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Will creditors settle for 60 percent if they already have a judgment against you?

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2005-11-19 04:13:38
2005-11-19 04:13:38

Yes they will! All they want is their money, but they will want it all and 60% is a large start. Just for your information if you had paid what you could honestly afford on this debt then they wouldn't be coming after you. Even if it doesn't meet the required payment listed on your bill as long as you pay something, WRITE THE COMPANY A LETTER (explaining your circumstances) AND SEND IT REGISTERED MAIL AND KEEP A COPY FOR YOURSELF then they can't legally do anything to you. Remember, they want their money and if it takes 10 - 20 years then they'll wait! If you seek legal advice there is a possibility they will take the 60% and run, but if you do it this way your credit rating could be ruined, plus you'll have a lawyer's bill staring you in the face. It's best to try to pay off your debts. Think of it this way: You are a money lender. You loaned a friend $10,000 and they were making payments for a bit, then they just stopped paying. How would you feel? Of course you would want your $10,000 paid off. When you put anything on a credit card or take a loan out you are loaning someone else's money. If you can't pay for something in cash and can't restrain yourself to use your credit cards for emergencies such as mechanical failures to your car, an emergency flight out of the country, etc., then you should tear those credit cards up and the same applies to loans! Marcy It depends upon how they are able to enforce the judgment. If the judgment is used as a garnishment or bank levy, the creditor will be able to recover the entire amount of the judgment, therefore it would not be in their best interest to settle. If the judgment is enforced as a property lien, they may be open to negotiating a settlement.

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