
Quoting
ninjoker
My question involves collection proceedings in the State of: TX
I have an old credit card debt (still in SOL) that a collection agency has purchased and is using a lawyer to sue me for. The original balance before the lawsuit was 5000. With interest, fees, etc... added on, the lawsuit is for 11000 and growing at 24% interest. When i have contacted the lawyer to try and settle, the only option they would give was to settle and do payments on 11000 with 5% interest. I have answered the court so their shouldn't be a default judgement. There is no way i can make a large lump sum payment and i must get monthly payments in order to take care of this debt. I would like to reduce the overall amount if at all possible, but I'm not sure what my best option is. I have looked at retaining a lawyer to fight and try to negotiate, but it will cost 1-1500K with no assurance that i will get a lower settled amount on a payment plan. I am looking for advice on the best way to handle this, and if it is possible to get a lower total amount and a payment plan. Should i go for a lawyer, or go to court and see what happens with the judge and possibly appeal if the judgement is for the full amount?