PLOS1 Posted June 6, 2022 Report Share Posted June 6, 2022 (edited) Posted elsewhere, deleting to avoid confusion. Edited June 7, 2022 by PLOS1 Posted elsewhere Quote Link to comment Share on other sites More sharing options...
WhoCares1000 Posted June 6, 2022 Report Share Posted June 6, 2022 Is there a reason why you cannot declare BK now? Especially if you have the money? And if you have the funds to declare BK, you might be able to settle for that amount. I say this because if there is no impediment to filing BK, there is no reason to continue on with this. Just pull the trigger and be done with it. Quote Link to comment Share on other sites More sharing options...
PLOS1 Posted June 6, 2022 Author Report Share Posted June 6, 2022 I guess there is no reason other than fear of bankruptcy, but you're right, it is probably unavoidable. I was hoping to be able to settle for something like 10k but I can't lump sum that, it would have to be a payment plan and I'm not sure if they'd even agree. Thanks for the reply. Quote Link to comment Share on other sites More sharing options...
WhoCares1000 Posted June 6, 2022 Report Share Posted June 6, 2022 3 hours ago, PLOS1 said: I guess there is no reason other than fear of bankruptcy, but you're right, it is probably unavoidable. I was hoping to be able to settle for something like 10k but I can't lump sum that, it would have to be a payment plan and I'm not sure if they'd even agree. Thanks for the reply. They would only agree to a payment plan if you do a consented judgement which is the same as a real judgement so that they would not have to go back to court again. You posted this in 2 different places which is making it hard to reconcile with the answers from the other place. Quote Link to comment Share on other sites More sharing options...
PLOS1 Posted June 6, 2022 Author Report Share Posted June 6, 2022 Sorry. I wasn't sure where it should belong. I'm not sure what is not making sense between the 2 posts. I will delete this one soon but just to make things straight: - I found a soft pull from Javitch Block on my credit report on 6/2/22. This is my only indication so far of upcoming suit. Not served and no info on my local court docket yet. - My only negative account is originally with Upstart for 30,000+, Charged off and bought by Velocity. Only the Upstart tradeline shows on credit report (closed). I did get an offer of settlement from Velocity about 1.5 years ago but they wanted one lump sum of 25,000 which I could not afford. This is how I know they bought it. - If I am sued and 25% garnishment is entered I will not be able to make other payments on bill, forcing me to BK. I was wondering if arbitration could help me reach a better settlement deal but I can't pay a big lump sum. Thanks again for reading and responding, I really appreciate it. Quote Link to comment Share on other sites More sharing options...
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