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Sued by Equable Ascent Financial? How to Settle It

George Simons | January 28, 2025

Fact-checked by Patrick Austin, J.D.

Patrick Austin
Attorney from George Mason
Patrick Austin, JD

Patrick Austin is a licensed attorney with a background in data privacy and information security law. Patrick received his law degree at George Mason University's Antonin Scalia Law School, where he served as the Editor-in-Chief for the National Security Law Journal.

George Simons
Co-Founder of SoloSuit
George Simons, JD/MBA

George Simons is the co-founder and CEO of SoloSuit. He has helped Americans protect over $1 billion from predatory debt lawsuits. George graduated from BYU Law school in 2020 with a JD-MBA. In his spare time, George likes to cook, because he likes to eat.

Edited by Hannah Locklear

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Summary: Sued by Equable Ascent Financial? File a written Answer to avoid default judgment and negotiate to settle your debt. Solo can help.

Do you have any idea what you would do if you were being sued? It happens every day. But if it were to happen to you, what steps would you take? Know that our legal system affords you basic legal rights in this process. But what if you are sued by a company that is no longer in business?

We realize that being served with a summons and being named in a lawsuit can be a disturbing event. The key is keeping your wits about you. You see, time is of the essence. What is the best way to settle the lien with Equable Ascent Financial since they've gone out of business?

Where to start? Your job now is to arm yourself with as much information about Equable Ascent Financial LLC as you can. The fact that they are no longer in business just makes the situation slightly more complex.

Who was Equable Ascent Financial LLC?

Equable Ascent Financial LLC was a debt buyer located in Buffalo Grove, Illinois, and was a Delaware corporation. Aggressive in the pursuit of the debt they purchased, they filed many lawsuits in attempts to collect account balances or secure default judgments.

Who did Equable Ascent Financial collect for?

As a debt buyer, Equable Ascent Financial was not the original creditor. Rather, they purchased charged off accounts from various companies operating in different sectors of the economy.

Sued by a debt collector? File a response with SoloSuit to avoid default judgment.

How to negotiate and settle your debt

No matter where you are in the debt collection process, you have the ability to try and negotiate a debt settlement, even after being sued by the debt collector. By way of background, a debt settlement offer basically requests that the debt collector consider accepting a reduced amount than what is owed. Many debt collectors are open to considering such an offer since it provides an opportunity for the company to actually collect on the debt.

Below are some recommended steps to consider taking to effectively negotiate a debt settlement with Equable Ascent Financial or any other debt collector:

  1. Take the time to assess what you can reasonably pay toward the amount owed. For example, could you reasonably pay 45 percent of the amount owed and still have sufficient funds to cover your living expenses? If so, then you can use this calculation to help determine where you want to go in the settlement negotiation process.
  2. Reach out to the debt collector and propose a settlement through a debt settlement letter. The debt settlement letter formally requests that the debt collector consider your offer.
  3. Your proposed opening settlement offer should generally be lower than the amount you calculated in Step 1 above. This is important because making a lower opening offer will leave you room to negotiate upward if the debt collector rejects your initial offer.
  4. It is recommended all settlement communications are memorialized in writing.
  5. If you are able to reach a settlement agreement, draft a formal Debt Settlement Agreement memorializing the terms.
  6. Both parties need to sign the Debt Settlement Agreement.
  7. Make sure to pay the agreed amount in a timely manner.

Learn more about how to settle your debt with Equable Ascent Financial by watching this informative video:

How Can Solo Help?

10 million Americans who are sued for a debt. Of these people who are sued, over 90% of them lose by default because they just don't know what to do. Don’t make the same mistake.

With Solo resources, you can respond to a debt collection lawsuit to avoid default judgment and buy yourself time to negotiate and settle outside of court. Solo’s technology helps streamline the legal response process and settlement negotiations. You don't need to be a legal scholar to understand and implement the guidance you receive. However, you ought to know where to go for the help that is designed for someone like you.

It's been said that the smartest person in the room may not have all the answers. But that person knows where to go to get the answers. That's where you need to be when you find yourself in the situation with Equable Ascent Financial.

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