When a lawsuit reaches a settlement with prejudice it means that the case is won. A person may still have to pay money or relinquish claims to a debt collector.
Once a collection agency sues a person they may have to get an attorney and go to court to settle this. The agency wants you to pay the money you owe them however they can get you to do it.
NO. Once you enter into an agreement with a collection agency no one else can collect against that debt. If you have other debts outstanding not covered in the agreement then another agency may be authorized to try and collect those debts. Collections agencies do not sue people. They can ask the courts to award a judgment or wage garnishment in order to help collect bad debt.
No, but they can take you to the court if you don't pay the debt and then court can suspend your license.
You should be compensated by the agency or city which made that error. They'll usually make a compensation offer, which you can either accept, or refuse and choose instead to file a lawsuit.
Satisfaction of personal debts, and the payments on them, are under the purview of state law. The federal goivernment does not become involved in your personal financial dealings (unless it's the IRS to whom you owe money).
If this occurs, then they may have violated the Fair Debt Collection Practices Act, or they may have generally breached a contract with you. If the violate the Fair Debt act, then you have a lawsuit against them.
Yes, a collection agency can remove a collection from your credit report if they agree to delete it as part of a settlement or negotiation.
A collection agency debt settlement means when someone is in debt and a company offers a settlement amount to the creditors owed. Payment arrangements are discussed and made, sometimes the amount is way less than the actual bill.
Yes.
when a company "sells" a bad debt to a collection agency it is at a fraction of the total bill due. So, if you have a bad debt to American express in the amount of $10,000, more than likely it was sold to the collection agency for 2-3000. The remainder can be written off by American Express on the taxes that are filed by the company. What you can do is contact the collection agency after saving 40% of the debt (or 4000) and offer to negotiate a settlement. If you settle for $4000.00 you are saving $6000 and the collection agency is making 50-100% profit on the bad debt. This what the debt settlement companies do - no sense in paying the settlement company fees when we can negotiate ourselves.
If you are being sued, you will always receive a summons. Sometimes it is delivered by a process server sometimes by registered mail. A collection agency telling you, you are being sued, does not necessarily make it fact. Only attorneys can file suit and they have to adhere to the state laws where the person resides. A collection agency cannot sue you regardless of what they claim. Sorry, I should add you need to be aware of the difference in collection agency and collection attorney. For instance Mann-Bracken LLC, are collection attorneys and/or arbitrators. They can initiate a lawsuit.
Yes, there is no minimum or maximum amount of debt required for a lawsuit to be pursued.
No. A collection agency has no legal authority. They can refer the account to a collections attorney who can then file a lawsuit for the debt owed. Yes! A collection agency has the right to file a lawsuit as the assigned creditor under the agreement that you signed when applying for the credit card.
Have the collection agency send a written agreement accepting the settlement or payment amount agreed upon BEFORE rendering any payment(s).
A Commercial Collection Agency is and agency that collects debt on behalf of their clients, same as a consumer collection agency, but a commercial collection agency collects business to business.
A collection agency cannot file a lawsuit against a debtor. The agency can refer the account to a collections attorney who is licensed to practice in the state where the debtor resides, and that attorney can file a suit against the debtor. Some collection attorneys or firms are also licensed to arbitrate accounts, which means the account is sent to the National Arbitration Board rather than the use of standard civil lawsuit procedures. Actually - a collection agency CAN sue you in court, IF the collection agency owns the account. However, you are correct, they cannot file a lawsuit against a debtor IF they are acting on behalf of the original debt owner, i.e., Sears, JC Pennys, etc. Most collection agencies, who actually OWN the debt account, purchase these things at very small costs ... as the original folks have written it off their books. Therefore, if they do take you to court, most likely, it will be small claims court... Debt collection, inlight of credit cards, etc., is actually a CIVIL matter and NOT a criminal matter.
you "satisfy" a judgment by paying balance in full or settlement. but understand that once a judgment has been issued by a court then there can be no one else that does this.