"How To Settle A Debt Collection Lawsuit" Discussion

Upsolve Community Member
Hi Daniel, Welcome!Great question. One way to find the amount you still owe on a debt and who owns it is to get a current copy of your credit report. https://upsolve.org/learn/get-your-free-credit-report/ Please let us know if you have any other questions.

Upsolve Community Member
The Upsolve article https://upsolve.org/learn/find-out-which-collection-agency-you-owe/ has some tips on finding collection agencies. FYI: In 2020 there was a $1.2 million dollar settlement with Shiva Finance LLC doing business as Advanced Financial in Virginia because they had customers sign an arbitration agreement but then Advanced Financial (Shiva) went and sued people for collections in district courts. Some people are getting judgments reduced, and others are getting a check. More information is on the Virginia Attorney General website: https://www.oag.state.va.us/media-center/news-releases/1837-september-29-2020-herring-reaches-settlement-with-internet-lender-advance-financial I'm not sure if you're in the Virginia area, but thought I'd pass along that info. There could also be contact info in some court documents.  

Upsolve Community Member
There are several options to paying off debt and rebuilding credit. Upsolve has an article https://upsolve.org/learn/how-credit-works-and-how-to-rebuild/ that has useful information on rebuilding your credit.  The article https://upsolve.org/learn/what-is-debt-and-how-to-handle-it/ has non-bankruptcy options to settle debt, and there are several other articles in the Learning Center that can help you find a plan that's right for you. Feel free to ask us any questions along the way!

Upsolve Community Member
Hi Blake! Yes, you can learn much about rebuilding credit and rebuilding your credit -- HOWEVER -- there are times where it might make sense to use bankruptcy protection. Check out this article from the Upsolve Learning Center: https://upsolve.org/learn/should-i-file-bankruptcy/. I hope this is helpful! :-)

Upsolve Community Member
Definitely! There are options- what's best for you just depends on your circumstances and preferences 

Upsolve Community Member
Hope that helps!! 

Upsolve Community Member
So you had a loan on a car. It broke down and you abandoned the car without informing the loan company? 

Upsolve Community Member
There's information here that might be relevant! https://upsolve.org/learn/bankruptcy-after-accident/ Let me know if that helps, Blake! 

Upsolve Community Member
The vehicle was towed and wasnt worth fixing so I tried to settle the debt with the finance company for less than the total owed and they declined so no vehicle was recovered and the loan was charged off on my credit and they are now pursuing me for garnishment...

Upsolve Community Member
Karla, thanks for asking! Unfortunately, discharging student loans in bankruptcy happens through a different process than other debts- called an adversary proceeding. It's not as common, and can sometimes be difficult. It's not impossible- and past Upsolve users have successfully discharged their student loans this way! Here's how you can learn more about this: https://upsolve.org/learn/bankruptcy-for-student-loans-5/

Upsolve Community Member
This is an Upsolve user! https://www.forbes.com/advisor/personal-finance/settle-student-loan-debt/

Upsolve Community Member
Absolutely! And many try to do so. Check out https://upsolve.org/learn/debt-settlement-pros-and-cons/ in our Learning Center to find out more. 

Upsolve Community Member
Definitely! This is a common strategy- though it's not possible or the best option for everyone. It generally involves offering a lump sum payment worth less than what you owe in exchange for wiping out the rest of the debt. If you can come to an agreement, it can be a good option, though that's not always possible 

Upsolve Community Member
This might help too! https://upsolve.org/learn/debt-settlement/