Legal Question in Credit and Debt Law in Tennessee

Credit Card Debt for a card and I have been served with suit

I had a credit card that I stopped paying on. I had several problems that happened in my life and I guess just had to much on me. I have not used a credit card in over 4 years. This debt is from over 4 years ago. The amount is appr. $7000.00. I did not receive a certified letter from an attorney or get a call from an attorney. I just got served. The day I got served I called the attorneys office and ask if they would settle the debt for a lesser amount. They would only agree to take off a very small portion and started asking me where I worked (personal info). I told them I was not giving my personal info out and that I would probably be contacting an attorney. That was about 6 weeks ago and I have not called them back, however they called me yesterday and left a message at my work. I have not called them back. Can you tell me what I should do. I would love to settle this amount for a lesser amount. My Court date is set for 3/22/06. I have been holding off calling them back because I thought they might call me back with a significant settlement in order to avoid going to court. Do most attorneys for Credit companies want to settle for a lesser amount. Thank you for your help. I need desperated help!


Asked on 3/17/06, 3:39 pm

1 Answer from Attorneys
LAURA TEK LAW OFFICE OF LAURA TEK

Re: Credit Card Debt for a card and I have been served with suit

It depends on the law firm representing the creditor. Most do not lower the amount owed. Some will lower it only if you pay all or a significant portion of the debt. It sounds like the credit card company is going to get a judgment against you (which can adversely affect your credit rating). That is inevitable. They only thing you can do to protect yourself from garnishment/execution is to ask the Court to file a "slow pay motion". This prevents garnishment but you must strictly adhere to it; meaning you must make a consistent payment on the judgment every month.

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Answered on 3/17/06, 6:14 pm


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