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will the creditor settle

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Stephanie
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Subject: will the creditor settle
 
Posted on Thu Mar 11, 2010 9:34 am  

Hello,

My husband incurred a huge amount of debt with 2 credit card companies before marriage. He thought of filing bankruptcy. However, he decided to join a debt settlement program. Both the companies agreed to the settlement program.

Last December, the settlement company settled the debt for half of the amount with one company. However, last week the sheriff came to our house and handed us papers which say that the second company is suing us for 15k plus 5 k for back interest. My husband tried to talk to the company, but they declared taht they would discuss about the matter only if the settlement company ceased to represent us. The settlement company says they will settle this case.

What to do?
Aaron

Aaron

Joined: 08 Feb 2010
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Posts: 2632



48565 Magic Points

Subject: will the creditor settle
 
Posted on Thu Mar 11, 2010 9:53 am  

Hi Stephanie,

Do you have any proof of the agreement with the second company? If you do have, you can use it to settle this problem. If you can prove that they had agreed to the settlement, they may have to stop the lawsuit.

Another thing that you can do is check the settlement company with the Better Business Bureau (BBB). You should always check if a company is accredited with the BBB, before opting for the company. You should also pull a copy of the credit report and check the status of the account with the second creditor.

Hope this helps.

Regards,

Aaron
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Fra Pandolph
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Subject: will creditor settle
 
Posted on Thu Mar 11, 2010 10:08 am  

Hello Stephanie,

Dealing with creditors can be very stressful. Even debt settlement companies sometimes make it so difficult Sad . However, I think you can solve this problem if you can prove that the company had agreed to settle.

Thanks
cinnamngrl



Joined: 01 Nov 2008
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Posts: 1320



6419 Magic Points

 
Posted on Thu Mar 11, 2010 11:41 am  

I think they are trying to pressure you. I would try to hang in there. This is a battle of nerves. Will the Debt settlement company go to court with you?

What kind of debt is this? what bank and what state do you live in. From what you are saying it seems that the Debt Settlement company is doing their job. if this debt is approaching SOL then the debtor needs to file suit to preserve their rights to the money.
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cinnamngrl



Joined: 01 Nov 2008
cinnamngrl's page
Posts: 1320



6419 Magic Points

 
Posted on Thu Mar 11, 2010 11:41 am  

I think they are trying to pressure you. I would try to hang in there. This is a battle of nerves. Will the Debt settlement company go to court with you?

What kind of debt is this? what bank and what state do you live in. From what you are saying it seems that the Debt Settlement company is doing their job. if this debt is approaching SOL then the debtor needs to file suit to preserve their rights to the money.
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CMRRR Templates
How to PFD, OPT-out, Complain, etc
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NightStar



Joined: 10 Mar 2010
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Posts: 142
Location: Illinois


3176 Magic Points

 
Posted on Thu Mar 11, 2010 3:20 pm  

When settling debt, an agreement letter is so important, otherwise creditors or collection agencies will try to come back later for the remaining amount. You need to contact the debt settlement company to obtain what documents they have regarding this matter.

File an answer with the court and bring your proof. Tell the judge that you do not think you should be obligated to pay any further because you settled the account already.

Usually I don't recommend debt settlement companies, creditors despise them to the fullest. Sometimes using debt settlement will spur a creditor or collection agency to sue all the faster.

Another thing if you settled the debt and they agreed to close the account earlier, they should of sent you a 1099-C form to pay taxes on the earned income.

If you can't find the proper documentation then you might have to re-settle again. This time you want to make sure they send a letter in writing confirming, send everything certified return receipt requested. Make copies of all letters. Really pressure the debt settlement company to help you with this matter.
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