I defaulted on a credit card 6 years ago for $2000. They have filed a suit in court. I would like to settle but before they will talk about it, they want all of my financial information. Should I give it to them before court?

Lowtax4eva

What financial information? Like bank account numbers and stuff? No way... Send them a registered letter offering a partial payment and if they refuse take the letter to court and at least it shows you tried to offer a settlement. It will look bad cause now they are wasting the court's time.

Also depending where you live the statute of limitations to sue might have expired, check with your local courthouse how long the statute of limitations is on collection accounts. they might not even have the legal right to sue since its been 6 years.

JBeaucaire

Make sure your offer includes the right terms: Account is Settled in FULL with acceptance of the payment of: $_____, and with no recourse (can't come after you again later for the difference). If they agree, give them NO MONEY until they provide you those terms in writing, in advance. They get NO ACCESS to your accounts or financial info. Send them a cashier's check if they agree in writing.

Even if the statute of limitations is up on their right to sue, don't use that as an excuse to rip them off completely. You did borrow the money, you do owe them, at least man-up and get them to accept an official settlement of less money, because then it's mutual and voluntary.

I would be surprised it they didn't accept an offer $800, $1000 max.

dmcgiv1

I was told the judge can overrule the SOL?

mr.yet

Before any offers of settle, you must request validication of the alleged debt, they have the right to collect, that it is not beyond the SOL, etc.

No, the Judge cannot overrule the SOL. Credit cards are considered open account, so what ever is the SOL in your state for that time period is it.

SOL is only for your protection, so that they cannot take you to court after that time period. They still have the right to try to collect, but the court is timed barred.