Sued by Capital One

[adjusterjack]

That's not needed in Texas. Texas is one of the few states that flips the usual rule for contract disputes. Under Texas law, the rule in a breach of contract claim is that the loser pays the winner's legal fees unless the contract says otherwise.

Wow. Good to know. I found the statute:

https://law.justia.com/codes/texas/2017/civil-practice-and-remedies-code/title-2/subtitle-c/chapter-38/
Can you name the other states so I can add to my reference material?

 

[adjusterjack]

In your opinion, what are the odds that I can garner a 50-70% settlement? Is that fairly routine?

Hard to say and no way to predict. Your advantage is that there is no wage garnishment. You're just going to have to try it and see how it turns out.

On the upside I can obtain a low interest loan to pay off the full amount if necessary.

With a lawsuit pending and the debt on your credit report I doubt if "low interest" is in your future, if you can get a loan at all.

On the downside I have very low confidence in my negotiating ability

Nothing to it. "Hello creditor. I can come up with $3000 (for example). Will you take that and settle the account as paid in full and dismiss the lawsuit." You're either going to get a yes or a no.

I'm assuming the amount of the settlement would not include fees or would it be whatever % of the sum of debtt + fees?

The settlement amount will be whatever you agree on.

Answer this question. How much cash do you have available right now that you can spare? Give me a number.

 

[Parkside830]

Hard to say and no way to predict. Your advantage is that there is no wage garnishment. You're just going to have to try it and see how it turns out.



With a lawsuit pending and the debt on your credit report I doubt if "low interest" is in your future, if you can get a loan at all.



Nothing to it. "Hello creditor. I can come up with $3000 (for example). Will you take that and settle the account as paid in full and dismiss the lawsuit." You're either going to get a yes or a no.



The settlement amount will be whatever you agree on.

Answer this question. How much cash do you have available right now that you can spare? Give me a number.

It would either be a personal loan or a secured asset loan with an institution that I've used for thr same transaction a few times. So just thtow out the offer and see what happens huh? Ok, thanks

 

[PayrollHRGuy]

I'm assuming the amount of the settlement would not include fees or would it be whatever % of the sum of debtt + fees?

That too is negotiable.

 

[Parkside830]

That too is negotiable.

Thanks

 

[Parkside830]

You're welcome, Parkside830. I appreciate the thanks.

Good luck.

It's probably going to take a month or so to gather my settlement funds. In lieu of that fact should I wait a week or two (14 day window)to "answer" the summons in order to delay the court date a bit thereby expanding my settlementnegotiatis window. Also, should I have the funds in hand before I contact the creditor/attorney?

 

[Zigner]

It's probably going to take a month or so to gather my settlement funds. In lieu of that fact should I wait a week or two (14 day window)to "answer" the summons in order to delay the court date a bit thereby expanding my settlementnegotiatis window. Also, should I have the funds in hand before I contact the creditor/attorney?

They're not going to wait a month...

 

[quincy]

It's probably going to take a month or so to gather my settlement funds. In lieu of that fact should I wait a week or two (14 day window)to "answer" the summons in order to delay the court date a bit thereby expanding my settlementnegotiatis window. Also, should I have the funds in hand before I contact the creditor/attorney?

No. You need to answer the complaint within the time limit for responding or the creditor can get a default judgment and you have all but eliminated your chances for working out a settlement.

You are not going to be in a position to settle if all you have are promises to pay. It was a failure to meet your original promise to pay that has led to the lawsuit filed against you.

Please reread the link provided earlier on negotiating a settlement.

 

[Parkside830]

No. You need to answer the complaint within the time limit for responding or the creditor can get a default judgment and you have all but eliminated your chances for working out a settlement.

You are not going to be in a position to settle if all you have are promises to pay. It was a failure to meet your original promise to pay that has led to the lawsuit filed against you.

Please reread the link provided earlier on negotiating a settlement.

I understand and fully intend on answering within the allotted 14 days. Furthermore I intend on paying the debt off in a timely manner no matter the outcome. I'm just thinking that if they set the court date based on the timing of my "answer" I can delay the court date a week or two by waiting until next week to respond thereby buying a little time to accumulate my funds.

 

[Parkside830]

I understand and fully intend on answering within the allotted 14 days. Furthermore I intend on paying the debt off in a timely manner no matter the outcome. I'm just thinking that if they set the court date based on the timing of my "answer" I can delay the court date a week or two by waiting until next week to respond thereby buying a little time to accumulate my funds.

Bottom line is that I can't produce the settlement money for another 2-3 weeks and I'm just trying to tweak the timing.

 

[quincy]

Bottom line is that I can't produce the settlement money for another 2-3 weeks and I'm just trying to tweak the timing.

You could file a motion for continuance with the court in hopes of delaying the scheduled hearing date - but, without good cause and/or agreement with Capital One to reschedule, your motion is likely to be denied. You will want to prepare as if the hearing date will not be postponed.

Here is information on filing for a continuance:
https://texaslawhelp.org/article/how-ask-continuance

 

[Parkside830]

You could file a motion for continuance with the court in hopes of delaying the scheduled hearing date - but, without good cause and/or agreement with Capital One to reschedule, your motion is likely to be denied. You will want to prepare as if the hearing date will not be postponed.

Here is information on filing for a continuance:
https://texaslawhelp.org/article/how-ask-continuance

So the court date is already set for two weeks from my receipt of the summons? I guess I didn't read it closely enough. If that's the case I'll have to pull some strings to come up with the cash next week.

 

[quincy]

So the court date is already set for two weeks from my receipt of the summons? I guess I didn't read it closely enough. If that's the case I'll have to pull some strings to come up with the cash next week.

Coming up with cash (at least enough to make negotiating worthwhile) is probably the best.

Good luck.

 

[Parkside830]

Coming up with cash (at least enough to make negotiating worthwhile) is probably the best.

Good luck.

Yes, thanks again, I'm off to it.

 

[quincy]

Yes, thanks again, I'm off to it.

Good luck.