Whether you're borrowing money or providing a loan to someone else, a Promissory Note is usually the best way to establish a record of the transaction and make sure that repayment terms, for example, are clear and fair.
However, an “IOU” is generally regarded as only an acknowledgment of a debt, not a promise to pay the debt. However, this form is a written promise to pay a debt.
Ignoring or avoiding the debt collector may cause the debt collector to use other methods to try to collect the debt, including a lawsuit against you. If you are unable to come to an agreement with a debt collector, you may want to contact an attorney who can provide you with legal advice about your situation.
California debt relief is a real thing. It's available through a number of different California Debt Relief programs, including the state's Debt Relief Program and Mortgage Assistance Program.
Debt collectors may send you notices or letters, but the envelopes cannot contain information about your debt or any information that is intended to embarrass you. You may ask a debt collector to contact you only by mail, or through your attorney, or set other limitations.
Legally you don't have to talk to bill collectors. If they call, tell them to put everything in writing and mail it to you. Don't give them your SS# or address, they should have it. Don't even admit that you owe the bill.
You should have kept the original letter for your records, and do not ever respond to the debt collector, ignore them completely, unless the debt collector has the deadbeat served with a court summons because the debt collector is suing, don't ignore the summons.
Debt collectors may not be able to sue you to collect on old (time-barred) debts, but they may still try to collect on those debts. In California, there is generally a four-year limit for filing a lawsuit to collect a debt based on a written agreement.
Yes, it is possible to have credit card debt forgiven, although it is not a common occurrence. Credit card debt can be forgiven through a variety of methods, including debt settlement negotiations with the lender, debt management programs, and in some cases, bankruptcy.
Here are five ways you can win your debt collection lawsuit: Respond to the lawsuit. Make the debt collector prove their case. Use the statute of limitations as a defense. File a Motion to Compel Arbitration. Negotiate a settlement offer.
Settling is always better than going to court. A court-ordered judgment is SERIOUSLY life-affecting. Your wages could be garnished and the judgment will forever be on your record. You may even find the court case in various places on the internet.
