TD Bank issues its own credit cards and loans, and partners with major retailers like Target to offer credit cards to customers. If you hold a credit card or loan issued by TD Bank and you haven’t paid on your account for some time, a debt collection lawsuit could be right around the corner. Debt collection is serious business that can lead to bank levies, property liens, wage garnishments, and other actions. Ignoring the letters, phone calls, and court papers won’t make the problem go away. But debt settlement can.
The Fullman Firm is ready to work out a debt settlement with TD Bank that can have you paying less than what you owe in exchange for the bank agreeing to never bother you again. We can get started with you today.
What Happens If I Don’t Pay My TD Bank Credit Card Or Loan?
If you default on your credit card or loan, you can expect collection letters and phone calls at a minimum. But this is only the beginning of your financial and legal woes. Eventually, TD Bank will retain legal counsel and file a debt collection lawsuit against you. In addition to whatever balance you owe (including interest and late fees), the bank will ask the judge to award attorney’s fees and court costs.
What Should I Expect With A Debt Collection Lawsuit?
If TD Bank sues you, the lawsuit will commence with a filed summons and complaint. The summons is a document that orders you, the defendant, to respond to the lawsuit. You will have thirty days to do so. The complaint, on the other hand, will contain the factual allegations made against you, such as your identity and the unpaid balance on the account.
Having an attorney is critical to protecting your rights at this stage. To begin with, your attorney will identify any substantive or procedural errors with the complaint and summons. In some cases, these mistakes can result in a lawsuit being dismissed. Next, your lawyer will assert any legal defenses you may have, such as an expired statute of limitations. Finally, your attorney will ensure that your answer to the lawsuit is properly filed and served on TD Bank.
You could receive discovery requests from the bank’s lawyers. These are various documents that will ask you to turn over relevant information about the lawsuit. Your attorney can assist with this step as well.
What If I Dodge Service of the Court Papers?
Some debtors incorrectly believe that if they avoid service of a complaint and summons long enough, the lawsuit will eventually go away. But TD Bank has a number of options available to effectuate service against you. If you try to evade service of the summons, You could end up with a default judgment against you without receiving actual notice. Evading a process server may temporarily delay the court proceedings, but the interest and penalties will only accrue on your account and the bank will just end up demanding more money after you finally get served.
Judgments and Default Judgments
If you actually owe the money that TD Bank says you do, and if you do not properly defend yourself, it’s virtually guaranteed that the bank will obtain a judgment against you. Skipping the trial date will not help, either. When a defendant debtor doesn’t show up in court, the plaintiff creditor will ask the court for a default judgment.
A court judgment is more than a piece of paper. Armed with this document, TD Bank can enforce the judgment against you by taking steps to actually collect the money needed to satisfy what you’ve been ordered to pay. That means TD Bank can place a lien on your property, garnish your wages, levy your bank accounts, and take additional actions.
All of this makes it seem like TD Bank has you backed into a corner. But there’s a critical tool that you must consider to save you money and time, and get the bank out of your life once and for all: debt settlement.
What You Need To Know About Debt Settlement
Debt settlement allows you to negotiate a lump sum payment that is less than what you owe, in exchange for TD Bank agreeing to waive and never again try to collect the remaining balance. Even if a judgment has been entered against you, debt settlement is still an option.
The reason TD Bank will consider a debt settlement proposal is that enforcing judgments does take time and money. The bank would rather get what money it can get, rather than nothing, and expend fewer resources in the process. This gives you the leverage needed to make a settlement offer.
But you should have an experienced debt settlement lawyer handle these negotiations. Our firm has worked with countless creditors and we know how to leverage the facts in your case (including your financial situation) to your advantage. For instance, you may not own any property that the bank can place a lien on, which effectively removes a tool from its enforcement toolbox. We know what TD Bank is looking for and the types of settlement offers the bank will accept.
We will also make sure the debt settlement agreement is valid and binding against TD Bank. The language used in these agreements can be tricky, but your objectives are to (1) settle an amount that is less than you owe, and (2) make sure that once TD Bank accepts that settlement, it will never again try to collect the rest of the balance.
Contact Our California TD Bank Debt Settlement Attorney
The Fullman Firm knows how to draft settlement agreements that save you money and time and will get TD Bank off your back for good. We understand how stressful debt collections and lawsuits are, so we’re here to help. Call us today to negotiate a debt settlement solution that works for you.
