Hi RichardC..

BTW... RichardC does debt settlement full time.

The question that they were talking about is that debt settlement isn't straight forward or guaranteed with some creditors.
Some creditors may choose to sue or garnish wages instead of settling.

Also the fact that debt settlement is a bankruptcy alternative, and that it's pretty harsh on your credit score.

Hi,

Richard here, Monty emailed me and asked me to chime in and try to set the record straight. Both Raymond & Joe seem well versed on DS but I've lost sight of the question in this thread.

What is the question?

please advise!!

anyone know if i am liable to pay an old debt from 2002. ex bought stuff on dpt store card after we separated without me knowing and i didn't take my name off card yet? not working he went bankrupt in 2004. i am not working and divorced from him now and re-married. contact resource services located me y sin # with phone calls and letter to pay with interest??

These are all good questions... and I"m glad that we're talking about them.

I've invited Richard Cooper from TotalDebtFreedom.ca to answer some of these questions. He does debt settlement full time and is quite knowledgable.

http://www.totaldebtfreedom.ca

I value average_joe's experience as he's a person that's gone through the debt settlement process.

It doesn't make him a financial guru, but he has seen the details and ups and downs of the debt settlement process.... which is valuable.

If a person can relay their experience, than that's what we're here for.

I'm sure average_joe will be a lot wiser in the future for his experiences.

"They sued because they thought there was equity in the home. I told them there was no equity in the home, but they didn't believe me."

(Either way, you would have lost your home or had a lien placed against it, so what's the point?)

"They soon realized I was telling the truth."

(You mean, they soon realized you were full of sh**.)

Ray

"If the creditor sees that the debtor is truely illiquid and not much chance for repayment of the full debt, then they would be kind of dumb to pursue it."

This statement is also dangerous to rely on when considering bankruptcy. Many creditors these days will direct a collection agency to sue you in even if you are destitute. They do so in the hope, that you might recover in the future. Then they will be waiting to seize your car and able to do so if they have a judgment. I've had people private email me about creditors keeping tabs on them and waiting 10 to 15 years to strike.

When it come to being clear by 2016, averagejoes's statement is rubbish unless he's able to settle the judgment before then. If he owns any significant assets by then, the Bank will be reluctant to settle for a low percentage. Why should they if they can readily seize a late model car?

Ray

The sued because they thought there was equity in the home. I told them there was no equity in the home, but they didn't believe me. They soon realized I was telling the truth. The lawyer probably soaked them for preparing the judgment. I know that’s why they won't settle this debt for 10%.I figure in due time they will settle for around $2000.00 to $2500.00 to cover their legal costs. I give them three or fours years into the judgment and then they will want to settle. If they don’t, I know they will settle when it comes off my credit file in 2013.