I have only gotten a judgement served, not a summons. (From what I understand, though, the judgement is the first step and that allows the company to then sue you)
Summons would scare me also, and I would probably find a way to consult a lawyer if I got one. I wouldn’t want to go into court without representation, but that is my fear, and may not be the best option.
I am one of those people who don’t have the money to settle. I live from paycheck to paycheck and have no savings. I just pay $200 a month to the settlement company, which is all I can afford –
I think that I would do bankruptcy if things get dicey, although I don’t want to.
I got the judgement in October, and nothing has happened since…. but the possibility is definitely out there….I just tell myself I am doing the best I can.
Yes but of course they tried pretty hard to talk me out of it. But I told them that I was not happy with their services and wanted all the money (of ours) that had collected over the months to pay the creditors. I also told them that if they didn’t, I’d report them to the BBB.
We paid a fee upfront (about $3400) that we didn’t get back, but lesson learned.
They charge you that upfront fee, plus they were taking a $20 monthly fee from the payment we sent each month, plus they took 15% of the money they would save us when a creditor was paid off. Whew! I was getting dizzy watching them take our money.
There was only one creditor paid off in the year+ we were with them and I did all the negotiating myself. So what did I need them for??? Just to take money from us we could put towards other creditors.
Hope this helps!
Also, how do you negotiate with them yourself? Who do you need to contact? Do you take the same approach as the debt settlement companies and not pay your card for months and then attemp negociation? Or will they talk before everything goes bad?
I paid a small fee up front and then a portion of the monthly payment, for the first 14 months, is their fee. If I “fired” them I’m sure I would have to pay the remainder of the fee first.
How do you negotiate with creditors if you don’t have any money?
I appreciate your advice.
I have a question, I received a judgement, but I never remember receiving a summons, and I have never had to go to court. Could the summons have been a letter? A letter that I forwarded to the debt settlement company?
So what does the judgment mean? Because nothing has happened since I got it …….
Can anyone explain what I can expect from this?
On another note, I say “Maxed Out” last night, the documentary about credit card companies. I recommend that everyone in this forum see it, it is really eye opeining, and Dave Ramsay has a role in it – it helps me see how manipulative the collection companies are and how to deal with them.
Thanks, and please, if anyone can explain the judgement situation I am in I would appreciate it.
We had to pay the entire fee up front and I knew we were probably going to lose that. I would still fire them and get back anything that did not go towards their fee.
If you think about it, you probably don’t have enough in your account with them to negotiate with any credit cards right now anyway. So if you fire them, and get all the $$$ back that was going into the account to negotiate, you’ll get a lot more in there faster by doing it yourself.
When you do have enough to start negotiating, that’s when you will start. Same as with the debt settlement company except you’ll also have all the money you were giving them too.
Don’t take NO for an answer. It’s nonnegotiable or you’ll report them.