Settle or Trial?

[TSOL68]

Hi, just need some advice. I'm being sued by Baxter Credit Union. They have my signature card. The total is $8300.00 including 3 years worth of interest. The attorney, at my request offered this settlement: a stipulation of judgement for the full amount, but acceptance of $5500 in ten timely payments as satisfaction of judgement. He gave only two days to return the stipulation, that sounds a little fishy to me. My question is should I take the deal or take my chances on court? Do judges enforce the full amount at trial?

Thanks!

[Denita]

I have to ask...If you stipulate (admit/agree) that the judgment is $8300 and you agree to settle for $5500 doesn't that give him the right to either come back at a later date for the balance plus interest on the judgment? Or, worse yet, sell the balance to someone else to collect?

If he is willing to accept $5500 and you agree to pay it, why stipulate to any judgement at all?

[Recovering Attorney]

the judgment is security for your promise to pay

Read teh stip: if they agree to take 5500 come hell or high water, then take it. If it is 5500 so long as you pay, or 8300 if you default in the payments, then tell teh lawyer you may need time to seek counsel. This will get him nervous and buy you some time. See if you can come up with a nice chunk now, say 500, and offer 4800

[admin]

Also, are you sure it's the credit union and not a law firm acting as a debt collector?

[TSOL68]

I am not sure if it the CU. But in the stip it wants me to make payments in the name of the CU, but send them to the attorney's address. Here is the stip:

Attorney for Plaintiff

IN THE SUPERIOR COURT, CENTRAL JUSTICE CENTER

COUNTY OF ORANGE, STATE OF CALIFORNIA

BAXTER CREDIT UNION, ) CASE NO. 30-2008-000XXXXX

)

Plaintiff, ) STIPULATION FOR JUDGMENT

)

Vs. )

)

SCOTT , et al, )

)

Defendant. )

_____________________________)

COMES NOW the parties hereto, BAXTER CREDIT UNION, Plaintiff, by and through their counsel, RONALD J. PULLEN, and SCOTT , aka , aka SCOTT A. , Defendant herein, and agree and stipulate as follows:

1. Judgment shall be entered in favor of Plaintiff herein and against defendant on the principal amount of $5458.99, plus interest in the amount of $2085.99, plus court costs in the amount of $350.00, plus attorney fees in the amount of $500.00, for a total judgment in the amount of $8394.67.

2. The Defendant shall pay $550.00 per month beginning November, 1, 2008, and continuing on 1st of each month until paid in full as specified in paragraph 3 herein, payable to Baxter Credit Union at 355 K Street, Suite O, Chula Vista, CA 91911.

[swirlgirl]

The thing is, if you sign the stip, you can end up with a judgment on your CR. If you have the money, you can try offering the cash and see if they'll dismiss the case since you're willing to pay.

[sparky256DSL]

Speak with a lawyer and see if there is a way they will take payments with NO judgement. Judgements are no good for your credit.