Many consumers that I have worked with in the credit card debt collection industry make a similar mistake. They wait until they are served with a credit card lawsuit before they learn how to protect themselves. The reason that this is such a mistake is that once you are served with a credit lawsuit, your stress levels will be through the roof. It is scientifically proven that high levels of stress significantly obstruct the learning process.
The best way to deal with a credit lawsuit is to avoid it entirely. You are probably thinking that avoiding any type of lawsuit is obviously a good idea. The fact is that with credit lawsuits, it is fairly easy to determine when and if a creditor will sue.
So how can you tell if your bank or creditor is going to sue you? To answer this you first need to realize what motivates banks and creditors, money. Money is what drives the decision making process for all of these organizations. If they feel that suing you is the only way that they can recover the most money, you can be almost positive that you will be served a credit lawsuit. So your goal should be to make your creditor feel that they can get money from you in other ways, without actually making payments.
There is an exception to the previous paragraph. Citibank is one of the few creditors that use the legal process consistently. Citibank does this because they have developed a way to sue their debtors without incurring massive legal fees. If you bank with or have lines of credit through Citibank, I strongly recommend moving the accounts and lines of credit elsewhere as soon as possible.
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.
Overall, do not be intimidated by a credit lawsuit. You can gain the necessary knowledge and steer your way through the legal proceedings with flying colors. The opposing attorney will be shocked if you prepare and you will be likely to gain a favorable ruling.
The best way to deal with a credit lawsuit is to avoid it entirely. You are probably thinking that avoiding any type of lawsuit is obviously a good idea. The fact is that with credit lawsuits, it is fairly easy to determine when and if a creditor will sue.
So how can you tell if your bank or creditor is going to sue you? To answer this you first need to realize what motivates banks and creditors, money. Money is what drives the decision making process for all of these organizations. If they feel that suing you is the only way that they can recover the most money, you can be almost positive that you will be served a credit lawsuit. So your goal should be to make your creditor feel that they can get money from you in other ways, without actually making payments.
There is an exception to the previous paragraph. Citibank is one of the few creditors that use the legal process consistently. Citibank does this because they have developed a way to sue their debtors without incurring massive legal fees. If you bank with or have lines of credit through Citibank, I strongly recommend moving the accounts and lines of credit elsewhere as soon as possible.
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.
Overall, do not be intimidated by a credit lawsuit. You can gain the necessary knowledge and steer your way through the legal proceedings with flying colors. The opposing attorney will be shocked if you prepare and you will be likely to gain a favorable ruling.
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