lostindebt Posted January 24, 2007 Report Share Posted January 24, 2007 Can anyone tell me what a Stipulation of Settlement is?I was sent this by an attorney to sign and send back to them.It looks like a legal paper that says I will pay $25 per month on a charged off credit card.Total amount due $2273.11, together with interest on $2007.61 from 6/6/06,at the rate of 24.900% per annum as follows:$25 per month due on the 25th of each month. They allready have a judgment but will not enforce it as long payment is made on time every month.Also they will issue a satisfaction of judgement when paid in full. Link to comment Share on other sites More sharing options...
Leadhead Posted January 24, 2007 Report Share Posted January 24, 2007 It's basically a contract for repayment. Actually it's decent of them to do this rather than them enforce the judgment and garnish your wages, bank accounts, etc. Link to comment Share on other sites More sharing options...
willingtocope Posted January 24, 2007 Report Share Posted January 24, 2007 I looked over some of your earlier posts, and, the last I saw the judgement was NOT real. It hadn't been filed yet.A "Stipulation of Settlement" could just be the law firms way of getting you to sign something that says you agree to send them money. You may not have to do this. Send a private message to Recovering Attorney and ask his help... Link to comment Share on other sites More sharing options...
BobbyT Posted January 24, 2007 Report Share Posted January 24, 2007 If indeed a judgment is in effect and after the time limit to appeal. It may be a good deal. I would make sure that, in writing, from the original grantor of credit, that should you perfom as promised they will post a paid as agreed to the credit bureau's. A collector has no power to post, lawyer or not. That way you can turn a negative into a positive. Beware, it could also be a stall tactic to pass above said time limit, leaving no option but the agreement to stave off the harshest effects of the judgment. However, you will still have a judgment against you for years. Once issued it is hard to revoke and a matter of public record. You should have recieved in the mail - a proclimation of some sort of the issuance of judgment from the courts. Verify that there is nothing wrong with their complaint filed, for you may still be able to appeal should you want to do so and thereby prevent having a judgment against you on your reports. Go to your local bar association and see who they have to look at it first. Make sure that all the legal requirements of issuance are satisfied as per state and federal statute, as once you sign, make the first payment you have no method of greivance and must fufill the contract.BobbyT Link to comment Share on other sites More sharing options...
Recovering Attorney Posted January 24, 2007 Report Share Posted January 24, 2007 Why would you pay 25% interest when the interest on a judgment is only 9% in NYS. Even with the Sheriff's vig of 5%, a garnishment is cheaper. $25/mth until paid off? Link to comment Share on other sites More sharing options...
Methuss Posted January 24, 2007 Report Share Posted January 24, 2007 A $25/mo payment on $2273 @ 24.9% doesn't even cover the monthly interest applied. This deal effectively indebts you to them forever with a balance that continually grows.Bad deal, and deceptive to boot. Link to comment Share on other sites More sharing options...
IHateCAs Posted January 24, 2007 Report Share Posted January 24, 2007 I question the ability of a JDB to add 24.9% interest as a new agreement to pay a debt. Link to comment Share on other sites More sharing options...
Methuss Posted January 24, 2007 Report Share Posted January 24, 2007 I question the ability of a JDB to add 24.9% interest as a new agreement to pay a debt.If you sign it, you're creating a new contractual obligation. It's possible to argue that the contract lacked consideration or that it was unconscionable, but that's an up-hill battle. If this document was prepared by a lawyer, skilled or not, it probably has all the right safeguards to survive scrutiny. Link to comment Share on other sites More sharing options...
IHateCAs Posted January 24, 2007 Report Share Posted January 24, 2007 If you sign it, you're creating a new contractual obligation. It's possible to argue that the contract lacked consideration or that it was unconscionable, but that's an up-hill battle. If this document was prepared by a lawyer, skilled or not, it probably has all the right safeguards to survive scrutiny.What about the um... state usury thing? Link to comment Share on other sites More sharing options...
Methuss Posted January 24, 2007 Report Share Posted January 24, 2007 What about the um... state usury thing?Thank the Supreme Court on that. Any lender can "export" their own State's usury limits to any other State. All they have to do is put a section in the contract that says "This contract subject to the laws of Delaware" and then usury goes *poof*. They just have to have a presence in the State they claim...and that need only be a registered agent. Link to comment Share on other sites More sharing options...
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