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Suncoast CU CC Default Will They Settle?


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I have a credit card with Suncoast CU that is in default. They have filed a lawsuit. Has anyone had any experience with them and were you able to reach a settlement? I have tried to settle but they have not budged and want full amount owed. Any input would be greatly appreciated! Thanks in advance

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If the paper was still owned by them and the CU is who engaged counsel to file suit, they have little incentive to settle.  They know a judgment includes the full nut PLUS fees and will accumulate interest at a rate of somewhere likely between 8-10% per annum.   Further, moreso than with a traditional lender, a CU has an obligation to make their membership as whole as possible.  You didn't just default on some faceless bank...in the eyes of the CU, you defaulted on every member that they have.

 

Their leverage is even stronger if you are in a jurisdiction that actually has some strong post-judgment remedies (ie. bank levies, wage garnishment, etc). 

 

What have you offered thus far in a written offer tendered to opposing counsel?  And was it lump sum?  Again, they know you defaulted once, so there is no incentive to take a payment plan.  It may sound harsh, but it IS a simple reality in terms of how opposing counsel will advise their client...

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4 hours ago, centex said:

If the paper was still owned by them and the CU is who engaged counsel to file suit, they have little incentive to settle.  They know a judgment includes the full nut PLUS fees and will accumulate interest at a rate of somewhere likely between 8-10% per annum.   Further, moreso than with a traditional lender, a CU has an obligation to make their membership as whole as possible.  You didn't just default on some faceless bank...in the eyes of the CU, you defaulted on every member that they have.

 

Their leverage is even stronger if you are in a jurisdiction that actually has some strong post-judgment remedies (ie. bank levies, wage garnishment, etc). 

 

What have you offered thus far in a written offer tendered to opposing counsel?  And was it lump sum?  Again, they know you defaulted once, so there is no incentive to take a payment plan.  It may sound harsh, but it IS a simple reality in terms of how opposing counsel will advise their client...

I understand that. I have seen other credit unions settle, This one will not budge. I understand what your saying about the difference between Big banks and Cu's. But if you file for BK, they lose the chance of recovering any $ and is also not in the best interest of the CU or members. I guess I was just wondering if anyone had experience with Suncoast specifically? 

 

If anyone has any past experience with Suncoast, I would appreciate your insight, Thanks in advance!

 

 

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You still have not indicated what you offered, in writing and submitted to opposing counsel, in order to settle this matter.  Without that information,  nobody can even begin to give guidance on whether you were even in a ballpark of reasonableness...

 

And yes, any offer at this point HAS to go to opposing counsel.  It is the requirement of practice in such matters to go through counsel.  The same thing is what precludes a bank from contacting a consumer they are suing and who is known to be represented by counsel...

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