Debt Relief – Insolvency – Bankruptcy Information » Debt Consolidation and Refinancing » Do debt consolidation companies pay off credit cards that are already in the hands of a law firm/collector?
Do debt consolidation companies pay off credit cards that are already in the hands of a law firm/collector?
Chase filed a law suit against my husband for a delinquent credit card. He never had to go to court but they (the law firm) wanted $300/mt until the card was paid off. We’re still paying on it and it’s a huge budget buster! We only have a few other outstanding/low amount bills. I was wondering if debt consolidation companies would consolidate this Chase bill as well so we can get these people out of our lives!
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Filed under: Debt Consolidation and Refinancing · Tags: already, Cards, Companies, Consolidation, Credit, Debt, firm/collector, hands
3 Responses to "Do debt consolidation companies pay off credit cards that are already in the hands of a law firm/collector?"
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Tell them if they and a few others do not make respond favorably, you will file bankruptcy (threat not to carry out).
You have 2 options: First, a loan (either a personal loan or refinance a mortgage if you are a home-owner) and you will not qualify based on credit in your situation.
Second, a debt resolution program like credit counseling or debt settlement. Neither would be ideal since you don’t have a lump sum contribution to settle and the account is already in a stipulated judgment status.
You are best off just calling the law firm and negotiating for a one time settlement directly with them. Assume it will be somewhere between 80%-100% of what you owe.