Legal Question in Credit and Debt Law in Florida

I have been served with a summons to appear in court on 12/4/09 for the purpose of Morgan, Stanley, Chase trying to collect a debt that I defaulted on. It all started two years ago when they threatened to increase my interest rate from 7% to 26%. At that time I wrote a letter saying that I would not agree to this increase. 30 days later they sent another notification stating that I could either accept the increase interest or pay the debt in full. It was at that time I talked to a rep from their office and explained that I would not be able to meet the monthly payment at the new 26% rate and did not have the money to pay the debt in full. I was told that there was nothing they could do and that I would have to deal with it the best I could. So, I defaulted and stopped sending payments.

At that time I owed them about $14,000.00 but now with interest and late charges I'm sure that amount must be approaching $20,000.00 easy. My current situation financially is I'm broke. I don't own property, I have no savings, no 401k and only enough money in checking to pay rent, car payment, child support and keep the utilities turned on. I have a job that offers tenative security at best since the economy tanked and I'm certain that if they attempt to garnish my wages I will get fired and lose everything.

My question is what can they really do to me? If I had the money I would hire a Lawyer but obviously that's no going to happen. Any advice that could be provided would be greatly appreciated.

Regards,

DCN


Asked on 10/19/09, 9:20 am

1 Answer from Attorneys
Angelo Marino Angelo Marino Jr. PA

Many consumer lawyers, like me, do handle these types of case on a contingent fee basis; that is, many times we can demonstrate that the creditor violated the law and they end up paying us a fee.

However, there are few lawyers who do this. You need to find someone in your area. I practice in south Florida.

see www.ConsumerLawyerHelp.com for additional help.

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Answered on 10/19/09, 9:41 am


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