Legal Question in Credit and Debt Law in Pennsylvania

You didn't provide nearly enough facts to respond. Which company is suing you? Which county are you in? How much do you allegedly owe? When was the last payment. What is the offer?

How can any attorney answer without knowing what you owe or what the terms are of the deal? Or the date of last payment?

The credit card company has 4 years from the date of the last payment in which to sue. If you are beyond the 4 year point, then tell them to stick it and let them sue. When you are sued, go to a litigation attorney like Attorney Artim immediately.

If you are under the 4 years, the answer is it depends. Most creditors will settle for between 50% and 80% of the debt if legal action has been filed. If it has not been filed, then settlements can be for less than 50%. It depends on your reasons for the default (medical issues, job loss etc.).

It depends on whether you have the funds to pay a settlement. If you want to do payments, then they are going to want the full balance. Payments on average range from 1 1/2% to 3% of the debt.

It depends on the creditor and the law firm. Some will take less, some more. Some will let you pay over time in 1-12 installments and some will not.

What stage of litigation are we at? It is important to know if any dismissal of the suit or satisfaction of judgment should be filed (if litigation is commenced), Some creditors want you to sign a confession of judgment until the settlement amounts are paid.

Do you have a settlement letter outlining the terms of settlement? If not, you need to get one before you pay them a dime.

Also, what assets do you have? Are any at risk if a judgment is entered? This could be a factor too.

Rather than discuss this in the abstract, I give free email consults if you want me to review your situation in confidence. I also resolve debts for a reasonable fee if you have the funds to settle. Please contact me at [email protected] if interested.

If you are leaning towards litigation, then contact Attorney Artim or another attorney specializing in credit card defense so the attorney can review the specifics with you.