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Wolpoff & Abramhamson- Want me to sign letter to agrrement- need advice!


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Edited to Add: SORRY I CANT SPELL!!! WOLPOFF & ABRAMSON want me to sign letter of Agreement!!!

I received this letter to sign a new agreement with them for the balance of my account. I would like some insight on this. I have been told or advised somewhat to NOT sign it and I agree, but what do I go back with to say I WONT sign this?

Any advice would be great!

Thanks!

Jen

(I tried to attach, but the file was too big. If it cant be read this way, please let me know and I will email it.) Thanks.

PAGE 1

My Name

Re: Credit Card Company

My Name

Our File No: XXXXXXXX

Dear XXXXXXX:

I am enclosing an original and two copies of a Settlement Agreement which will be filed with the

National Arbilration Forum advising them of the settlement of this matter. Please sign and rehlrn the original

and one copy of the Settlement Agreement to our law office. After the Settlement Agreement is filed with the

FOIX~wI,e will stay further action so long as we receive the payments as stated in the agreement.

Checks or money orders should be made payable to our client ahd mailed to our law office. I am

enclosing a self-addressed envelope fory our convenience in making the first payment .....

. . . ., . . . .. . . . . . .

Very truly yours,

PAGE 2

IN THE

NATIONAL ARBITRATION FORUM

Credit Card Company *

Claimant q:

VS. :la Forum File No.: XXXXXXXXXX

XXXXXXXX(NAME) :I;

Respondent L

SETTLEMENT AGrnErnNT

The Parties agree that this matter may be stayed indefinitely and shall be resolved by the payment from

Respondent to Claimant of $6,000.00 plus attorneys fees, interest and costs, less credits of $3,700.00 as prayed

for in the Arbitration Claim filed against the Respondent, on the following schedule:

$225.00 by February 19,2007 and then

$225.00 per month beginning March 19,2007 until paid in full.

If an'krbitration award was previously entered in this matter by the NAF, the parties jointly consent to the

reopening, reconsideration,.ac vncation ~ f t hAeW arrl. The're$Zter, the parties jointly agre.e that.a stay shall. be

enterea pending completion of the terms governing this Agreement,

In the event of the faiIure of the Respondent to make the payments required by this Agreement, Respondent

hereby agrees as follows: (1) without the necessity of further Notice to the Respondent, and with the consent of

both parties, the stay requested in this Agreement shall be lifted; and (2) an Award shall be entered against the

Respondent and in favor of the Claimant for the full balance prayed for in the Arbitration Claim including any

interest. costs and attorney's fees, as prayed for, less any credits prior to default.

Additionally, by executing this Agreement, the Respondent acknowledges receipt of the initial claim

documents and consents to service of process in accord with the National Arbitration Forum's Code of

Procedure Rule 6.

Respondent also agrees that by signing this Agreement, the statute of limitations for Claimant to enforce any

arbitration award issued as a result of this Agreement, or issued prior to the entry of this Agreement, will be

tolled.

February 20,2007

Signature:

Respondent or Authorized Agent

Printed Name: ,

Respondent or Authorized Agent

WOLPOFF & ABRAMSON, L.L.P.

Attorneys in the Practice-tion

T

BY:

Connell A. Loftus (VA, W V , ~TX, , GA) &a.~ g k o r d(T X)

Laura L. Bedford (TX) H. L& (TX) ,

Anthony C. waddell (TX) Candice M. De La Garza (TX)

Claudine V. Espinosa (TX) Kelly E. MacBeth (MD, DC)

Grace I. Cheng (MD,D C) Bernard C. John (PA)

THANK YOU!!!!

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Wow...I'm not a lawyer, but for what its worth...

Its my understanding that before an NAF "award" really means anything to you, it needs to be turned into a judgement in your local court. Basically, what W&A is asking you to do is sign away your rights to a court hearing on this matter.

(The arbitration process already tried to take away your rights to the protection of the FDCPA. Now they want you to roll over and cough up money.)

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willing is right.. again of course.. it means nothing until its turned into a judgement.. go over to the site.. givemebackmyrights.com...

i would seriously wonder about signing this and the part about tolling the SOL.. wow never saw that before.. if you decide NOT to you dont have to give them a reason.. but be prepared for them to take you to court to have a judgement entered.

If you feel this is a good deal.. then sign it.. that is one interesting piece of paper though

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If you didn't negotiate a settlement with them, I'd roll this up and use it to light a bonfire.

This agreement doesn't specify what the attorney fees are or the interest rate and costs they will apply.

Based on the principal of $6000 alone at $225 a month you would be paying this back for over 2 years. With compound interest likely in the 30% range* and whatever undisclosed attorney fees they intend to add, this could be 5 or 6 years before it's paid off.

*remember this is NOT a judgment so statutory rate does not apply, they can charge ANY rate they want subject to state limits, just like a credit card can.

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This is actually a different debt than the one I currently have posted about. Ugh...these are the only two debt bills I have and both are a big deal b/c of all this legal mess!

So what does anyone suggest I do? Honestly I dont want to go to court. I want to pay this and it be gone (or hopefully be gone!!). I am already fighting the other debt issue and I dont want to deal with this one too. THe first one I posted about was already too much for me to deal with (expierence). But again, I dont want to throw away my rights!!!

I have to figure out what I am doing soon and respond or they will think that I am not responding and sue me anyways! LOL

Not sure if I can rewrite something and send it back in excluding a few things they have noted in that letter or if I should cross them out and send it back for revisions before signing? I just dont want to try and keep my rights and doctor the letter up and I turn around and get another judgement against me. As far as I know there is no judgement against me with Wolpoff. But again I was never told of the one with the the other issue!

Thanks!

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I'm honestly not sure. There's a lot of questions there.

For example, I know that the NAF rules do contain something about legal fees. I'm not sure that you'd be liable for their fees.

Have you sent them any money yet? If you've got money to work with, have you contacted the OC directly? I'd rather send it to them...

I think if it were me, I'd send it back unsigned. Let them take it to court. If they get a judgment, then you'd at least have the court controlling where the money went and making sure it was accounted for...

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This isnt a new debt. Basically I was set up under automatic withdrawls and they on their own stopped drafting out of my account. Around Xmas time I got a certified letter of the very first letter they sent me back in 2004 saying I needed to contact them. I did and this letter was sent to me after I sent them a debt verification letter. The balance they say is true to what my records have and there is nothing that is wrong with the amount of money they say I owe?? I just dont understand the NAF with the connection with Wolpoff. That part I dont know. And honestly I have not had any problems with Wolpoff so I dont know that if I call them they will tell me? I can ask questions about it to them, cant I?

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Yes it was in writing to do auto "Checks" each month until paid if full. THe original bill started around $7K.. I have yet to have any problems with Wolpoff so far on amount of payments or balance or really any discrepancies with my account with them.

I am not saying I Trust them, but I havent had any issues to think I would in the future. I just dont understand the letter I received. Its like I am being sued at the same time for this amount that they are wanting me to agree to monthly?

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You really need a lawyer's advice here, but, if it were me, I'd be inclined to send their most recent letter back to them, unsigned, along with a copy of the original agreement...and demand a full accounting of where the current balance stands. I know it sometimes standard practice for a law firm to go ahead and get a default judgment just in case you stop paying...but I've never heard of a "default arbitration award" after you've already been paying.

Its almost as if they realize they've been doing something wrong and want to correct it before you find out...

Don't sign.

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I agree with the fact that I think they figured out they screwed up and want to correct before I figure it out or call them on it.

I do know they stopped deducting out of my account and really had no explanation as to why...so I am assuming this is their screw up. I do get monthly statements from them on where my balance is and it ususally reflects the year or entire account to current.

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Did I read this right?

On an original debt of $7000 and over two years of payments at $150 a month they say the principal has been reduced by only $1000.

You are getting ripped big-time and need to get a lawyer to audit the payment history on this.

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