I was served with a lawsuit from a debt from 4 years ago....

Question

I had a credit card through a bank back in 2004 and it went delequent. Last monday when I got home from work, a constable came to my door and handed me a paper. It stated that I was being sued by LVNV Funding llc for 1069.00 plus interest, fees and court costs. I'm not sure what to do and kind of freaking out a little bit. I am a full time student and cannot pay that kind of money and especially dont have the money for a lawyer. The letter says that they have contacted me, before the suit was filed, but I dont have anything that I signed for. Also on the paper that was given to me it states that they filed the petition back in march, but it wasnt approved until this month. What can I do? Can I contact them now and see if I can make payment arrangements now, or is it too late?

Answer 1

Debts just don't disappear because you choose to ignore them. I would suggest you contact them and see what sort of "payback" plan they might agree to.

Answer 2

Check the Statute of Limitations (SOL),the timeframe to bring lawsuit, for your state:  http://www.bcsalliance.com/statute_of_li...  

The SOL typically starts from the date of last activity or last payment.    If by chance this debt is beyond the SOL, respond to your summons and show up in court to use the SOL as an affirmative defense.  

If the debt is NOT beyond the SOL, you should try to work out a payment plan before the court date.  The collector is likely to win a judgment which will further damage your credit score.  With that judgment, they can attach your bank account, garnish wages, and lien property.

Answer 3

Like the previous answer you need to check the statute of limitations in your state to see if you legally still owe it. Morally, you will always owe it until paid. You can also pull your credit report to see the last date of payment on record for this debt and take it from there.