Financial factors in debt settlement letter

[BigJT]

In writing a settlement offer/pay for delete, should you give information about your finances that might make them more likely to settle with you? For example, if someone has made below poverty-level income for the past few years, has no real estate or garnishable assets, and is possibly even judgment-proof, does he put that info in his settlement offer in hopes that the creditor will be more likely to settle?

[TomnTex]

In most cases they don't care and will ignore it. All they want is the money regardless of what you have to do to get it for them. Most likely you will restart the SOL if you give them a dime or promise in writing to do so.

That being said, I did use that argument in two of my situations and it seemed to have helped slow them down. But, with the millions of people to pick and choose from the past few years, they will eventually get to you.

[Coltfan1972]

I'd never put that in writing. You might argue that over the phone with them. You really don't want to discuss your financial in writing.

There are way too many ways for that type of innocent sounding disclosure to come back and bite you. For example, have you ever fudged your worth or finances in an effort to gain credit? There are many other things that can bite you.

[credit911]

Is it OK to say that you are considering bankruptcy (which I have but opt to settle instead) just so they can agree to compromise on a settlement amount?

Also, is it OK to tell them you have no assets or any property (which is true in my situation)?

Lastly, if the collection agency is represented by the judgment creditor, should I be discussing the terms and conditions of their settlement offer with the latter?

I am planning to settle with the judgment creditor but have a hard time outlining the proper terms and conditions.