My son made me an authorized user on a credit card in his name. He never used it - it was only used by me during a time when I needed help. I charged 10,000 and could not make payments. He was served on 12/06 and I contacted a lawyer to help with this mess that I created. It's been 12 months since my son was served and we answered - there has been no response from the lawyers for the credit card comp.
My lawyer said we have several options.
Do nothing and wait for the statute of limitations to expire
Make a settlement offer.
Make a Motion to Dismiss.
We live in NY state and I can't wait years to clear this up - my son needs his credit cleared and I need to fix this
As far as a settlement offer goes - my lawyer isn't giving me any direction as to how much to offer and what they might accept. I could arrange for 4000. But anything more would be next to impossible.
Motion to Dismiss - what is the likelihood that the case would be dismissed and what could we expect from a motion to dismiss?
We need some input from outside sources - my lawyer said it is up to my son to decide but we need some advice from anyone who has been there.

Hello Christmas:

Lawyers are good at divorces and murder trials, and stuff. But, they don't know squat about credit. If it were me, I'd can him. Why? Well, he didn't know that since your son has already been served, the statute of limitations doesn't apply. I think that's something your lawyer should know - he doesn't.

Of course he doesn't know what they'll accept. Have you ever watched those auctions on TV? Do you know what price will be accepted? No. Nobody does. You have to get in there and NEGOTIATE. If you do it good, your $4,000 should be enough. If not - then not (but I'll bet they take it). Don't wait. Take the inititiave. It'll put money in your pocket.

Upon accepting your offer, I would demand ONE thing - a promise (in writing) to ignore the next inquiry they receive from the credit bureaus regarding this account. That way, after your son challenges the negative remark, it comes OFF the report and his credit is restored.

Motion to dismiss?? Yeah right. The only dismissal around here should be your lawyer.

excon