I
iadebt
Guest
What is the name of your state? Iowa
I am being sued for a credit card debt. the original line of credit was through sears and i believe it was $1000. due to some unfortunate circumstances involving the untimely loss of a younger brother i neglected to pay on this account. meanwhile i went to college and several years later i find out that sears had been piling on interest and charges to the sum of over $3000. after failing to contact me they turned it over to a law firm who is now suing me for a total of $5100 and some change. i am more than willing to make payments on a settlement but i'm worried because they are asking for an additional 19.8% interest on the settlement after a ruling. i don't make much money and will soon be facing student loan payments also. my questions are; can i negotiate with the law firm about the settlement amount and the interest rate? also, who will determine what kind of payments will be made and what criteria will be used to set that amount? I would like to get this taken care of but i don't want to be paying on this forever. also, how will all of this effect my future credit? am i screwed for life?
I am being sued for a credit card debt. the original line of credit was through sears and i believe it was $1000. due to some unfortunate circumstances involving the untimely loss of a younger brother i neglected to pay on this account. meanwhile i went to college and several years later i find out that sears had been piling on interest and charges to the sum of over $3000. after failing to contact me they turned it over to a law firm who is now suing me for a total of $5100 and some change. i am more than willing to make payments on a settlement but i'm worried because they are asking for an additional 19.8% interest on the settlement after a ruling. i don't make much money and will soon be facing student loan payments also. my questions are; can i negotiate with the law firm about the settlement amount and the interest rate? also, who will determine what kind of payments will be made and what criteria will be used to set that amount? I would like to get this taken care of but i don't want to be paying on this forever. also, how will all of this effect my future credit? am i screwed for life?