof said:
Since they've sued me though, am I still in the position to even bargain at what I wish to pay? I mean, if I don't agree to what they offer can't they just say "it's ok, we sued you do we'll just let that completely go through & then you'll have to pay 100% of the balance? Also, if they throw out a figure that I agree to, is there something specific that I tell them has to be apart of the deal so something negative isn't put on my credit report again?
depends what kind of money are you making now?
 6 years ago '04        #20
Alf 
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 whatzg00d said:
35% of the debt purchased? How do you know this? Do you own a collection agency? That aint true bro. When debt is charged off to a collection agency from a 1st party company, the whole balanced is sent to the agency and the agency ususally adds 25% on top of the balance to make their money.
Other guy is right. The collection agency buys the debt from the creditor. A collection agency can't create additional debt for a person by simply entering into a contract with the original creditor. You cannot be held to a contract you are not a party to. I guess they can add on the extra 25%, but what did you ever agree to that would hold you responsible for that 25%?

As to the question, I would imagine that they would settle it for a reasonable amount. In MI, at least, all civil cases must first go through case evaluation and settlement conferences. If whatever state you are in has similar laws, it will cost the company more than $1,700 to send an attorney to the case evaluation, settlement conference, and actual hearing on the motion for default judgment.
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