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Irwin Law
Irwin Law, Attorney
Category: Legal
Satisfied Customers: 6845
Experience:  Lawyer & Real Estate Broker, 30+ years, foreclosure, land contracts, inheritance, probate.
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2009 defaulted on a credit card assist program. Served a summons

Customer Question

2009 defaulted on a credit card assist program. Served a summons by lender in 11-2010, Never went to court, signed a document called a Stipulated Settlement and continued to make payments for 3 years when I was asked if I could come up with a settlement amount. They did not accept my settlement and told me they would get back to me. Didn't hear a word. They filed a request for entry of dismissal (without prejudice) in 2011 and in 2014 a collection agency filed a substitution of attorney. I never signed anything with new law firm but continued to make random payments as I financially could. Just received a Notice of Motion and Motion for Order Vacating Dismissal and Entering Judgement with a reservation for a court date, in the mail -these people don't call. Questions: did these people purchase the debt? I don't have the means to pay this off in a lump sum, so since the notice to appear is in 60 days should I appear or should I try and negotiate a settlement?
Submitted: 6 months ago.
Category: Legal
Expert:  Irwin Law replied 6 months ago.
don't know if these people paid a dime for this debt or if original lender ever sees a dime of it It sounds like the account has been sold, perhaps to a zombie debt collector for pennies on the dollar. The key question here is: how will entry of a judgment affect you? If you are employed, they can obtain a wage garnishment, if you own other assets like a care that's paid for, or have money in the bank that can be levied on, that could be a problem. Without knowing your exact financial condition, it's hard to advise you. If the loan was sold, the new owner must be substituted for the original creditor-bank. The case cannot be re-opened in the name of a different creditor, and that would be grounds to object to the current motion. It might also open the door again for settlement negotiations. Depending on your financial position, a good attorney with collection experience might come in handy at this point.
Expert:  Irwin Law replied 6 months ago.
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