Most people know Goldman Sachs as the multinational investment bank and financial services corporation based in New York City. But it’s a name no one wants to see on a collection letter or hear mentioned in a collection phone call. With the advent of its Marcus loan product line, the company has been taking more aggressive action against consumers who don’t pay up. If you’ve been contacted by Goldman Sachs or one of its debt collection lawyers, you’re probably feeling overwhelmed and perhaps even intimidated. What can you do next?
Debt settlement offers you the chance to pay off your loan for less than you owe, saving you not only money but time and stress. There’s a complex process involved with negotiating debt settlements, which is where having The Fullman Firm on your side will make a difference.
What You Need To Know About Goldman Sachs
Although Goldman Sachs is in the banking and investment business, it has recently started showing up as a plaintiff in a number of debt collection lawsuits. This is largely because of its relatively new Marcus loan products, although the company may pursue you for payment on other types of loans. Regardless, when borrowers don’t pay, Goldman Sachs may initiate phone calls and collection letters to try to get what it wants. If that doesn’t work, the company will retain legal counsel to sue borrowers.
One particular fact that works in Goldman Sachs’ favor is that many debtors don’t bother to respond to lawsuits. But this doesn’t make the problem go away. In fact, not answering a lawsuit just makes it easier for Goldman Sachs to collect.
What Are Your Rights As A Debtor?
Like any other debt collector, Goldman Sachs must follow state and federal debt collection laws. The Fair Debt Collection Practices Act (FDCPA) is one of the strongest consumer protection laws on the books, and has been a model for state counterparts. This federal law prohibits collectors from using unfair, abusive, and deceptive collection tactics. It affords numerous rights to debtors and allows lawsuits against collectors who violate the law.
The FDCPA makes it illegal for Goldman Sachs and other debt collectors to:
- Scream or shout at debtors over the phone
- Use obscene or profane language with debtors
- Intimidate debtors, such as by threatening to have them arrested for unpaid debt
- Call debtors too early or too late at night
- Impersonate government agents or law enforcement officers
- Fail to identify themselves as debt collectors
- Inform the debtor’s friends, co-workers, and neighbors about the debt
- Try to collect a debt that is in dispute
- Fail to provide certain required information about the debt
Debtors have the right to verify basic information about what they are said to owe, including the balance and the name of the original creditor. If Goldman Sachs is refusing to honor your rights under the FDCPA or California law, our firm can assist you.
What Happens If Goldman Sachs Sues You?
As mentioned above, Goldman Sachs will take legal action against debtors to recover what it claims is owed. Although the company will start out by sending collection letters and making phone calls, you can expect to eventually be sued if you don’t pay.
A debt collection lawsuit begins with serving a summons and complaint on the debtor. These documents will identify you, state the balance you allegedly owe, and tell you to answer the complaint within 30 days. Some debtors try to avoid service of these papers, but this only delays the inevitable since there are alternative ways to accomplish service.
You have the right to answer the complaint and assert any defenses you have. You should retain an attorney for this purpose, however, because there are substantive and procedural requirements for answering a lawsuit. If you legitimately owe the money, Goldman Sachs will likely obtain a judgment against you.
But failing to answer the complaint at all just speeds up this process, because Goldman Sachs can then obtain a default judgment. This will essentially award the company with the amount it claims you owe, along with attorney fees and interest.
Whether by a judgment or a default judgment, Goldman Sachs can collect on the money you are ordered to pay using such methods as:
These present serious financial problems to the debtor, not to mention damaged credit and difficulty securing future loans. However, even if a judgment (or default judgment) has been entered against you, you have the option to settle your debt for less than you owe.
How We Help With Debt Settlement
The Fullman Firm has settled countless debts with large corporations like Goldman Sachs. A debt settlement usually involves negotiating a lump sum payment that is less than what you owe in exchange for the creditor (Goldman Sachs) erasing the balance.
Debt settlement is an intricate process that should be entrusted to an experienced attorney. When debtors negotiate their own settlements, they often pay much more than they need to and agree to conditions they don’t have to. In some cases, a collector refuses to honor the deal. For example, you may settle your debt over the phone and have a collector agree to “accept” a payment for less than you owe. You make the payment, thinking you’ve saved significant amounts of money. But a few weeks or months later, the creditor comes back and asks for the rest of what you owe, plus interest. Since you negotiated over the phone, you have no proof of the deal you worked out.
Tired of Dealing With Goldman Sachs? The Fullman Firm Is Ready To Serve You
Our team is fully aware of these and other tricks. We know how to settle debts once and for all and in amounts that really save our clients money and time. Don’t put up with Goldman Sachs any longer. Let The Fullman Firm get started on your debt settlement strategy today. Give us a call to learn more.