My husband has a credit card that was defaulted on in 2009. They recently served us with papers and the "pre-trial" court date is March 6. I have been emailing a representative of the law firm to try to reach a settlement. The total due is $3600. Defaulted on about a $2000 balance, so I offered $2000 cash right now. They won't take anything less than $2952. I am trying to resolve this without a judgement being put on my husband's credit report. But i don't have the $2952 and don't have a way to come up with it. My questions are:
1. How much is a judgement going to tank his score? I think he has about a 660 FICO right now. Great payment history, no lates, and good mix of credit for 2 years now.
2. How long does it take for a
judgement to show up?
3. Is there a possibility, the law firm won't show up at the pre-trial conference and this will be dismissed? I am guessing they have invested enough in it now, they will be htere.
4. WIll the judge say to them, let them make payments, and if they don't, I'll give you a judgement or will he issue a judgement right away?
5. Debt hasn't be validated, should that be our defense in trying to gain more time to come up with the money?
6. Do we have a chance in hell this working out without having all the money right now?
Dh wants to get an attorney, I think that will end up costing us more money. Any suggestions or BTDT? I thought we could settle this prior to the court date but it isn't working out that way.