guyer6719

Credit One LLC

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Hi All!  It's been a while.  Hope everyone is okay under the circumstances.

I have been wanting to settle and old debt with Credit One.  It was a judgement from 2003.  Was eventually "sold" or given to an attorney to handle/collect.  I guess that attorney didn't make good on it, it was given to another attorney.  I was under the impression until now that creditors sold these debts to law firms, but I think the original creditor is still involved.  The attorney told me that they would have to present any offer of settlement to the creditor.  I have been to this point before with the law firm.  Just so happens that the person that I spoke with at the law firm did not mention the interest that was accumulating on the account.  In other words, I offered to settle $100 by paying $10 per month, but what she did not tell me that the debt was actually $200 including interest (just an example).

More recently, I was told that creditor would not accept monthly payments on settlement that is less than what is owed.  You guys ever hear that before?  

Not having much luck with the second attorney.  Very unprofessional....makes threats....high staff turnover....inaccurate information given.   

What are the chances that, if I can eliminate the middle man, I could negotiate settlement with the creditor?  Should I even ring this bell by contacting the original creditor.

Thanks!

 

 

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A judgement in Pennsylvania is good for 20 years so they have 3 more years to try to collect on it. In any case, with the judgement they can garnish wages and levy bank accounts as well as attach real property so why should they settle for anything less than the full amount plus interest. In fact, the fact that you are offering to settle suggests that you have funds somewhere and the attorney is probably looking for them right now. They can also force you into a debtors exam to reveal where you funds are.

So at this point, they are playing hard ball because they know they don't have to settle for anything less and that they have the leverage. If they wanted monthly payments, they would garnish your paycheck to the max allowed by law and it would probably be more than what you are offering.

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Hi WhoCares1000,

Thank you for your insight.  I'm pretty sure, not 100% certain that they can't garnish wages in PA.  As far as the levy, all accounts are joint martial accounts.  Doesn't that protect any cash that my and spouse have saved?

 

 

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Wow, PA has some pretty strict garnishment laws, even on joint accounts. I would still move the funds to your wife's name only to keep them from being grabbed because they might still grab them and make your wife fight to get them back while other bills are looming.

That said, the only other argument is that they think that you must want your credit report to be cleaned at this point for some reason and they are hoping that you will pay anything to clean it up.

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2 hours ago, guyer6719 said:

5 year period to renew judgment lien against real property...in PA.  Apparently creditor can lose right to take action against real property if the judgement/lien or whatever isn't renewed every 5 years.

Did you check in the court files to make sure it hasn’t been renewed every five years?

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That simply means that if you own a house or any real estate and they did not take action to recover via the real estate AND they did not renew, they cannot take the house or any real estate that there was a lien (meaning you can sell or refinance without paying off the debt). Bank accounts or anything else is considered personal property and is open game although PA restrictions are such that they will have a hard time taking personal property.

As far as a possible late renewal, it might be in your interest to come up with $100 - $200 for a 30 minute consult with a consumer attorney (or see if a law school does free consults) and ask these questions. I know nothing about PA and although there are some members that do, they have not come to this thread as of yet.

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Just now, guyer6719 said:

Yes...Notice of Judgement in 2003....then nothing until 2017....Entry of Appearance and Writ of Revival.  Anything filed would show on the docket, right?  Should I be looking in another place as well?

 

You need to read this court ruling.

https://scholar.google.com/scholar_case?case=15120215677885310422&q=“5529”+AND+“judgment”+AND+“renewed”&hl=en&as_sdt=4,39

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