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Does this settlement agreement look alright?


jmac17
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I'm being sued by Capital One for $10,555. I've been served papers and I have filed an answer and we have a pre-trial date set of 6/16/21. We have come to an agreement verbally over the phone to settle this debt for $7,389. I asked for them to provide the settlement agreement in writing. Attached is the agreement that they sent me.


 

Consent Dismissal.pdf

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43 minutes ago, jmac17 said:

I'm being sued by Capital One for $10,555. I've been served papers and I have filed an answer and we have a pre-trial date set of 6/16/21. We have come to an agreement verbally over the phone to settle this debt for $7,389. I asked for them to provide the settlement agreement in writing. Attached is the agreement that they sent me.


 

Consent Dismissal.pdf 108.96 kB · 2 downloads

It looks like a basic consent dismissal.  It might also be known as a stipulation of dismissal because it states if you fail to make a timely payment, the plaintiff will give you 10 days to cure the default, or it will obtain a judgment for the full balance. You cannot miss a payment.  

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43 minutes ago, BV80 said:

It looks like a basic consent dismissal.  It might also be known as a stipulation of dismissal because it states if you fail to make a timely payment, the plaintiff will give you 10 days to cure the default, or it will obtain a judgment for the full balance. You cannot miss a payment.  

That being the case shouldn't the terms of the repayment be included or at least attached?

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15 minutes ago, Bulldoger said:

That being the case shouldn't the terms of the repayment be included or at least attached?

I honestly don’t know that the terms must be filed with the court.

There should be a written agreement between the plaintiff and defendant that contains the terms  The dismissal filed with the court is not that written agreement.  

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15 minutes ago, BV80 said:

I honestly don’t know that the terms must be filed with the court.

There should be a written agreement between the plaintiff and defendant that contains the terms  The dismissal filed with the court is not that written agreement.  

So aside from this court document, I should ask for a written agreement from Cap-1's attorneys as well? I just want to be sure that after I pay the settlement amount I won't be on the hook for litigation or the remaining balance at some time in the future. So far, all I've received from the attorney's is this consent dismissal form, which they want me to sign and email back to them. My concern so far is that the consent dismissal form calls for dismissal "without prejudice". To the best of my knowledge this means they could still file further litigation down the road. Than again, it also states that the payment will be "full and final settlement", so I'm probably protected from further actions by that?

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19 minutes ago, jmac17 said:

So aside from this court document, I should ask for a written agreement from Cap-1's attorneys as well? I just want to be sure that after I pay the settlement amount I won't be on the hook for litigation or the remaining balance at some time in the future. So far, all I've received from the attorney's is this consent dismissal form, which they want me to sign and email back to them. My concern so far is that the consent dismissal form calls for dismissal "without prejudice". To the best of my knowledge this means they could still file further litigation down the road. Than again, it also states that the payment will be "full and final settlement", so I'm probably protected from further actions by that?

I assume the payments are to be paid on a monthly basis.  If it were me, I would ask for a written agreement that includes the settlement amount and outlines the monthly payment amount, when the payments are due, and how many payments will be made to satisfy the agreed-upon settlement balance.

Then, you keep track and proof of each payment you make.  

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On 5/22/2021 at 1:53 PM, BV80 said:

I assume the payments are to be paid on a monthly basis.  If it were me, I would ask for a written agreement that includes the settlement amount and outlines the monthly payment amount, when the payments are due, and how many payments will be made to satisfy the agreed-upon settlement balance.

Then, you keep track and proof of each payment you make.  

Actually it's a lump sum payment of $7389 to resolve the debt in full. They want me to sign the consent dismissal and send it back to them. My worries are the way that the consent dismissal is worded, it kind of makes it seem that they can come after me for the remaining balance. First off, it calls for dismissal without prejudice, which to my knowledge means that they can potentially come after me for the remaining balance? Also, in the consent dismissal it does state "installment payment". I just don't want them to act like I "re-affirmed" the debt or anything like that. It's nowhere close to statute of limitations or anything, I just have a general distrust for this firm after multiple phone conversations..

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I see no reason why you don't just write in what you want and sign it and send that to attorney.  That's what was agreed to so that's what it should say. As is, they can sell the remainder of your debt and you maybe back in court proving it was settled in full fighting the (without prejudice and installment wording) .  They can also leave the collection on your credit reports for remainder of 7 years but if you get a case dismissed with prejudice you send that order to credit bureaus and remove it.  If it was emailed just do the changes print it out sign it and send a scan back. They can sign that and send final copy with both signatures back to you.  If they have a huffy then they were planning to try get the rest from you. 

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