Synchrony Bank Lawsuit 2024: Exploring Debt Settlement and Defense Strategies

Synchrony Bank is facing a lawsuit in 2024, which has left many individuals wondering about their debt settlement and defense options.

The lawsuit alleges that Synchrony Bank engaged in deceptive practices, including charging excessive fees and interest rates on credit card accounts.

If you're facing debt issues with Synchrony Bank, it's essential to understand the lawsuit's implications and how they may affect your account.

The lawsuit may lead to changes in how Synchrony Bank handles debt collection and settlement, potentially providing new opportunities for debt relief.

Synchrony Bank does sue for defaulted credit card debt, so it's essential to understand your options if you're facing a lawsuit. If you receive a Summons from Synchrony's lawyer, don't ignore it, as this will likely result in a default judgment against you.

You have the right to respond to the lawsuit, and it's crucial to do so promptly. In Texas, you may have as little as 14 days to file your response. If you ignore the suit, Synchrony Bank will likely receive a default judgment, which can lead to further consequences.

To respond effectively, consider consulting an experienced debt defense attorney. They can help you navigate the process and present your defenses. If you're facing a Synchrony Bank lawsuit, don't hesitate to reach out to a qualified attorney for guidance.

Some common defenses against debt collection lawsuits include identity theft and mistaken identity. If you believe you're a victim of identity theft or mistaken identity, your attorney can help you explore these options.

In some cases, settling your debt with Synchrony Bank may be a viable option. However, this should be done under the guidance of a qualified attorney who can help you negotiate a favorable settlement.

Here are some affirmative defenses that may be applicable in a Synchrony Bank credit card debt lawsuit:

It's essential to understand that responding to a lawsuit from Synchrony Bank is crucial, even if you lack funds. Failing to respond can result in a default judgment, which can lead to further consequences, such as bank account levies or wage garnishment.

If you're facing a Synchrony Bank credit card debt lawsuit, it's crucial to seek the advice of a qualified attorney who can help you navigate the process and protect your rights.

If you're facing a Synchrony Bank lawsuit, you have several options to consider. You can try to settle the debt with Synchrony Bank, which may involve negotiating a lower amount or a payment plan.

Synchrony Bank may be willing to settle the debt if it can prove you owe the debt and it's entitled to it. Our Texas debt defense lawyers can help you determine if negotiating a settlement is the best option for your situation.

You may also want to explore affirmative defenses, such as identity theft or mistaken identity, to challenge Synchrony Bank's claim. If you believe you owe the debt, Synchrony Bank has the burden of proof to show that you owe the debt, it owns the debt, and it has the right to file a lawsuit.

Here are some common defenses to a debt collection lawsuit:

It's essential to respond to the lawsuit and file an answer to demand proof from Synchrony Bank that you owe the debt. Ignoring the lawsuit can result in a default judgment, which can be detrimental to your financial situation.

Affirmative defenses are a powerful tool in debt settlement and defense. They show that Synchrony Bank has violated a point of law, which can entitle you to a dismissal of the case or a reduction in the amount owed.

Synchrony Bank must document its allegations, and if it fails to do so, this can be used as an affirmative defense. According to Example 3, "the company must document its allegations."

If you've paid the balance on your credit card and Synchrony Bank failed to give you credit, this is a clear breach of contract, making it an affirmative defense. If you can show you paid, then you fulfilled your responsibility, and Synchrony Bank failed to account for it correctly.

Typical affirmative defenses against Synchrony Bank include:

By using affirmative defenses, you can level the playing field and negotiate a more favorable settlement agreement with Synchrony Bank.

You may be able to settle your debt with Synchrony Bank by negotiating a settlement, but it's best to have a lawyer determine if this option is right for you.

Synchrony Bank can prove you owe the debt and is entitled to it, which is a requirement for a settlement.

A settlement may be a good option if you can't afford to pay the full amount, and our Texas debt defense lawyers can help you reach a favorable settlement.

We can often reach a settlement amount less than the original debt, which can be a huge relief.

Our lawyers have experience representing consumers from creditors like Synchrony and can help you explore alternative debt resolution options.

You can get a free consultation by calling us at 888-584-9614 or filling out our online contact form.

Responding to a lawsuit from Synchrony Bank is crucial, even if you can't afford to pay the debt.

Ignoring a lawsuit can result in a default judgment, which can lead to a judgment that far exceeds the original debt.

A default judgment also gives the creditor the right to levy your bank account or garnish your wages, which can be devastating.

Filing an answer to the lawsuit is the first step in responding, and it should demand that the company prove you owe the debt and assert any affirmative defenses.

If the company can prove you owe the money, it may be wise to settle out of court, which can often result in waiving fees, interest, penalties, and some of the original debt itself.

Focusing on affirmative defenses and negotiating for a lower settlement often works best when dealing with an original creditor like Synchrony Bank.

Synchrony Bank is being sued for allegedly violating state usury law by imposing excessively high interest rates on CareCredit accountholders.

The lawsuit claims that CareCredit's interest rate of 32.99 percent per annum is far higher than the 16-percent maximum rate set by applicable New York law.

A Washington, D.C. resident, the plaintiff, was forced to take out a CareCredit loan when his cat fell critically ill in 2021, and he couldn't afford the $2,000 upfront treatment cost.

The plaintiff's account statement shows it would take 14 years and $7,752 to pay off the initial $2,000 loan if he made minimum payments.

The lawsuit alleges that Synchrony Bank's noncompliance with state usury law renders loans issued through CareCredit.com void.

The lawsuit aims to represent any CareCredit accountholders who signed up on CareCredit.com in the United States and accrued interest above 16 percent per annum during the applicable statute of limitations period.

If a credit card company sues you for an outstanding balance, they must prove you owe the money. To do this, they need to show a valid contract exists between you and the company.

A debt collection case from a credit card company is a breach of contract lawsuit. The company must present a copy of the contract to prove the existence of a valid contract.

The contract must prove that the company offered it to you, you accepted it, and valid consideration was given. Valid consideration could be the services the company provided to you.

The credit card company must also prove you breached the contract. This can be done by showing account statements and records demonstrating that you failed to pay the required amount.

The company must also show that it suffered harm. If you breached the contract but the company lost no money, then they cannot prove harm.

You should ask yourself if the charges are even yours, and if the amount in the suit is accurate when you receive a lawsuit or notification of a potential lawsuit.

In Florida, a four-year limit applies to breach of contract lawsuits, which means if too much time has passed, the case must be dismissed and you owe nothing.

Statute of Limitations laws supersede contract terms, so if a contract states a company has five years to file a lawsuit but the law only allows for four, the five-year requirement is invalid.

Many states limit or bar certain fees, and if you've been charged a fee that is unlawful, it must be dismissed regardless of what the contract reads.

If you're facing a lawsuit from Synchrony Bank, understanding Statute of Limitations laws can help you navigate the situation.

Here are some key things to keep in mind:

Federal debt collection laws, including the Fair Credit Reporting Act, can also protect you from unfair practices, but that's a topic for another time.