If you are in the proceedings of a debt collection lawsuit, you need to understand that knowledge really is power. It can seem overwhelming to try to learn everything about the credit card debt litigation process. Because of this I want to share with you a few things that it is important to know when facing your collector in court.
The majority of debt collection lawsuits are won each year because of silly technical mistakes made on the part of the consumer. The attorneys that work for banks and creditors are well aware of this and try to exploit the lack of knowledge to their advantage. Opposing attorneys will often do this through asking more questions that are necessary to try to get the consumer to hurt their own defense. Beware of this if you are representing yourself in court!
It is most common for an original creditor or bank to initiate the debt collection lawsuit. Third party debt collectors tend to shy away from formal litigation because they have less evidence that you actually owe them money. In fact many times the only way you are legally obligated to make payments to a third party debt collector is if you have already begun making payments in the first place.
Even though the attorneys that are employed by creditors prey on the lack of knowledge of their opponents, they are not stupid at all. In fact by focusing on what their opponent does not know keeps the consumer away from the defenses that will actually give them a favorable judgment. Knowing this will help you understand the methods that the opposing attorney is using against you.
The best argument you can make as a consumer is that your bank or creditor didn't loan you money that was previously in their possession. The reason this argument is so effective is because banks and creditors do not have money in their possession prior to issuing you your credit card! Another important argument to make is to force your creditor to produce the original signed and dated contract with the terms of your agreement. Without this contract, creditors are known to use other contracts with more binding terms in an effort to trick consumers into making payments.
Because this article only shares a small portion of what you should prepare yourself with before entering into a debt collection lawsuit, I suggest searching out more detailed information. A high quality and trustworthy resource I have used is www.creditcarddebtlitigation.com. There you will find a large amount of resources to aid you through the debt collection process.
The majority of debt collection lawsuits are won each year because of silly technical mistakes made on the part of the consumer. The attorneys that work for banks and creditors are well aware of this and try to exploit the lack of knowledge to their advantage. Opposing attorneys will often do this through asking more questions that are necessary to try to get the consumer to hurt their own defense. Beware of this if you are representing yourself in court!
It is most common for an original creditor or bank to initiate the debt collection lawsuit. Third party debt collectors tend to shy away from formal litigation because they have less evidence that you actually owe them money. In fact many times the only way you are legally obligated to make payments to a third party debt collector is if you have already begun making payments in the first place.
Even though the attorneys that are employed by creditors prey on the lack of knowledge of their opponents, they are not stupid at all. In fact by focusing on what their opponent does not know keeps the consumer away from the defenses that will actually give them a favorable judgment. Knowing this will help you understand the methods that the opposing attorney is using against you.
The best argument you can make as a consumer is that your bank or creditor didn't loan you money that was previously in their possession. The reason this argument is so effective is because banks and creditors do not have money in their possession prior to issuing you your credit card! Another important argument to make is to force your creditor to produce the original signed and dated contract with the terms of your agreement. Without this contract, creditors are known to use other contracts with more binding terms in an effort to trick consumers into making payments.
Because this article only shares a small portion of what you should prepare yourself with before entering into a debt collection lawsuit, I suggest searching out more detailed information. A high quality and trustworthy resource I have used is www.creditcarddebtlitigation.com. There you will find a large amount of resources to aid you through the debt collection process.
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Want to find out more information about debt collection lawsuit, then visit Allan Henry's site on how to choose the perfect credit card lawsuit for your wants.
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