I received a court document regarding an old credit card, $5000, I have spoken to the
Attouney for the credit company and they were not willing to set up any type of payment plan. I'm unable to pay it in full, what can I do..

I recieved a court document regarding an old credit card, $5000, i have spoken to the
attouney for the credit company and they were not willing to set up any type of payment plan. im unable to pay it in full, what can i do..



It is entirely possible that they will sue you, get a Judgment for the amount plus fees and interest and then use any legal means possible to collect - garnishment, liens on bank accounts, liens on property.

Is the debt within the legal Statute? What State?

Judy is correct.

You had a payment plan when you entered into the agreement.

Looks like that plan, didn't work out so well.

I am always puzzled by folks who have defaulted on the original terms as agreed when the credit was issued and used, only to complain about the lender not being willing to set up a "payment plan" after failing to meet the "payment plan" on the original terms.

Your only hope on this is that the statute has expired, answer that question that Judy asked and someone can let you know based on where you live if you are in luck or not.

I agree with the above posts If you quit paying on the card, then yes they will sue and if they win look out you will be hit with frozen bank accounts and depending on your state wage garnshiment. The bottom line is you owe it and they want it. Check on your states sol

Go to the website for Americans for Fairness in Lending

Another important thing to keep in mind is what is called “a statute of limitations” on your debt. If the lender or debtor does not sue you within a specified period of time, they lose their right to ever sue you again. This is usually a period of several years, normally counted from the date of the last payment you made. As a result, debt collectors will pressure you to make a partial payment—even a very small one—because this will extend the statue of limitations further in time. Therefore, it may be a mistake to make a partial payment when pressured by a debt collector after years of not paying, because in some states this partial payment starts the statute of limitations running all over again.

There is information on if you cannot pay.

Frankie

This8384,

Judy retracted the rating because the question is what should I do not what can they do to me. Try reading the question again.