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Dealing with creditcarddebt is challenging, let alone facing a debt lawsuit.If the creditor wins the lawsuit, you may face serious financial repercussions. Lawsuits also harm credit scores, and the stress from the legal process can exacerbate financial challenges.
If you have ever had to deal with creditcarddebt, you know it can be stressful. Debt collectors call at all hours of the day and pressure is put on borrowers to quickly make payments in full. The process begins when the debtor stops making payments on their creditcard and goes into default.
The Fair Debt Collection Practices Act (FDCPA) applies to collection firms and debt collectors attempting to recover consumer debts. Consumer debts include creditcarddebts, vehicle loans, medical costs, and school loans. Dray Legal Office can assist you if you are looking for debt relief.
When your debt is charged off as a bad debt, don’t fool yourself into thinking it goes away. A charged off debt can lead to harassing phone calls, garnished wages, and a major drop in your credit score. Creditcarddebt was more likely to be charged off than other forms of debt.
Judgments may give collectors additional collection powers, such as access to the money a debtor has in their bank account or the ability to garnish wages to collect the judgment. To prevent this, all a borrower has to do is appear in court at the appointed time and explain that they have a time-barred debt. You default on that debt.
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