Legal Question in Credit and Debt Law in Massachusetts
Hello, I owe a credit card $17,000 which I haven't made a payment for a year since I was working with a Deby settlement company. They offered to settle for 1/2 of the total, but there payment plans are out of my reach. I have made counter offeres, but they came back with a lower payment, but for the full balance. The question I have is they are saying this is the last offer or they are taking me to court , and they will be sending out a summons. I am not sure about the law in Mass, and I do own a home. amd don't know what to do.
2 Answers from Attorneys
"Debt settlements" are not guaranteed, nor do they result in a 'better' credit report. If you own a home that you are looking to protect, and have a lot of outstanding debts, you should consult with an attorney regarding getting protection thru the Bankruptcy Court. Please feel free to contact me. 978-250-4255
The first thing I would do is immediately request all of your money currently being held by your debt settlement company to be returned to you. The debt settlement company will not and cannot represent you in the event that suit is filed against you. Take your money and put it in an interest-bearing savings account. When the company files suit against you, hire a competent consumer debt defense attorney (our office handles cases like these all over the Commonwealth) to defend you in court and protect your legal interests while you continue to build up your settlement reserve. Once suit is commenced, a good attorney should be able to keep your case alive for at least 12 more months, which gives you time to build up your settlement reserve to the point where you can offer 50% or less lump sum settlement once and for all.
Feel free to contact our office to learn what options you have at 617-357-4898.
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