     Anonymous | Tuesday, March 07, 2000 - 02:36 pm 
I was really stupid and irresponsible when I was a student. I maxed out several credit cards before leaving the country for several years. I came back a few years ago and a few months ago I checked my credit report. I got several charged off accounts and, my biggest problem, I got a judgment filed against me when I was out of the country. The act. itself was a credit card act. and has a last date of activity on 9/92, but the judgement (separate entry) was filed on 9/94.
Just a few days ago I had a letter from a Law office offering a settlement for 25% of the total outstanding balance (court costs, interests, etc.). The original amt. was about $3800, but it has balloned to about $7000. Would anybody have any advice on how to proceed? I'd like to pay if I can get my credit report improved but basically I am a bit scared that things will worsen if I just accept the settlement.
In addition, I have several charged-off acts. and one closed act. that have last dates of activity between 8/92 to 1/93.
I do have a job now that with some adjusments and arrangements, I most likely can pay all off (provided it is spread over at least a couple of years).
But my current primary concern is on the judgement and would like to get this over with soon.
Many thanks in advance for any comments! This site has been one of the greatest finds for me on the Internet! |
| K.Feathers-CarreonandAssociates.com | Tuesday, March 07, 2000 - 04:48 pm
Strike a deal with the attorney/judgment creditor to pay 30% of total original debt. Work from there by asking for a vacate of judgment. If they do not agree then the best you will get is Satisfied judgment,which of course looks better then unpaid but make restrictions when negotiating. If they have not collected the judgment in this long then you may have the upper hand. Before you do anything, challenge the entries on your credit reports. Both the judgment and the originating debt should not both be listed, that is inaccurate. The other reason to challenge them is to confirm that their will even be a reply. If they do not reply then it may be removed. While that may or may not happen, you need to confirm this before begining any negotiations.
I would not even consider paying the fees and interest in this particular case. Make sure you ask that the attorney-judgment creditor to sign an agreement before you pay. Shoot for confidential terms to protect you later.
Best of Luck!
Ps: You may want to check Kristy's Judgment calculator to see what time frame of renewal applies to your state. You never know, it may have already expired without renewal!
Kristi Feathers
CarreonandAssociates.com
Debt Negotiations-Credit Resolve
Not legal advice, just my opinion. |
