sjohnson11 Posted March 26, 2012 Report Share Posted March 26, 2012 I have a Capital one lawsuit that I am going to try and settle. Their is a pretrial hearing coming up........roughly $8000 5 years old. What do I ask for settlemet amount given this is already a lawsuit ?If their is a setllementt agreed upon....when will case be dismissed? Will this be a consent order or stipulated judgement ?? I am assuming I would ask for Consent Order vs any type of judgement? I am trying to settle with this not going on record or credit report and not sure how to go about it. Thanks Link to comment Share on other sites More sharing options...
susan374 Posted April 19, 2012 Report Share Posted April 19, 2012 Bump, I have a similar situation. Can anybody help us?Much appreciated,Susan Link to comment Share on other sites More sharing options...
willingtocope Posted April 19, 2012 Report Share Posted April 19, 2012 Its almost certainly already on your CRs...and, if you settle for less than the full amount, they'll mark it as "settled for less". If you don't give them a lump some, they will probably require a stipulated judgement to let you make payments.Five years is a long time for an OC to hold onto this much...are you sure it hasn't been sold. Link to comment Share on other sites More sharing options...
Coltfan1972 Posted April 19, 2012 Report Share Posted April 19, 2012 Bump, I have a similar situation. Can anybody help us?Much appreciated,SusanI'd start my own thread and give a lot of specific details. The reason this thread did not get a lot of response is because the question was way too broad. Every situation is different and the creditor will look at each person and apply a different strategy for fighting or settling. For example, if you are on disability and judgment proof, they will probably settle for 10% just to get something. If you are 23, just getting out of college and have a lot of earning potential, they probably won't settle for less than 80% of the balance, if at all. You don't have to give a ton of personal information, but more than just what should I do without a lot of background on your specific situation. Link to comment Share on other sites More sharing options...
TomnTex Posted April 20, 2012 Report Share Posted April 20, 2012 (edited) The SOL in Main is six years, if you can hang on another year you could probably tell them to go pound sand. What was the date of the last payment on the account? As Colt said, we need a lot more info. If they are just talking about a lawsuit, you can try and drag it out, but, if they have actually started, then the SOL is tolled. Edited April 20, 2012 by TomnTex Link to comment Share on other sites More sharing options...
options Posted April 20, 2012 Report Share Posted April 20, 2012 Wrong. The SOL is tolled as of the day the suit was filed. If it was filed within the SOL, then the SOL issue is moot even if it takes another decade to litigate. Link to comment Share on other sites More sharing options...
Recovering Attorney Posted April 20, 2012 Report Share Posted April 20, 2012 I'd say you start at 2k, and anything under 4 would be fine. Go in there with a plan to pay, you'll make a freind of the judge Link to comment Share on other sites More sharing options...
sjohnson11 Posted April 22, 2012 Author Report Share Posted April 22, 2012 Would it make sense to call the collection attorney for Cap1 and settle before the pre trial hearing....or does it matter either way. The hearing is in a few weeks. Just wondering if I am risking/gaining anything by waiting for the hearing to settle. Thanks Link to comment Share on other sites More sharing options...
willingtocope Posted April 22, 2012 Report Share Posted April 22, 2012 As I said, 5 years is a long time for the OC to hold onto a debt...First order of business is to find out if the debt has been sold. If it has, your credit reports will say "Sold to another lender" and the OC's balance will be $0.If Crap 1 does still own it, call them directly and ask for the resolution department...see what you can work out with them. You'll have to be persistent to get thru...don't punch in your CC number...you want to talk to a real person.If it has been sold...read all the threads on the board here about dealing with a junk debt buyer. They paid pennies on the dollar for your name on a list and seldom have enough proof that you owe anybody money. Link to comment Share on other sites More sharing options...
sjohnson11 Posted April 22, 2012 Author Report Share Posted April 22, 2012 As I said, 5 years is a long time for the OC to hold onto a debt...First order of business is to find out if the debt has been sold. If it has, your credit reports will say "Sold to another lender" and the OC's balance will be $0.If Crap 1 does still own it, call them directly and ask for the resolution department...see what you can work out with them. You'll have to be persistent to get thru...don't punch in your CC number...you want to talk to a real person.If it has been sold...read all the threads on the board here about dealing with a junk debt buyer. They paid pennies on the dollar for your name on a list and seldom have enough proof that you owe anybody money.It it still with original creditor thorugh collection attorney and was not sold to JDB.....this has been in court for several months and I am ready to settle. Would resolution department even deal with me at this point ? ...pre trial hearing in a few weeks. If you were ready to settle would you just wait til hearing and do it there or call ahead of time? Link to comment Share on other sites More sharing options...
kutuzov Posted April 23, 2012 Report Share Posted April 23, 2012 My personal expirence with Discovery and Crap1.Crap1 would not settle for less than 60% cash. That's all they offer and I pull it a bit in court but got no clue what I was doing at the time so I lost. Still after judgement they wanted 60% cash. The problem was that they got pretty much all the evidence needed to win. I got a creditor judgement now from them. Might pay them next year with the tax return.Discover They filled out of SOL, per Delaware choice of law, so I answer with a motion to Dismiss. They offer to settle for 50%, I offer them 25% and they accepted.I always try to settle with the lawyers, since the OC gave them the account so at this point they wouldn't talk to me.Settlement depends a lot on the contract the lawyer got with the OC, they got a guideline to settle for up to say 50% of the debt, and if you are young old, got good wages, assets or not, etc. If they know they can screw you then they won't settle for a small sum, if they know you are judgement proof they might get more generous with the settlement, it really depends on the particular situation. Link to comment Share on other sites More sharing options...
Coltfan1972 Posted April 23, 2012 Report Share Posted April 23, 2012 You deal with the other sides attorney, not their client. It's not the fatal error as it is in criminal court to talk directly to the party and bypass the attorney, but it's still frowned on. Link to comment Share on other sites More sharing options...
options Posted April 23, 2012 Report Share Posted April 23, 2012 (edited) You deal with the other sides attorney, not their client. It's not the fatal error as it is in criminal court to talk directly to the party and bypass the attorney, but it's still frowned on.Only attorneys are barred from communicating directly with an opposing party who's represented by counsel. A pro se party, or an attorney's client, can talk to whomever they like. Whether that bears fruit is another question. Edited April 23, 2012 by options Link to comment Share on other sites More sharing options...
sjohnson11 Posted April 23, 2012 Author Report Share Posted April 23, 2012 Thanks for the feedback....I will probably talk with the lawyers. Would you wait til pre trial hearing to discuss settlement or does it matter? Link to comment Share on other sites More sharing options...
kutuzov Posted April 24, 2012 Report Share Posted April 24, 2012 My point of view, is that you need to let them know you're up to a fight, if they smell fear of a law suit they will not settle for less than 70% or even more, but if they know they have to give up thier default business and actually go to court and lose time, they will be more open to a more generous settlement.I tell you a story, my wife is scare to death to talk with the judge so her only option was to settle or get a judgement. We went to the pretrial conference, the conselor wanted 2000 or so cash in 30 days for a 2500 debt. I said no way I got no such money, I offer them 600 in 12 payments of 50, she said it was too low, then my wife throu in 400 cash and the 600 in installments, she said no, and after some more talking we agreed on a continuance. Then my wife filed an answer and a motion to dismiss, as soon as they recieved it, they sent a letter offering a settlement for 50%, about 1250, with an expiration date about 5 days before the next pretrial. I let it expire and my wife call them 3 days before the hearing. Same thing she offer 600 in 12 monthly payments, the lady told her no, so she said thank you, 20 seconds later the lady call back, and said she was gonna ask the client if they would accept the settlment. We went to the hearing and they were so nice it was like a tea party, that they want to accept the settlement but thier client didn't respond yet, so they asked for a new continuance, and we accepted, about a week later the lady called and talk to my wife that the client accepted the settlement offer.So my opinion you could offer them something before trial, maybe not more than 30-40%, and go to the hearing and see what they got to say, if you don't get to agree just ask them for a continuance to work it out, and in the mean time find out what's wrong with the complain, and do an answer based on that, I'm sure the lawyer on the other side will prefer to settle for what you offer than to be in court for a full trial. I don't know in your state how it works but here in Florida you get a sort of settlement conference before you get to answer the complain.So make them belive you will fight, but will prefer to settle on your term. Link to comment Share on other sites More sharing options...
sjohnson11 Posted April 24, 2012 Author Report Share Posted April 24, 2012 My point of view, is that you need to let them know you're up to a fight, if they smell fear of a law suit they will not settle for less than 70% or even more, but if they know they have to give up thier default business and actually go to court and lose time, they will be more open to a more generous settlement.I tell you a story, my wife is scare to death to talk with the judge so her only option was to settle or get a judgement. We went to the pretrial conference, the conselor wanted 2000 or so cash in 30 days for a 2500 debt. I said no way I got no such money, I offer them 600 in 12 payments of 50, she said it was too low, then my wife throu in 400 cash and the 600 in installments, she said no, and after some more talking we agreed on a continuance. Then my wife filed an answer and a motion to dismiss, as soon as they recieved it, they sent a letter offering a settlement for 50%, about 1250, with an expiration date about 5 days before the next pretrial. I let it expire and my wife call them 3 days before the hearing. Same thing she offer 600 in 12 monthly payments, the lady told her no, so she said thank you, 20 seconds later the lady call back, and said she was gonna ask the client if they would accept the settlment. We went to the hearing and they were so nice it was like a tea party, that they want to accept the settlement but thier client didn't respond yet, so they asked for a new continuance, and we accepted, about a week later the lady called and talk to my wife that the client accepted the settlement offer.So my opinion you could offer them something before trial, maybe not more than 30-40%, and go to the hearing and see what they got to say, if you don't get to agree just ask them for a continuance to work it out, and in the mean time find out what's wrong with the complain, and do an answer based on that, I'm sure the lawyer on the other side will prefer to settle for what you offer than to be in court for a full trial. I don't know in your state how it works but here in Florida you get a sort of settlement conference before you get to answer the complain.So make them belive you will fight, but will prefer to settle on your term.Thank You!! Link to comment Share on other sites More sharing options...
mcjohn Posted May 8, 2012 Report Share Posted May 8, 2012 I also think, is that you need to let them know you're up to a fight, if they smell fear of a law suit they will not settle for less than 70% or even more, but if they know they have to give up their default business and actually go to court and lose time, they will be more open to a more generous settlement. Link to comment Share on other sites More sharing options...
Deepdoodoo Posted June 21, 2012 Report Share Posted June 21, 2012 Continuance...What is this? how/why did it come to this?Is this common?Then my wife filed an answer and a motion to dismiss,How does an AtD help?And, on what bases (why) does one do this?How does MtD help?And, on what bases (why) does one do this? Link to comment Share on other sites More sharing options...
SuperproducerTS Posted July 5, 2012 Report Share Posted July 5, 2012 I waited until after a judgement to start talking to them. They are willing to negotiate even with a judgement in their favor, which I think is odd, but it will save me some $. Link to comment Share on other sites More sharing options...
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