I would file the motion to set aside the judgment. Rather, what I do in these cases is send H&H a letter threatening to file, and outlining the facts. Often they will stipulate to set aside the Judgment at that time. Once they re-file, a good credit card defense attorney (ahem) can often get a dismissal or, at very least a significant reduction in the amount at issue, by offering a strong defense.
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Have an attorney negotiate on your behalf. There are issues in these types of cases that you do not know about. Credit reporting. Receiving a 1099-C and paying tax on any negotiated reduction. Etc.
Also, 473.5 is not the only grounds for a motion to vacate.
If you can get the judgment set aside, then dispute any attempt to sue you again. If not, you can always try to settle. Explore all options first. If you settle the deb, you might want to familiarize yourself with IRS Form 982 and its instructions.
Mr. Goldstein is a Virginia-licensed attorney only. The information is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. Answering this question does not in any way constitute legal representation. Contacting Mitchell Goldstein or the Goldstein Law Group does not constitute legal representation, nor is any information you provide protected by attorney-client privilege until otherwise advised.