Being Sued For Debt – Things to Do When Sued For Not Paying Your Debt

Loans are taken for several purposes and the moment you take them it is sure that you need to pay them back. A little financial setback can damage the entire planning and land you up in many legal issues. ‘Being sued for debt’ sounds quite severe to all of us. So the first thing to mention is ‘relax.’ Like all other problems, this too has a solution. If you deal with it impatiently, you shall never get a solution.

Here are some tips that would guide on things to-do and not-to-do when you are sued for the debt:

Do not give the creditors an access to your bank account.

The creditors often play a smart game. They call you up before the due date and say that they shall withdraw only $ 100 or so. Now say, you say a ‘yes.’ Then, in 3 to 4 days you come to know that they had actually withdrawn $ 1,200. Here, even the lawyers would not be able to help you as you have no records of the amount you had agreed to withdraw. Then, all that matters is that you had said a ‘yes.’ In this case the lender, who has sued you for the debt, indeed holds an upper hand.

The source of income really matters

There are various circumstances where your money cannot be touched by the creditors legally. Say, the social security you receive in the old age or in the case of some disability. Once you know that the creditors are about to withdraw the money from the bank, immediately inform the bank and the creditors regarding your source of income. If they yet take out money from that amount, you can contact the Attorney, file a case against the creditor who has sued you for debt, and get a real good amount of compensation.

Consult a lawyer.

You must consult a lawyer and seek some legal help before taking any action in the case. Make sure you talk very politely with the lender and handle the matter as calmly as possible.

President Obama has come up with Stimulus Package that will focus on providing assistance to low- and middle-income Americans, to check if you qualify for Government Grants

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