Anybody gone through Debt Settlement with GE MoneyBank?
I have a GEMB account that i owe 14K on, and to make a long story short, had a really rough year with medical bills and car repairs. I got a couple days behind on my payment to GE 2 months in a row and they raised my interest rate to an ungodly amount. Out of my minimum payment of $330, $220 of it was interest. I contacted them to see if they could lower the rate and they told me no, so seeing that i basically would never be able to pay this debt off with the current % rate, i decided to go the route of Debt Settlement.
At the time i signed up for the program (signed with Achieve Security) i was experiencing hardship, i had 2 surgeries and had to put a new motor in my truck. But recently my luck has changed and i got a promotion and aÂ modest raise along with free rent. I am now able to greatly accelerate my Debt Settlement program and plan on having the target settlement amount in about 6 months.
Now that i do have the money to pay GEMB, are they going to come after me with a lawsuit? I am currently 3 months delinquent and if i stay with the program will be 9 months delinquent at the time of the settlement offer by Achieve. At this point i have already invested about $2,000 into the Settlement program and i do not want to lose this money.Â But if i get sued by GEMB i dont have much of a defense about being financially broke anymore.
My question is, will this 9 month time frame be long enough for GEMB to sue me, and if so, how likely is it? I really dont know what to do. Like i said earlier, i have too much money invested in the settlementÂ program to just walk away, but i dont want to get dragged into court over this either. I have spoken toÂ GE collection representitivesÂ several times, and they know i am enrolled in a settlement program. I have read recently this makes you more of a target for litigationÂ because they know you have the money to pay into the settlement program.
I am really losing sleep over this, any comments or suggestions from anyone who has been through or known of a like case would be greatly appreciated.