Legal Question in Credit and Debt Law in Massachusetts

Re: Summons Received and Action Taken

It is really hard to provide you with specifics without reviewing the payment history, any documents which indicate that the loan was either 'written off', forgiven, or discharged.

The first thing you must do is answer the summons and complaint within 20 days. If you do not answer the complaint, the court will grant the creditor a default judgment against you in the full amount it claims you owe.

Please feel free to contact me if you should require further assistance or have any further questions.

Re: Summons Received and Action Taken

The decision to settle a debt is strictly economic and based on fundamental accounting; if the expected cost of pursuing the debt exceeds the expected benefit to be obtained, the creditor will settle for an amount over the expected cost. For example, if you can demonstrate to the creditor that their expected benefit would be $2000 over a period of 5 years (due to your financial hardship, but the cost of obtaining that money would be $4000 in time, aggravation and attorney fees within the same time period, then you have more leverage than the creditor. And that is the fundamental rule of negotiating with creditors which people pay hundreds, if not thousands, of dollars for to learn about through seminars and informational materials.;)))))))