Hello all,
this is my first post but I have been reading through the site for a few months trying to find similar cases to help me. But it is all getting a little confusing. I think my case differs from most I have read here because of the amount of my bad debt. It is $10,000 owed to Lending Club, that has been sold to Velocity Investments (I live in South Carolina). So any hopes of arbitration scaring them off due to cost probably doesn't apply to my case because they can still profit off of me. I tried to work with Lending Club in 2016 but was told they could no longer accept my payments and I really don't want to pay a JDB that bought my debt for pennies on the dollar. I wouldn't hesitate to work with Lending Club.
I received a Summons filed by Velocity Investments representing law firm, Clarkson and Hale, delivered by a Sheriff's Deputy. It was the usual respond in 30 days or we will seek a default judgement against you. That was in June and after reading here I responded with a Debt Validation letter, which I also gave a copy of to the Clerk of Court.
The law firm has now responded with Plantiff's First Set of Interrogatories to Defendent, Plantiff's First Requests for Production to Defendent, Plantiff's First Requests for Admissions to Defendent, and Certificates of Mailing. I now have a copy of my contract with Lending Club and have 30 days to respond.
I'm not sure what I need to do next, I have been reading here and I'm still unsure. I think they send all of these forms with legal terminology to intimidate. Do I respond to them with a request for arbitration and file with AAA or Jams for arbitration? I am sure they will accept arbitration in my case due to the amount, should I just try to settle with them and save myself the hassle?
I am getting close to the 30 day response time, I did find a consumer advocacy lawyer on this website they I am going to give a call tomorrow to see if he can review my case. At this point, would it be devastating for me if I go past the 30 days?
Thanks guys for any help.
FredG.