What is the best thing to do when you are served with a credit lawsuit? This can be an extremely stressful time and making rational decisions in the heat of the moment can be quite difficult. The best way to protect yourself as much as possible is to prepare in advance. I understand that it may seem strange to prepare yourself before being sued, but in most cases people who are sued for credit card debt knew they were likely to be sued for a long time before the lawsuit came.
Your first goal in regards to credit lawsuits should be to avoid them if at all possible. For most consumers, avoiding a credit lawsuit only requires that you understand why your creditor may sue you in the first place.
For the most part, banks and creditors want their defaulting customers to worry that they could be sued at anytime. While it is possible that your creditor could sue you at any moment, it is usually quite unlikely. Banks and creditors are motivated solely by the desire to make more and more money. Thus, if suing you will help them make more money, you can be sure that they will! On the other hand if they feel like suing you will be a costly process, the odds of you being sued are quite low.
The principle I shared with you does not always hold true. One of the toughest creditors to deal with is Citibank. Citibank has a way in which they can sue for low cost and because of this method; they sue almost anyone who defaults on one of their credit accounts. If you have a credit card with Citibank, I recommend closing it and transferring the balances to another credit card.
Sometimes, no matter what you do, you can still be served with a credit lawsuit. Being served with a credit lawsuit does not necessarily mean that you will automatically lose. In fact, the majority of credit lawsuits are won or lost based on the amount of knowledge that the consumer has of the legal system. If you want to increase your chances for a favorable ruling, focus your efforts on learning as much as you can about the credit lawsuit process.
It may seem intimidating to face a high powered attorney in the courtroom to debate your credit card debt but truthfully if you can gain the proper knowledge about the legal system, navigating through your credit lawsuit will not be nearly as difficult as you think.
Your first goal in regards to credit lawsuits should be to avoid them if at all possible. For most consumers, avoiding a credit lawsuit only requires that you understand why your creditor may sue you in the first place.
For the most part, banks and creditors want their defaulting customers to worry that they could be sued at anytime. While it is possible that your creditor could sue you at any moment, it is usually quite unlikely. Banks and creditors are motivated solely by the desire to make more and more money. Thus, if suing you will help them make more money, you can be sure that they will! On the other hand if they feel like suing you will be a costly process, the odds of you being sued are quite low.
The principle I shared with you does not always hold true. One of the toughest creditors to deal with is Citibank. Citibank has a way in which they can sue for low cost and because of this method; they sue almost anyone who defaults on one of their credit accounts. If you have a credit card with Citibank, I recommend closing it and transferring the balances to another credit card.
Sometimes, no matter what you do, you can still be served with a credit lawsuit. Being served with a credit lawsuit does not necessarily mean that you will automatically lose. In fact, the majority of credit lawsuits are won or lost based on the amount of knowledge that the consumer has of the legal system. If you want to increase your chances for a favorable ruling, focus your efforts on learning as much as you can about the credit lawsuit process.
It may seem intimidating to face a high powered attorney in the courtroom to debate your credit card debt but truthfully if you can gain the proper knowledge about the legal system, navigating through your credit lawsuit will not be nearly as difficult as you think.
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