Credit Card Lawsuit Update

Late in 2020, I got sued by a credit card company for a couple of accounts that were way past due. They were charge accounts, which means that payment was due in full rather than in installments. I couldn't make that happen, so they sued.

Thanks to the magic of balance transfers and crypto, I was able to pay off the debts, over $7000. This satisfied the demand, which led to having the collection attorney's office to file a motion to dismiss with prejudice in the court. I received the notification in the mail a week or two ago. I forgot to provide an update.

There is good news in all this. My relative who racked up the charges on the cards has started making installment payments of $500 per month. After five payments, I will have the Discover card to which I did the balance transfer paid off. The remainder of the payments will come back to me as I need to replenish the Bitcoin I had to sell to pay off the other portion of the debt. So, I'll be able to rebuild my Bitcoin bags.

In addition, the credit card company offered me a new credit line, which is a probationary account. After one year, I can apply for any of their other accounts. Through all of this, the credit card company is willing to rebuild our relationship. I received the new card in the mail yesterday, which is now activated.

I could have done without having my credit trashed. However, now that the experience is over, things seem to be getting better for me, overall. Fortunately, Mrs. TWM's credit is still good. She has much larger credit lines on her accounts than I do on mine. My accounts started reducing my credit limits once I got the black marks on my credit. It is going to take a while to rebuild. However, I am glad that I am in a position to rebuild.

That's all for now. Thanks for reading.

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