This is another common lie spread by credit card companies and banks trying to prevent their customers from choosing to consolidate their debt with a debt settlement program. Creditors do not sue their customers because they enroll into a Debt Settlement Program. As a rule of thumb, any creditor can sue their debtor at any time in an attempt to force the debtor to make a payment. Creditors must have forgotten that turnips do not bleed. The problem that creditors face is that lawsuits are very expensive and they will be throwing good money at bad, causing even a further financial loss. FH Financial has established very good relationships with your creditors to help protect you against the possibility of a lawsuit and we even do out of court settlements to stop legal action.
Settling your debts with creditors is the quickest way for a consumer to eliminate debt. If you are able to settle your debts within 180 days from the debt of your last payment, then you will not need to worry about being sued by your creditors. It is very rare for a creditor to sue a debtor when a hardship exists that prevents the consumer from paying their bills but there are exceptions to this rule.
From our experience, only about 1 in 100 people are sued by their creditors for not paying their debts on time. This is very specific to certain high risk states, Michigan, New Jersey, and New York. If you are a resident of one of these states and have certain creditors, you should consider not enrolling the high risk creditors into a debt settlement program and continue to pay those bills yourself. To get the list of high risk creditors, please call and speak with a Debt Specialist at FH Financial at 1-866-430-3437.
In the event that you are sued by your creditor, there is still time to settle the debt out of court, but it is best to consult with an attorney first. It is very important to be proactive in dealing with the plaintiffs counsel and answer any summons that will be delivered by the court. In the event that a judgment is issued against the debtor, the debt can still be consolidated with a Debt Settlement Plan and a settlement will be reached at a later date.
Consumers should know that it is very important to take the right steps and deal with their debt sooner rather than later. Procrastination is not your friend. Interest is compounding daily causing you to go further and further in debt. Take the first step now and get out of debt, Click Here to get 3 Different Payment Plan options
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