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??
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.