Defending Yourself Without Hiring A Lawyer In Junk Debt
Junk Debt buyers are a group of investors, attorneys, speculators that make offers to banks, credit card companies and anyone that has a significant number of customers on their books that still owe old debt.
Now we know that certain debt such as credit cards, gas cards and most store merchant cards are categorized as "open end debt" by the Truth in Lending Act. How does all of this affect your daily life?
When we talk about "Sued For Debt" we are talking about those types of accounts where you never know what the monthly payment will be. Now, here is how it enters into your daily life and how these junk debt buyer's get into your life.
Most of these entities are comprised of attorneys that fully understand the law. For instance if you are sued for collection on a debt that has survived the statute of limitations, your ONLY defense is that you must appear and defend yourself to the courts by referring to that particular debt as "time barred by statute". IF, you fail to appear, look what happens. Here is a debt that you legally do not owe, yet this junk debt buyer that bought this debt for pennies on the dollar, wins a default judgment against you. So, by not showing up, these sharks are awarded (100 cents) on the dollar for something that they only paid pennies for. Example $5,000.00 debt purchased for $150.00 is awarded a judgment for $5,000.00 because you failed to appear and defend yourself.
Even though the law is on your side, you still have to show up in court for Debt Defense. I will give you some good sources which can be useful to you. Visithttp://www.scribd.com/KenGib/. This site provides information, articles and reports for people being sued for debt and gives them help defending themselves without hiring a lawyer.