Legal Question in Credit and Debt Law in Florida
What will happen if I dont pay now?
I have a HSBC credit card that is 25 days in COLLECTIONS $18k (balance). They sold the acct to CCB (collections). CCB is hounding me to get a home equity loan and pay them off , their offer is $14K. My husband does not want to do that! What are my long/short term options? I have 2 other cards that I was able to work out long term payments, no problem. I did offer them $300 per month but they say they can only accept that for 3 months. I know I owe but I am currently unemployed.
What should I do.
4 Answers from Attorneys
Re: What will happen if I dont pay now?
In response:
I handle a lot of cases such as this. I have also handled cases for plaintiff--charge card companies. Basically, you have several options.
If you do not want to settle with a creditor (or don't have a lump sum to give them), you can drag it out for a while until they do something. Usually, they will just sell the debt to one collection co. to another. They bother you with phone calls (that's the worst part of letting this drag out). They have a time limit (I believe 5 yrs, but I'd have to look that up) and often they file a suit at the last min.
Sometimes, the case is old and they have sold the debt to a few different coll. cos. and after my client gets served, we deny the debt and demand copies of the initial application with my client's signature and copies of proof of charges. More times than not, they won't have written proof. Defendant's can win in those situations.
As you know, another option is to negotiate a settlement with the creditor. They want $ so they will reduce the amount for a lump sum. you get some leverage over them by telling them you are thinking of filing bankruptcy in which case they will get nothing.
Another option is to file bankruptcy. If you have several debts and cannot work out settlements on all of them, it may be the best option. It wipes out your debts and lets you hit the "reset" button. If you need any advice on the procedures, give us a call. I'm handling several of bankruptcies for clients. Good luck. 'Hope this helps. If my office can be of any assistance in No. Fla., please give us a call. Tom Rosenblum
Re: What will happen if I dont pay now?
It is difficult to determine if you owe anything to the assignee, CCB. When did you get notice that CCB was now the owner of the debt? When was the last time you paid on the debt or charged on the card? Are both of you on the card? Was CCB the only assignee of the debt or just the last one?
If you can answer these questions, I provide some suggestions.
see a consumer lawyer who specializes in this.
see ConsumerLawyerHelp.com
Re: What will happen if I dont pay now?
You can get them to discount the amount but up to 50%
Re: What will happen if I dont pay now?
You can get them to discount the amount but up to 50%
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