Archived Urgent Help Needed Posts - $6000 in credit debt at TCR

$6000 in credit debt at TCR - can I be sued?

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Topic: $6000 in credit debt at TCR - can I be sued?

Posted By: madelinewalters
Subject: $6000 in credit debt at TCR - can I be sued?
Date Posted: 08/November/2013 at 8:16am

First time here, and terrified... please ease my mind if you can?

I'm 23, recently graduated from university, and have landed a great contract job in my field, but it only leaves me with around $400 per month after rent, bills and living costs. I have no assets.

Over the summer I was very under-employed, and let my $6000 credit card default. It's now at collections, Total Credit Recovery.

I am unable to pay it back at this time, for two reasons: I have two other loans I'm trying to keep in good standing which total $50,000 (OSAP and a student line of credit); and, TCR will not accept any kind of payment plan, only payment in full, or other large lump sums I can't begin to afford ($3000).

I'm not afraid of a poor credit rating or R9 at this point - I don't have much choice, and don't plan on needing a positive credit rating anytime soon - but I'm terrified I'll be sued. Any experience on this? I've heard that they rarely sue people under 25 with unstable jobs and no assets, because the cost wouldn't be worth it for them. But then again, $6000 is a lot...

Any advice would be much appreciated! I'm considering seeking a judgement proof, but that seems like a lot of work if I'm unlikely to be sued.

(Last, I should state that I fully intend to pay back this debt as soon as I am able to, even if it's in small increments, or years down the line. It's just absolutely, totally impossible at this time...)

Replies:

Posted By: SolveStudentDebt
Date Posted: 09/November/2013 at 6:38am

The only way you are judgment proof is if you are bankrupt or the debt is paid. On the more extrme, incarcerated, institutionalized, or deceased.

The fact is that they can sue you. If you are having difficulty negotiating or coming to reasonable terms I provide mediation (and more aggressive intervention services) to indivisuals in economic crisis like you are describing. At least then you won't have to fear any more and things will get better as time goes along, and additional savings can happen.

So yes, there is help for you if you want my group to assist, Save you the hassle and grief of running into brick walls everywhere you go with this.

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Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

http://www.solvestudentdebt.com" rel="nofollow - solvestudentdebt.com