Can you be Sued while on a Debt Settlement Program?
Most people enjoy looking at the news and seeing that the country’s economy is as good as it has been in years. A strong economy means low unemployment, forces employers to pay higher salaries to avoid losing good employees, and increases the average person’s confidence making that person more open to buy things on credit.
It is a fact that the debt relief industry does better when the economy is better. How can that be true? Don’t people get in trouble on a down economy? Yes, when the economy is bad, and people are losing their jobs and having a hard time finding a new one, people will also forget about their credit cards and focus on paying for a place to live and food for their families. On the other side, when the economy Is good and consumer confidence is up, you see people overstretching themselves because they know they are secured at their jobs, but even during good economic times you may get sick, lose a loved one, or simply mismanage your bills. When that happens, many people will turn to debt settlement companies to get rid of their debt.
A Debt Settlement company will take monthly payments from a client and put them on a trust account until the client has enough money to settle that account with the creditor. A debt settlement program can take as much as 3 years to settle with all of the client’s accounts and during this period it is possible that the creditor will file a lawsuit against the client.
There is nothing scarier than opening your mail and receiving that court notice that you are being sued! That is the reason the creditors do it. They are hoping that you are going to contact them right away and will start making payments again. And if you don’t, they can take you to court and get a judge to put a lien on your house or to garnish your wages in order to pay the debt you owe.
What are you going to do? Drop out of the settlement program and deal directly with the creditor? Are you going to hire a lawyer to fight back? Are you just going to wait for the debt settlement company to solve it for you? Well, if you did your homework when choosing a debt settlement company, you either chose one that offers you a legal plan for those situations or you went out and got yourself a legal plan that would cover you.
Yes! There are legal plans out there that offers coverages exactly for those situations. For a fair registration fee and low monthly fee, the legal plan will assign you a lawyer in your area to fight the lawsuit while you keep saving the money needed to settle those accounts. Go to Debt Relief Legal Plan for more information.
So here is what you need to remember if you are thinking about settling your debt and is worried about getting sued:
- If you are doing it by yourself, look for a legal plan (I’ll help… The Veritas Debt Relief Plan) that will cover you while you are saving the money.
- If you are looking for a Debt Relief company to help you settle, do your homework and find a company that offers the Veritas Debt Relief Legal Plan.
- If you are still weighing your options, you may benefit to speak to our friends at str8line for all debt relief options available. ( str8line.com )