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Due to a layoff I had an account that I opened in 2000 charged off in Dec of 06. Not knowing, I made a payment of $150.00 to get caught up. Anyway, I tried to call immediately to make payment arrangemnts, but they were unreasonalbe and then I got laid off again (I am a contractor) a couple of weeks later. I am in the process of disputing items on my credit report and received an alert that a Judgemnt had been placed on my report. I have never been served and when I received a copy of my Equifax report it wasn't on there so didn't think it had been put on there, but come to find out it's on my Experian. Questions: I wrote a letter before realizing the Judgment was actually on there asking to settle for less then half the balance b/c I'm willing to pay half the balance - No responce to that yet. Can you negoitate a settlement on a Judgement for less then the balance???? I don't want to go to court - b/c I owe this charge, but don't feel after paying in good faith for 7 years it should be the full amount. IF I do have to go to court and get what my reading about here (a vacate of the Judgement) what does that mean? If I lose in court - what does that mean? Do they want the full balance immediately after they win or can you make payments (this is a $8,0000 studen loan account that i've paid on since 2000 and still owe $8,000.00) ??? HELP!!! Obviously I've never been in this situation before. Do I need an Attorney to help me negotiate a settlement?

Thank you in advance for any help!!

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I work with borrowers everyday reveiwing their credit reports. When a debt has gone into collection status. Sometimes you can negoicate the debt down.

When the debt is taken to court, a judgement is entered saying you owe the money. So the answer to your question - you owe that money, you have to pay it.

I'm not an Attorney, cannot say what is going if this happen if there goes to court.


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(this is a $8,0000 studen loan account that i've paid on since 2000 and still owe $8,000.00) ???

First things first, who have you been paying, and is this related to the judgment? Do you have a breakdown of the payments and balance? How much do you owe remaining?

Before you do anything, you will want to get a copy of the judgment to determine if you were properly served. Next, if you don't understand the rules of civil procedure for your locale, get help on filing a motion. Hire an attorney.

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