HELP! I'M GETTIN SUED BY A PREDATORY LENDER! HOW DO I WIN!?

Question

I'm doing this on my wife's handle. We're a one income family. I was forced to filed for bankruptcy 10 years. I was immediately bombarded with credit card offers from this predatory lender. Thinking it would give me a fresh start I eventually took the offer with a limit of $500. I wasn't ready for it and it became too much for me so I stopped making the payment. Fast forward 2 years and they are suing me..not for the 500 ... but for nearly $1400. They Offered me a "deal for the low low price of $1125" if I pay it immediately. I offered to pay the $1125 in less than 90 days. They refused. Can they tack on that much interest and fees in only 2 years What do I do? Can the balance be lowered ? How do I get this down to something reasonable? Help!

Answer 1

Have one of those non profit consumer credit counseling services act on your behalf - they should be able to work out a reasonably fair deal with the lender.

More importantly, learn to live within your means - it's no fun, but it's a necessity.  

Answer 2

They offered you credit, you took it. You fell behind in your payments. You incurred interest payments and late fees. You refused to make payments. And now you owe them $1,400. They offered you an out for $1,125 if you paid immediately, you refused and offered a payment in 90 days. Sorry, you lose.  

Answer 3

Unfortunately, you have no recourse as most people do not read the fine print which clearly states that they will use "all legal methods to collect money and charge whatever interest rates up to 30% if you miss a payment.