They’ve already sued me, court date is next week. I will not attend since I can’t afford to lose the pay for days off work. Besides, I owe the money so I really have no defense. I spoke with an attorney tonight and we laid out a strategy for the next few months, basically just tell them what I can do and what will happen if they force my hand and stick to the strategy. I’ll keep the group posted on any success or lack thereof.
According to the attorney I am working with, the chances are good that CB will sue you. He said they are one of the more vicious creditors out there. They are especially apt to sue if you are trying to deal with them via a Settlement company as opposed to a debt management company. In their view, by using a settlement company, you are trying to cheat them out of part, or all, of the funds you owe them (not my opinion, just info relayed to me by my attorney) In fact, now that CB’s attorney knows I am no longer involved with a settlement company, I am having a much easier time in dealing with them. We actually have a possible deal pending, I’ll keep you posted on the results.
Prosper.com was described as the “eBay of loans.” Simply put, it’s just regular folks like you and me who have a couple of bucks to lend and they lend it to you. You put in a bid for how much you want to borrow and what interest rate you are willing to pay.
Actually, it’s a listing with your particular situation. Then lots of people put in their “bids” – some as low as $50 and when the total amount you are seeking is “funded” you get the loan. Payments can be taken out of your checking account which means 0.25% less interest.
From my experience, when you create your listing, be up front but if you are like I and only get paid 9 months a year (as a teacher), DO NOT tell them that.
Take your entire salary or income and divide it by 12. The lenders want to be sure you have a source of income. Also, though, some of your credit history (delinquencies, etc) are provided to the lenders.
That sounds interesting…. Kind of like “Lending Tree” where apparently, you put in your wish or whatever about a loan, and four banks make offers to you from the post.