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fight this lawsuit or just try to settle?

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jnb1111:
Hi,

I'm new to this board, so I'll apologize in advance if I'm posting this in the wrong section.

I just received a certified notice from my local court here in Ohio that I am being sued for an old credit card debt from 2008.  The OC sold the debt, and it's currently trying to be collected by two separate agencies for two different amounts, one of whom is suing me.  I haven't signed for the certifed letter yet because I wasn't home when the mail carrier came, so this is all based on my looking up the court records search in my city. 

My credit has been pretty much shot the past few years, and I've just recently started trying to fix things, paying off a few collections, and establishing a good payment history for the past about 7 months, etc.  My credit score has gone from 406 to 464, still horrendous, but a definite improvement, and one thats motivating me to continue in trying to improve.
 
My question is should I fight this lawsuit, or just attempt a settlement to ensure I don't get a judgment, which will obviously retrash my credit. 
The amount I'm being sued for is $726, so it's obviously not a huge amount.  I did have a credit card with the original creditor Continental Finance, but the plaintiff as the lawsuit shows is Main Street Acquisition corp.  I guess they're the people who bought the credit card account back in 2008. 

I'm in Ohio, so this is still within SOL.  The funny part is, that I got a letter from Main Streets second collection agency/law firm and I requested validation, although verbally (I know, my mistake.  I didn't know better)  I've not received any validation yet, and now I have this lawsuit. 

The credit card only have a limit of $300, and so I don't believe this balance, but again, my main concern here is preventing a judgment, so I'm open to suggestions.

Admin0619:

--- Quote from: jnb1111 on April 15, 2012   02:01:53 PM ---Hi,

I'm new to this board, so I'll apologize in advance if I'm posting this in the wrong section.

I just received a certified notice from my local court here in Ohio that I am being sued for an old credit card debt from 2008.  The OC sold the debt, and it's currently trying to be collected by two separate agencies for two different amounts, one of whom is suing me.  I haven't signed for the certifed letter yet because I wasn't home when the mail carrier came, so this is all based on my looking up the court records search in my city. 
My credit has been pretty much shot the past few years, and I've just recently started trying to fix things, paying off a few collections, and establishing a good payment history for the past about 7 months, etc.  My credit score has gone from 406 to 464, still horrendous, but a definite improvement, and one thats motivating me to continue in trying to improve. 
My question is should I fight this lawsuit, or just attempt a settlement to ensure I don't get a judgment, which will obviously retrash my credit. 
The amount I'm being sued for is $726, so it's obviously not a huge amount.  I did have a credit card with the original creditor Continental Finance, but the plaintiff as the lawsuit shows is Main Street Acquisition corp.  I guess they're the people who bought the credit card account back in 2008. 
I'm in Ohio, so this is still within SOL.  The funny part is, that I got a letter from Main Streets second collection agency/law firm and I requested validation, although verbally (I know, my mistake.  I didn't know better)  I've not received any validation yet, and now I have this lawsuit. 
The credit card only have a limit of $300, and so I don't believe this balance, but again, my main concern here is preventing a judgment, so I'm open to suggestions.

--- End quote ---

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jnb1111:
ok...

cprems:
Find a credit card agreement from the OC and demand arbitration.

Did they provide an agreement?

Here is an agreement - It has JAMS in it

http://www.continentalfinance.net/chas/J.pdf

Now, if this were my issue, I'd file a MTC arbitration and pay $50. It uses Delaware law (3 year sol)

daryl1689:
With all due respect, any credit score below 650, and even 700 is considered subprime these days.  How many negative accounts do you have?  Do you anticipate more creditors filing suits against you?  Is bankruptcy an option?

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