If I am being sued by a credit card company that I owe a little money to, what is the best thing to do in since I do not have all they money I owe?

Get Legal Help Today

 Secured with SHA-256 Encryption

If I am being sued by a credit card company that I owe a little money to, what is the best thing to do in since I do not have all they money I owe?

The debt is for less than $5,000.

Asked on January 11, 2012 under Bankruptcy Law, Missouri

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

if you are being sued for a debt of less than $5,000 that you admit that you owe a credit card company, but you do not have enought money to pay the debt off in full, I suggest that you do the following:

1. contact the credit card company and offer to pay a percentage of the amount owed as full payment of what is owed. If accepted, make sure you get a written agreement by the credit card company's representative agreeing to the deal. Once done, send the money under the agreement.

2. if the credit card company will not discount the amount owed, see if it will accept monthly payments from you until the amount owed is paid in full. Try and get the agreement in writing where any accruing interest would be waived.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption