What are Usually the Terms of a Settlement?

Some settlements of credit card cases include terms or conditions regarding the settlement of the case. For example, a creditor may allow you to pay money monthly toward the settlement of the case. In such a case, you would enter into a settlement agreement in which the payment conditions of the settlement are spelled out. If you agree to pay out a settlement over time, you should be prepared to enter into an “agreed judgment.” An agreed judgment will automatically be filed in the event you fail to pay the agreed settlement. The agreed judgment will be filed with the court and will be a matter of public record. Once the judgment is satisfied, the judgment will be dissolved and the judgment creditors will no longer try to collect the judgment.

If you can afford to pay the settlement in a lump sum, the lawsuit will be dismissed when the settlement funds clear and you will escape having a judgment filed against you. As you can see, it is better to pay the settlement in lump sum if you can to avoid the filing of a judgment.

Settlement can also include language concerning reporting the nature of the final resolution of the account. Be sure that your lawyer knows what rating and language to ask for in settlement. These issues should be decided before accepting a settlement.
As you can see, credit card lawsuits and be both complicated, unique and complex. If you have been sued by a credit card company, call the experienced attorneys at Garg & Associates to help you defend your credit card lawsuit today!

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