Here Comes the Judge

[mikehdalton]

What is the name of your state? NH
MNBA (credit card) v. Mike
On Tuesday of this week I was summons to court for an outstanding credit card (large Balance) for a hearing on the merits of the case. I tried to work with the card holder and the first lawyer’s office that was handling the account. A suitable agreement for less than $400 a month could not be worked out. They sent me a letter stating they would settle for 50% of the balance and when I called to (grab it) accept it was too late. I have been out of full time work for almost a year. Currently I am working part time and looking for a job. My wife is working full time. Our expenses outnumber our combined income. We do own a house with equity and the mortgage is in her name. We don't qualify for another mortgage. I believe the deed is in both our names. What should I do

What can I do??? H E L P

PS, is it to late to have them verify the debt?

Mike

 

[badapple40]

You may want to look at bankruptcy. You may want to tell them that you are going to file bankruptcy and see if they are willing to work with you on the debt to keep you out of bankruptcy. Give them a firm deadline to respond, and if they do not, file bankruptcy. Do so with the realization that its going to be a stain on your credit for 7 years.

 

[dtown7]

Asking them to verify the debt might buy you a little time but I would still try to contact them and see about a payment plan. If they take you to court and win a judgment then it will be on your credit for a long time. If you make attempts to settle or make payment arrangements send everything by Certified Mail/return receipt and make copies of the letters. That way if you do go to court that shows the judge that you tried to pay and they might let you go to arbitration to work it out.
Check out this site. Really good info.
www.creditinfocenter.com

 

[cmorris]

How old is the debt?

Bankruptcy is an option, but it stays on your CR for TEN years.

Visit creditboards.com for excellent advice, sample letters, and links.

I think you can request validation. If so, send it certified mail return receipt. They may not have proper validation (CRA's verify, CA's validate). If they don't, use it to your advantage.