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When requesting a settlement amount, what percent of the debt do they usually accept? Is it generally 30-40% of the debt or more?

I owe $2,192 on a judgement and just want to get a figure in my head before approaching.

[Edit by ali77 on Thursday, February 6, 2003 @ 12:14 PM]

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A lot depends on how long its been hanging out there unpaid. The older it is, the less they're willing to take. If its still 'fresh' its unlikely they'll settle for less than 50%, but you may get lucky. The key is to start LOW, give yourself some room for negotiation up to the amount you can pay.

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If it were me, I'd start my settlement offer at 25%, then, if they won't agree, up it by 5-7% and keep at it until I get to my max percentage. Ya never know, you might get lucky and they'll take the 25% ! My fiance got an old debt settled for less than 5% of the total. The bad thing is, at that time, I didn't know about SOL on debts and he paid (S)CAMO on something he didn't have to :(

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<blockquote>Originally posted by LadynRed

If it were me, I'd start my settlement offer at 25%, then, if they won't agree, up it by 5-7% and keep at it until I get to my max percentage. Ya never know, you might get lucky and they'll take the 25% ! My fiance got an old debt settled for less than 5% of the total. The bad thing is, at that time, I didn't know about SOL on debts and he paid (S)CAMO on something he didn't have to :(

</blockquote>

Ladynred,

This is for a judgement and I want it removed. So do you think they would take 25% with the restriction that they have to remove it from my credit report? I'm going to make the offer in about 2 weeks when I have the money in my account to settle. I will use your advice. hopefully it works and i only have to pay 25% of the debt and will have it removed!

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You're not going to get it removed directly from your credit report at first. IF they accept your settlment offer, they will have to file with the court that the judgment has been satisfied. Once satisfied, you may have some success in getting a judgment removed. That's a hard one, judgments are public records and the CRA's have people who do nothing but sweep public records for this info as well as buying it from places like Dolan.

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<blockquote>Originally posted by LadynRed

You're not going to get it removed directly from your credit report at first. IF they accept your settlment offer, they will have to file with the court that the judgment has been satisfied. Once satisfied, you may have some success in getting a judgment removed. That's a hard one, judgments are public records and the CRA's have people who do nothing but sweep public records for this info as well as buying it from places like Dolan.

</blockquote>

ladynred,

i read somewhere that I can send send the lawyer a letter basically offering to settle the debt in exchange for him listing the judgment as dismissed. This will save him time and money trying to collect the judgment and will help me recover from the negative entry against me. Should I send the letter or call and if I send the letter and he signs it can i just send a copy to transunion for them to delete it?

If you agree to "dismiss" the judgment upon full and final payment of $_________, then you must sign this offer and acceptance.

Judgment creditor name & signature __________________________________

Date signed _________________________

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<blockquote>Originally posted by Candy

Were you served properly for this judgement? If not, you maybe able to get a reversed judgement and pay 0. SOL on judgements are longer in most states and you may open yourself up for "intense collection activity"

</blockquote>

candy,

i wasn't served correctly but i did go to court. they left the summons in my mail box. i never signed for anything. BUT I DID go to court. so i don't think i can get a reversed judgement because i did GO.

I worked out a payment arrangement with the lawyer to pay 60 bucks (this was in sept 2001) every month until jan 2002. i did that and contacted him to ask --what's next? and he said that i had to go back to court and it was continued until april and i would receive notice -- which i never did. So basically i never received notice to appear in court again and i haven't followed up with him.

So now i'm going to send him a letter saying somehting like -I have been offered an amount from a close family member to pay you $____ to settle the full debt and have the judgment dismissed.

This will save them time and money trying to collect the judgment and will help me recover from the negative entry against me.

I hope this works!

[Edit by ali77 on Wednesday, February 12, 2003 @ 08:27 AM]

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