There may come a time when a credit card company is tired of waiting for your money and they will sue you. You may have been asking them to provide substantiation of the debt, but they hadn't been responding. One day, a stranger may come calling on you and give you a summons to appear in court. At that point you may feel a bit overwhelmed.
Help is actually around.
I had earlier gotten a letter from a mediation firm stating that there was to be a court action against me soon. I fished out that piece of mail and gave them a call. Seems there was a company that was representing a credit card that I had once used that was now actively pursuing the money from me. They stated that the balance owed was $9,000 and were taking me to court about it.
I showed up to court and asked for a continuance (especially since I had just been given the summons a few days prior). Visions of wage garnishment and such were running through my head. It was a total feeling of panic.
That's where the mediator came in.
We met and discussed my earnings, my expenses, etc. The mediator put together a proposal (after a fee was paid) and there was a voice mail a few days later that they would settle for a lump sum payment of $5,600. I was saved, after taxes and expenses, around $1,500. It wasn't exactly what I wanted, but better than the alternative.
My advice: Be careful, be open to all options, and use your head. Have a GREAT day!!
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