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happyheart

Some questions about settling a default judgment

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I want to settle a default judgment against me.  I received a settlement letter today for 50%. 

 

1. How can I make sure I'm paying the right company? The company who got the judgment against me was Midland, but the people offering the settlement are Greene and Cooper LTD. (They sent a copy of the judgment attached to the letter. Does that prove they're the correct people to pay?)

 

2. They offered 50%, but I can't afford that. The amount is $2800. Do you think there's a chance they'd accept $600, or would they laugh at that offer? lol

 

3. After I've settled with them, it better for them to put "paid" or "settled" on my credit report?

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I want to settle a default judgment against me.  I received a settlement letter today for 50%. 

 

1. How can I make sure I'm paying the right company? The company who got the judgment against me was Midland, but the people offering the settlement are Greene and Cooper LTD. (They sent a copy of the judgment attached to the letter. Does that prove they're the correct people to pay?)

 

2. They offered 50%, but I can't afford that. The amount is $2800. Do you think there's a chance they'd accept $600, or would they laugh at that offer? lol

 

3. After I've settled with them, it better for them to put "paid" or "settled" on my credit report?

 

Greene and Cooper is a debt collection law firm that represents Midland in the Metro-Atlanta area in their lawsuits.  They are most likely collecting the judgment for Midland.

 

2.  I think there is NO chance they accept less than 10% when in GA they can garnish you for all of it and a lot more with their fees and post judgment interest.

 

3.  It is the same either way.  If you are going to negotiate I would ask them to vacate the judgment once paid.

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So after I pay, if they agree to vacate the judgment, it would be completely removed from my credit report?

 

Yes.

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Can anyone please help me with writing a letter to ask this? I'd like to settle for a lower amount, plus asking them to vacate the judgment once paid?

 

It doesn't need to be fancy.  You simply address the letter to them with ALL the terms of your offer of settlement.  They will accept, reject, or make a counter offer.

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How about this? Also, should I ask that the letter be signed, and if so, who do I ask to sign it? Also, if I'm asking for them to vacate judgment, do I also ask them to file a satisfaction of judgment?

 

Dr. XX.

 

Thanks for your offer to settle my debt. I would like to settle the debt for $700. That is all I can afford. I will send this money if you agree, in writing, on paper with company letterhead, that you will file a motion to vacate the judgment against me no later than 10 days after receiving payment, and that the $700 is settlement in full of this account. And that I cannot be sued for any further amount of money regarding this judgment/debt. Once you agree to these terms in writing, I will send payment.

 

Thanks,

XXX

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I want to settle a default judgment against me.  I received a settlement letter today for 50%. 

 

1. How can I make sure I'm paying the right company? The company who got the judgment against me was Midland, but the people offering the settlement are Greene and Cooper LTD. (They sent a copy of the judgment attached to the letter. Does that prove they're the correct people to pay?)

 

2. They offered 50%, but I can't afford that. The amount is $2800. Do you think there's a chance they'd accept $600, or would they laugh at that offer? lol

 

3. After I've settled with them, it better for them to put "paid" or "settled" on my credit report?

 

(I see that Clydesmom has answered this for you, but I just wanted to clarify for you, that just because someone has a copy of the judgement and nice letterhead doesn't prove anything. Almost anyone can get a copy of your judgement and send you a letter claiming to be the one you need to pay).

 

Good luck, happyheart

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You might also add that the account is NOT to be sold. You can try for a no 1099-C to be issued, but doubt that will work as they must adhere to the IRS laws that anything over $600.00 MUST be reported to the IRS for taxes. Like I said, you can try putting that in. Make sure you send it CMRRR, include a copy of their letter with it. Make sure that you DO NOT give them any banking info of yours and if you do pay, send a money order from another bank or the PO. Not a personal check with all your info. Advise them that will be the best offer that you can do and if they refuse, they get nothing. 

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