This Article is About
important facts
debt buyer
debt buyers
unpaid debts
pennies on the dollar
credit card debt
penalty charges
local court
Important Facts To Remember When Faced With Credit Card Lawsuit
Join 1000's of Authors at StreetArticles Today!

Important Facts to Remember When Faced With Credit Card Lawsuit

Generally, banks will charge off an account after the debtor did not make a payment for 180 days. If your credit card debt has been left unpaid for 180 days, you need to check your report to see the Charge Off.

All charge off accounts will be turned over to a debt portfolio where it may be sold to a third party collection agency, known as junk debt buyers. If your account has been sold to a junk debt buyer and you have been served a summons, do not panic since most junk debt buyers do not have access to original documents that tie a person to the debt in question, directly.

Some debtors usually ignore the summons and this is where the lengthy, not to mention, costly, legal battle begins. However, there is a way to get around this problem. If you are facing credit card lawsuit for unpaid debts, it’s important to respond to the complaints right away. You may check your local court rules to see the given timeframe to file an Answer to the complaint.

Junk debt buyers are ruthless when it comes to collecting debts. Know that they paid pennies on the dollar for each account so they are likely to rake thousands of dollars in return. From the summons and accompanying documents, you will see the amount of money you owe, plus interest and penalty charges. If you ignore the summons, you will not only pay for all these charges, you will also pay for the junk debt buyer’s legal fees! Unfortunately, because most junk debt buyers are connected with most collection attorney across the country, they have the ability to track you wherever you live.

But consider yourself lucky if a junk debt buyer is filing a credit card lawsuit against you rather than your original creditor because the latter have all incriminating evidences that will pin you to the debt. Junk debt buyers do not have this luxury, when a creditor closed the book on a certain account, even the junk debt buyer who purchased it cannot access the documents.

This makes it very difficult for junk debt buyers to prove that the debt in question is yours so what they hope for is a default judgment. If you ignore the summons, the court will award a default judgment to the junk debt buyer and on top of creditors having legal access to your bank account or garnishing your wages, you pay for everything including their legal fees.

Street Talk

No comments present
You May Also Like
Blackberry Honey And Its Important Facts
Anybody who loves good taste of food on their mouths would really appreciate the exceptionality of Blackberry honey. As you can see this type of honey has been known to be the most famous American gourmet honey since it is highly appreciated not only by honey eaters but as well…
By: Balas Raluca in  Health and Fitness  >  Nutrition   Jul 04, 2012  
  Likes: 3

Important Facts to Build Muscles
If you really want to build muscles and want to increase your size you must consider the following facts in order to make a significant progress. Significant Role of Genetics in Muscle Building Some people carry small body frame because their parents have the same and they inherit these characteristics,…
By: DavidBlunt in  Health and Fitness  >  Nutrition   Dec 21, 2011  
  Likes: 0

Being Sued By Credit Card Company? Answer Junk Debt Buyer Interrogatories The Right Way!
Are you being sued by credit card company? This situation may prove to be difficult if you don’t know what steps to take to fight off debt claims in court. Thousands of Americans are being sued by credit card company and it is up to you to exercise your rights…
By:  in  Legal  >  National State Local   Mar 27, 2012  
  Likes: 5

Credit Card Lawsuit: Dealing With Junk Debt Buyer’s Admission Request Lawsuit
During the discovery phase of a credit card lawsuit, you are bound to receive a series of questions you need to answer, including Request for Admissions, a set of statements that the plaintiff will ask you to either Admit or Deny. Just like Interrogatories and Request for Documents, you are…
By:  in  Legal  >  National State Local   Mar 28, 2012  
  Likes: 1

Winning The Credit Card Lawsuit Against You
Are you being sued by a credit card company is a challenging situation to be in but fear or intimidations should not prevent you from doing what is right, which is fight the lawsuit (unless you are prepared to pay off the principal debt amount, plus interest, penalty charges and…
By:  in  Legal  >  National State Local   Mar 29, 2012  
  Likes: 1

Credit Card Lawsuit: Knowing The Two Kinds Of Plaintiff
As far as credit card lawsuit goes, the plaintiff could turn out to be your card company, a third party collection agency or a junk debt buyer. Unfortunately, not a lot of delinquent debtors do not focus on who sued them to begin with because they are too busy panicking…
By:  in  Legal  >  National State Local   Apr 02, 2012  
  Likes: 0

Credit Card Lawsuit Information: Explaining The Plaintiff
If you are facing a credit card lawsuit for the first time, chances are, you have very little to go on in terms of defending yourself. In this article, we will discuss basic credit card lawsuit information, getting to know the plaintiff. Now, if you got served a summons by…
By:  in  Legal  >  National State Local   Mar 28, 2012  
  Likes: 0

Tips on How To Avoid Credit Card Debt Lawsuits
Charges in relation to CC debt are usually caused by ignoring the summons. If debtors continuously ignore the court summons, it gives junk debt buyers the reason to go after them and collect the debt. Junk debt buyers and collection agencies usually expect an easy victory with the court ruling…
By:  in  Legal  >  National State Local   Mar 08, 2012  
  Likes: 1

Defense Against Credit Card Lawsuit: CC Statements Not Enough Evidence In Court
Here's what many delinquent debtors who are facing a credit card lawsuit are not aware of, many third party collection agencies and junk debt buyers are not given access to important documents by the original creditor where they purchased old, charged off account from. Once the original creditor closed the…
By:  in  Legal  >  National State Local   Mar 30, 2012  
  Likes: 1

Sued By A Credit Card Company: Facts About Old, Charged Off Credit Card Accounts
For many people who are being sued by their credit card company, the process that led them to the very situation they are in now is somewhat hazy. This article aims to help delinquent debtors know more about what charged off account meant and what information can help their cause…
By:  in  Legal  >  National State Local   Jun 01, 2012  
  Likes: 0

Do’s And Don’ts: Dealing With Junk Debt Agent
Dealing with aggressive debt agents is tricky. However, it is important to keep a few things in check when you talk to talk to an agent. In this post, we will discuss do’s and don’ts to keep in mind when dealing with a junk debt buyer: Don’t Divulge Personal Details…
By:  in  Legal  >  National State Local   Jun 07, 2012  
  Likes: 0

Credit Card Lawsuit Tips: Dealing With A Collection Company The Smart Way
No one likes it when rude collection agents come knocking on the door to collect the money and no one likes to wake up and receive a summons for unpaid credit card debts. Unfortunately, hundreds of people across the country are neck deep in credit debt and with the looming…
By:  in  Legal  >  National State Local   Jun 22, 2012  
  Likes: 0

How to Fight Credit Card Lawsuit: Filing An Answer for the Lawsuit
When you are learning how to fight credit card lawsuit and you are defending yourself Pro Se, you have to determine how to answer the complaint correctly. The Answer to the complaint is the first defense against credit card lawsuit and if done right, the creditor might have the case…
By:  in  Legal  >  National State Local   Mar 20, 2012  
  Likes: 0

Sued By Credit Card Company: What Your Creditor Won't Tell You
It might be scary to think about going head to head with your creditor when you are sued by your credit card but the fact is, collection attorneys and junk debt buyers can't really afford to litigate. Of course, they won't tell you this. They will subject you to a…
By:  in  Legal  >  National State Local   Apr 17, 2012  
  Likes: 0

Important Questions to Ask When In Contact With A Collection Agent
Dealing with a collection agent is quite a stressful experience especially with the possibility of facing a credit card lawsuit. For others, ignoring the problem might seem like the best thing to do but if you want to rid yourself of a problem, you’re going to have to find to…
By:  in  Finance  >  Credit Tips   Jul 10, 2012  
  Likes: 0

Article Views: 1704    Report this Article