Offer to pay Judgment

[GettingBetter]

Can you offer to pay less than a judgment is for, and have any kind of success? I need to pay a $1900.00 judgment so our house will close and I would really like to save some of that money if at all possible. They (CA) don't know I need to close or even that I work. Do I have a chance? And if so what is a reasonable amount to offer? All I need to do is have it paid not removed and the SOL isn't even close. Thanks.....

[Trish]

It really depends on who holds the judgment. I have heard that some companies will settle for less. It definitely doesn't hurt to try.

I tried to do that with Midland and they wouldn't budge.

As far as how much to offer.....that's going to be up to you. You may want to start a little less than what you want to pay and let them give you a counter offer.......and possibly meet them half way.

Sorry......don't feel like I was much help. Hopefully they will work with you though. Good luck.

[jjgross]

Originally Posted by Trish

It really depends on who holds the judgment. I have heard that some companies will settle for less. It definitely doesn't hurt to try.

I tried to do that with Midland and they wouldn't budge.

As far as how much to offer.....that's going to be up to you. You may want to start a little less than what you want to pay and let them give you a counter offer.......and possibly meet them half way.

Sorry......don't feel like I was much help. Hopefully they will work with you though. Good luck.

A collection goon pays pennies on the dollar why should you pay more.I'd start at 20% of the total and work your way up from there.Their is a magic figure that will help you settle.If they know that your serious about settling they'll come around.Don't let them know your trying to close on a house.

[Trish]

Originally Posted by jjgross

A collection goon pays pennies on the dollar why should you pay more.I'd start at 20% of the total and work your way up from there.Their is a magic figure that will help you settle.If they know that your serious about settling they'll come around.Don't let them know your trying to close on a house.

But if they have a court ordered judgment, they can be as difficult as they want to be......kwim?
If they don't agree to what he offers them.......he can't really do anything because if he refuses, they can just garnish his wages.

[jjgross]

Originally Posted by Trish

But if they have a court ordered judgment, they can be as difficult as they want to be......kwim?
If they don't agree to what he offers them.......he can't really do anything because if he refuses, they can just garnish his wages.

Yes but some states you can't garnish wages and the most they can take is 25% so if he doesn't settle he can let it ride,and try to find a lender who would over look a judgement,not a lot out there but it can be done.

[GettingBetter]

This is what I'm thinking about sending.... they have no clue about the house or that I am employed. It is none of their business as far as I am concerned.

Dear Collection Manager:

It has come to my attention that your agency states I owe you a debt. This is an attempt to settle this debt.

Below is my offer. It is not a promise to pay nor does it constitute any agreement unless you sign and return it. I have questions to the legality of the service in this case. Actually, the paperwork filed with the courts shows that I was served my “Summons to Appear” improperly. I do not want to pursue a “Notice to Vacate” or my right to dispute this debt and request full proof of the obligation at this time.

Paying this unverified debt to you means little to me if we cannot mutually agree that you will report the debt as paid in full to the three major credit bureaus. I am hoping to resolve this issue directly with you.

Suffice to say, you hold all the rights to report the debt to the credit bureaus as you see fit and you can change that listing at any time as the source reporting the debt.

While I realize that your purpose is to collect debts as a collection agent, I am also aware of what a paid judgment would represent for me, which is still less than favorable, but is better than it showing as owing. That being said, I have verified through the bureaus that you have the absolute right to report this debt as you see fit or not report it at all.

Please do not quote to me that you are unable to change the listing or I will be forced to cease and desist our communication. In the end that would result in little to no satisfaction of this debt. I am currently unemployed, have no real estate or assets to attach and have no plan to pay this debt for any other purpose then credit repair, and having it listed as paid on my credit report so I can seek employment in the future. If I am unable to find appropriate employment in the future, it also may become necessary for me to file bankruptcy, which will again not benefit your company, as I have been assured by my attorney that your debt would be dischargeable under a Chapter 7 bankruptcy.

My goal is to arrange a term acceptable to both us, and since the service of paperwork (Summons) before you were awarded this judgment is questionable, as is the total amount you say I now owe, I am asking for your corporation in this matter.

I will pay your company the amount of $700.00 as payment in full fand full satisfaction of this judgment. Upon receipt of the above payment, your company has agreed to report this debt as paid on all three of my credit bureau reports. You also agree to accept this payment as being in full and to never transfer any possible balance to another entity. You also agree to send me a receipt showing that this debt is paid in full, so I will have written confirmation of payment if the major credit bureaus do not change the current listed information.

If you concur with these terms, please acknowledge with your signature and return it to me. In doing so, you agree to the terms herein, that they are confidential, and that you have the authority to make such decisions. No payment will be made without written confirmation.

Upon receipt of this signed acknowledgment, I will immediately mail you a money order via priority mail for $700.00. This is not a renewed promise to pay but rather a restricted offer only. If no terms can be met, no new arrangements will be made and the offer will be void.

Name of Creditor:

Signature of company officer :

Date:

Sincerely,

What do you think?????? Thanks

[Trish]

Originally Posted by jjgross

Yes but some states you can't garnish wages and the most they can take is 25% so if he doesn't settle he can let it ride,and try to find a lender who would over look a judgement,not a lot out there but it can be done.

Ah.....you are right jj. In my state they can garnish wages......wasn't thinking about that.

[Trish]

GettingBetter,
I'm kinda liking that letter. Not bad.......and it's worth a shot.
I have a couple of questions (if you don't mind)..

Were you really not served properly? I don't know how long the process for vacating a judgment is but I would personally want to do that instead of paying anything.

And....did you write this letter? If not, where did you find it? Just curious....

[CreditCrisis]

How do you send a letter like that if you cant even contact the person who filed the judgement? My husband has 2 judgements on his record. 1, which is for Ford motor but it was included in bk and they are just now filing the judgement (thoughts?) and the other is for a house we were renting but paid the guy the majority of what we owe and the rest is not our responsibility. It belongs to the other tenants.

When i sent validation letters to the only address' i had, it came back from the courthouse saying i could access the files but they couldn't send me anything.

Ugh..help!

[CreditCrisis]

Also, should i send a goodwill letter certified? thanks