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.
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Some creditors and collection agencies refuse to lower the pay off amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.