What should I do if a creditor refuses to accept a payment plan?

If a creditor refuses to accept a payment plan, there are several steps you can take in Wisconsin to protect your rights. First, review the terms of the agreement you signed with the creditor. Make sure the creditor is not breaching the agreement or trying to hold you to terms that they did not agree to. Second, contact the creditor and try to explain your financial situation and negotiate a payment plan that is feasible. If the creditor is not willing to work with you, you should file a complaint with the Wisconsin Department of Financial Institutions, which is responsible for consumer debt defense law in the state. Third, if the creditor’s actions have caused you financial hardship or emotional distress, you can sue the creditor to recover both economic and non-economic damages. This can be expensive, time-consuming, and may involve lengthy court proceedings. Finally, if the creditor is attempting to collect a debt that is more than five years old, the debt may no longer be collectable under Wisconsin’s statute of limitations. In this case, you should seek legal advice as soon as possible to confirm the status of the debt. If none of these steps are successful, the last resort may be to file for bankruptcy protection. This is a serious decision and should only be considered after consulting with an experienced bankruptcy lawyer.

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What should I do if a creditor refuses to accept a payment plan?

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