Legal Question in Credit and Debt Law in California

Once you defaulted on the card, the credit card company doesn't have to accept anything but the full amount you owe to stop the lawsuit. The offer to settle the case for $500/month is voluntary on their part and not required. The only way you will get them to lower the monthly payment is to negotiate with them and convince them that you cannot afford that payment. Good luck - collection firms are notoriously hard to haggle with, as they hold the ultimate hammer which is a judgment against you under which they can levy bank accounts, and garnish wages.

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