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I have been in a debt resolution program since 2007, I had a lady come to my door trying to subpoena me to court. What do I do?
I have been in a debt resolution program since 2007. I have paid one credit card off. I have one more for $20,000. I had a lady come to my door trying to subpoena me to court. What do I do?
Bills.com has relationships with well-respected financial services companies that offer our customers a variety of products, such as mortgage brokerage, debt settlement, and tax negotiation.
If you are enrolled with the Freedom Debt Relief (FDR) debt negotiation program and are a FDR client, you need to contact the company's Legal Accounts Resolution Unit (LARU) as soon as possible so that they can explain the legal process, how it can affect your goals in the FDR program, and what steps FDR can take toward resolving the debt and preventing this legal action from causing you additional problems. You can reach FDR’s Legal Accounts Resolution Unit by calling (800) 993-8950. If you are unable to call, you can e-mail lcs@freedomdebtrelief.com. FDR has experience helping clients in similar situations, and will almost certainly be able to work out a plan with your creditor to stop the lawsuit.
If you are not enrolled with FDR, you should contact the customer support staff with your debt resolution provider. They will help you reach your provider's legal department.
Before you call, read through any documents you have received pertaining to this lawsuit, and have the documents available when you call so you can provide the staff with any the information they need to begin working on this account.
I wish you the best of luck in resolving this debt, and hope that the information I have provided helps you Find. Learn. Save.
Best,
Bill
www.bills.com/
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Debt statistics
If you are struggling with debt, you are not alone. According to the NY Federal Reserve total household debt as of Quarter Q1 2024 was $17.69 trillion. Student loan debt was $1.60 trillion and credit card debt was $1.12 trillion.
According to data gathered by Urban.org from a sample of credit reports, about 26% of people in the US have some kind of debt in collections. The median debt in collections is $1,739. Student loans and auto loans are common types of debt. Of people holding student debt, approximately 8% had student loans in collections. The national Auto/Retail debt delinquency rate was 4%.
Each state has its rate of delinquency and share of debts in collections. For example, in Mississippi credit card delinquency rate was 6%, and the median credit card debt was $363.
Avoiding collections isn’t always possible. A sudden loss of employment, death in the family, or sickness can lead to financial hardship. Fortunately, there are many ways to deal with debt including an aggressive payment plan, debt consolidation loan, or a negotiated settlement.
