Sued by Equable Ascent Financial? How to Respond

Being sued by a debt collector can feel overwhelming. You have legal rights, even when the company suing you no longer operates.

Equable Ascent Financial has gone out of business. However, you still need to respond to their lawsuit promptly. Your response protects you from default judgment.

Don't Let Equable Ascent Financial Win by Default

Over 90% of sued consumers lose because they don't respond. File your Answer now to avoid default judgment and negotiate a settlement on your terms.

Answer the Lawsuit

Time is critical when you receive a court summons. You typically have 14 to 30 days to file an Answer. Missing this deadline can result in automatic judgment against you.

Understanding Equable Ascent Financial

Equable Ascent Financial LLC operated as a debt buyer in Buffalo Grove, Illinois. The company purchased charged-off accounts from original creditors at discounted rates.

They then pursued collection on these debts aggressively. Many consumers faced lawsuits from this company before it ceased operations.

As a debt buyer, Equable Ascent Financial was not your original creditor. They bought your debt from credit card companies, banks, or other lenders.

Why You Must Respond to the Lawsuit

Ignoring a debt collection lawsuit is the worst mistake you can make. Over 90% of sued consumers lose by default because they fail to respond.

Default judgment gives the collector legal power against you. They can garnish your wages, freeze your bank account, or place liens on your property.

Filing an Answer stops default judgment. Our partner Solo helps you respond correctly to debt lawsuits without hiring an attorney.

How to File Your Answer

Your Answer is a formal legal document responding to the lawsuit. You must file it with the court and serve a copy to the plaintiff.

Follow these steps to file your Answer:

Review the Complaint carefully and note the deadline
Identify which allegations you admit, deny, or lack knowledge about
Include any affirmative defenses that apply to your situation
File the Answer with the court clerk before the deadline
Send a copy to the plaintiff’s attorney via certified mail

Your Answer doesn’t need to be perfect. The goal is meeting the deadline and avoiding default.

Negotiating a Settlement With Equable Ascent Financial

Settlement negotiations can happen at any stage of the lawsuit. Many debt collectors prefer settling over going to court.

Debt buyers like Equable Ascent Financial purchased your debt for pennies on the dollar. They may accept 40-60% of the balance to close the account.

Calculate What You Can Pay

Determine a realistic amount you can afford to pay. Review your budget and monthly expenses carefully.

Can you pay 45% of the debt and still cover your bills? Use this number as your settlement target.

Make Your Settlement Offer

Start with a lower offer than your target amount. Opening at 30% gives you room to negotiate upward.

Send your offer in writing through a formal settlement letter. Keep copies of all correspondence for your records.

Document Everything

Put all settlement communications in writing. Phone conversations should be followed up with written confirmation.

Request a written settlement agreement before making any payment. The agreement should specify the settlement amount and confirm debt resolution.

Key Settlement Terms to Include

Your settlement agreement should contain these essential elements:

Total settlement amount and payment due date
Confirmation that payment satisfies the entire debt
Agreement to dismiss the lawsuit with prejudice
Statement that no deficiency balance remains
Signatures from both parties with dates

Never make a payment without a signed settlement agreement. Verbal promises aren’t legally binding.

What Happens If Equable Ascent Financial Sold Your Debt

Since Equable Ascent Financial closed, they likely sold their portfolio to another debt buyer. The new owner has the legal right to continue the lawsuit.

You still have the same defenses and settlement options. The change in ownership doesn’t affect your legal rights.

Request validation of the debt from the new collector. They must prove they own the debt and the amount is accurate.

Common Defenses Against Debt Collector Lawsuits

You may have valid defenses even if you owed the original debt. Our partner Solo helps you identify which defenses apply to your case.

Statute of Limitations

Each state sets time limits for filing debt collection lawsuits. The statute of limitations varies from three to ten years.

If the statute has expired, the lawsuit must be dismissed. Check your state’s deadline for your specific debt type.

Lack of Proper Documentation

Debt buyers often lack proper documentation of the debt. They must prove you owe the money and the amount is correct.

Request proof of the debt’s chain of custody. Ask for the original signed contract or credit agreement.

Incorrect Amount

Debt collectors frequently inflate balances with improper fees and interest. Compare the claimed amount to your records.

Challenge any discrepancies in the total amount demanded. Make the collector prove every dollar they claim.

Identity Theft or Fraud

If you’re a victim of identity theft, you don’t owe the debt. File a police report and notify the credit bureaus.

Provide the court with evidence of the identity theft. The lawsuit should be dismissed when you prove fraud.

Protecting Yourself During the Legal Process

Taking action early gives you the best chance for a favorable outcome. Don’t wait until the last minute to respond.

Know your rights under the Fair Debt Collection Practices Act (FDCPA). Debt collectors cannot harass you or use deceptive tactics.

Document all interactions with the debt collector. Save letters, emails, and take notes during phone calls.

Consider consulting with a consumer rights attorney if you face complex issues. Many offer free initial consultations.

Moving Forward After the Lawsuit

Resolving a debt lawsuit removes significant stress from your life. You can rebuild your finances with the judgment behind you.

Monitor your credit reports after settlement to ensure proper reporting. The debt should be marked as settled or paid.

Focus on building positive credit history moving forward. On-time payments on current accounts help repair your credit score.

Create a budget that prevents future debt problems. Emergency savings protect you from unexpected financial shocks.

Frequently Asked Questions

What happens if I ignore an Equable Ascent Financial lawsuit?

Ignoring the lawsuit results in default judgment against you. The collector can then garnish your wages, freeze bank accounts, or place liens on your property. You must file an Answer within your state's deadline to protect yourself.

How do I respond to Equable Ascent Financial if they're out of business?

File your Answer with the court even if Equable Ascent Financial closed. They likely sold your debt to another collector who now pursues the lawsuit. Your response prevents default judgment and opens settlement negotiations.

Can I settle with Equable Ascent Financial for less than I owe?

Yes, debt buyers typically accept 40-60% of the balance as settlement. Start your offer lower to leave negotiation room. Get all settlement terms in writing before making any payment.

What defenses can I use against an Equable Ascent Financial lawsuit?

Common defenses include expired statute of limitations, lack of proper documentation, incorrect debt amount, and identity theft. Challenge the collector's proof of debt ownership and accuracy of the claimed balance.

How long do I have to respond to an Equable Ascent Financial lawsuit?

You typically have 14 to 30 days depending on your state. The exact deadline appears on your court summons. Missing this deadline results in automatic default judgment against you.

Sued by Equable Ascent Financial? Here’s How to Respond