Legal Question in Credit and Debt Law in Utah
Credit Card Debt
I am currently owe a credit card company in an amount of $3000. I have mailed them a settlement letter for 1/3 of the total balance. But they did not reply and keep calling my home phone and asked me pay. What is the worst scenerio situation they can do to me for not paying? I am try to settle the debt for less but they ignored it. Please advice.
Thank you,
1 Answer from Attorneys
Re: Credit Card Debt
They are not obligated to take your settlement offer. You signed a contract to pay what you borrowed, and they expect you to pay. If you want to settle for less, cancel the card and have a 3rd party make the offer on your behalf. The card company will probably not accept 1/3 unless they were convinced that you were near bankruptcy - and then only from a known debt counselor.
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