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How Do I Reduce the Credit Card Interest Being Sued for

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  • 01-06-2009, 11:24 PM
    emcesol
    How Do I Reduce the Credit Card Interest Being Sued for
    My question involves collection proceedings in the State of: Cook County, IL

    I recently received a court summons from a local collections attorney in behalf of capitol one. I opened an account in 2004 and the account was closed in 2006. My credit limit was only $500 now I’m being sued for $1400!!
    Now I’m not sure if I should attempt to plea with the judge for a lesser amount due to all the circumstances that occurred (young, dumb, broke my leg, lost my job, now getting married) or just deal with the collection agency. I did speak with the collection agency. These were their options: (keep in mind I never received a letter from them and have no idea how they can charge me almost 200% interests)
    1. Make 2 payments of $700 with in 2 months and no judgment will be placed on my record
    2. Make one down payment of $300 and following every month $100 but a judgment will be set

    I can only afford option 2. Summons is required in 3 weeks. I’m not sure which road to go here. I was thinking appearing for court asking for a continuous and possibly paying out a full balance with my income check but the collection agency wont budge on the amount. I just need to figure out how I can reduce that amount??
  • 01-07-2009, 02:18 PM
    Betty3
    Re: How Do I Reduce the Credit Card Interest Being Sued for
    The only way you can get the amount reduced is if the collection agency attorney is willing to do so - they don't have to.
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