Line Of Credit For Lawyers

It was for a credit line that the lawyer was supposed to pay after a seperation. Lawyer paid part of it but didn't pay all. Bank never sent anything saying that money was still owed (after 2 years). Credit has plummeted!!!

I would contact your attorney and ask him to produce the canceled check or any kind of receipt to make sure he DID payoff the balance. If he didn't, your SOL. If he did, then the bank could have made the mistake. Do your research! If the attorney didn't make the payment in full, he obviously didn't get a "payoff" before payment was made. You can do a "pay for delete". Before you payoff the bank, ask them to delete it from your credit report. See what happens. It has been done before, trust me. Get it in writing before hand.

2006-09-08 09:40:04 by John H

" law firm "cost of litigation" plaintiff "finance lawsuit costs" "case cost funding" lawyer "legal ...

Yes I know.

2009-04-11 19:39:39 by Laro

A friend of mine is going through a divorce - he and his wife are on fairly good terms and are trying to do this without lawyers. He is buying his wife out of their house. There is still a mortgage on the house and they also have a line a credit on the house that was used to pay off some other debts. He says he will take over mortgage payments and give her some cash to buy her out but that she should have to pay 1/2 of the line of credit payments. She says the line of credit payments go with the house so he should have to pay them. What do you think?

It is all very noble sounding to say, "Let us work this out without lawyers," but the result can be disastrous if the couple overlooks a common contingency. A marriage is a contract. A divorce is a breaking of that contract and the creation of another. As a result, your friend and his spouse should strongly consider working with an attorney experienced in family law who can act as a mediator in crafting the divorce settlement that is equitable to both parties, is in accord with their state's law, and has built-in safeguards for both.

For example, your friend and his spouse may be overlooking creative ways to share the equity in the house that an attorney who has written many of these deals before can suggest.

2009-10-30 10:05:21 by Rock

I posted a question about this about a week ago, but am not getting anymore answers, and have found additional info.

I got a letter from VanCity stating that my original line of credit agreements (I have two, one secured) did not allow them to raise the incremental interest rate. Therefore, they enclosed two amendments to sign allowing them to change the incremental rate up 1% and allowing for additional increases any time they want. The worst of it is, they've put in the amendments that they can change any provision in the agreements at any time. Meaning, they can start tacking on additional fees, lower the amount etc. The letter goes on to say if I don't sign and get these amendments back to them by July 21, 2009, they will close down (demand payment) the accounts. One is my mortgage.

I have just contacted a lawyer, and he said because there is no additional consideration offered, the amendment is voidable. I would have to sign the amendments and then ask them to void them. If they won't, then I would have to take them to court.

I'm thinking this would be best as a class action suit because every member with a line of credit issued prior to March/09 was sent this letter and amendments.

Can anyone confirm, or deny what this lawyer said? What is the best/easiest way to get VanCity to reverse this for all members?

Hi, we also got this amendment letter from Vancity. We were so outraged that we couldn't believe how they would expect their
long term customers to sign this. We have been with Vancity for over ten years. So far we have refused to sign and we are waiting to see if they are going to proceed with their threat to take action on our line of credit. Definitely, we will go and get a lawyer to fight this. If anyone else want to start a class action suit, I will be really happy to join. I am quite busy at this moment, but we may be upset enough if they keep pushing us to sign this amendment that we will take this to the highest court,and Vancity's image would be totally
tarnished. They won't have any credibility if they think they can
force people to sign a very one sided, heavy-handed agreement like this. I hope there will be enough people out there strong enough to stand up to Vancity

2009-07-07 19:03:53 by Sparkybc

the paper generally stats that they went to court. they (lawyers office) won the case..i owe them some money. it does not state that there is a lien against me or my property..as that is all i own. i called downtown to the court..they told me that the letter is just a letter of consent basically. doesnt sound as tho it is a lien.. basically as long as i pay the bill..i shouldn't have any problems with this....

can anybody help me.. i'm in the state of nc..mecklenburg county..i know my credit is jacked and i'm tryin to get it straightened out but i don't want to lose my house over 1000 bux basically.

Your description, I'm afraid, isn't enough for me to really understand what's going on. Do they have a judgment against you? Are they trying to get you to come to court to describe what your assets are? What was the paper that you signed? Without that information, I can't even really guess as to what your rights might be.

Regardless, it's almost certainly a good thing to do to call up the lawyer and make arrangements to pay the money. You seem to agree that you owe the money. Chances are good that they'll make payment arrangements with you so you don't have to pay it all over time. Make good on whatever payment arrangements you can negotiate, and it should all work out.

2009-03-30 13:49:12 by athemas32