Settlement of a Judgement

Contact with your credit card company and try to settle with them.

Let me get this straight. You have already been sued and have a judgment against you? If that is the case, things are way past the point of negotiating a settlement. They would start garnishing your wages and put a lien on your assets.

You would need to contact the agency or law office handling the judgment to see if they would be willing to settle. Settlements on judgments are very common. If you have a half decent chunk of change to settle on the debt, by all means call and ask them if they would be willing to settle.

Right, and the CA will probably be willing to knock off a few grand if you have a decent amount to lump settle.

Thanks for the replies.... to answer: this was a credit card (discover) with a $1000 limit... we defaulted, many years ago, and the acct was kept 'alive' I think by being sold to different collection companies until it finally landed with Love Beal & Nixon in 2006. They sued and due to my ignorance on all matters like this at that time, got a judgment filed against us for around $11,000.... I have no idea how the balance got to be that much because I know they purchase this junk accounts for pennies on the dollar. I know these things now -- not then... at any rate, over the years they've garnished our bank accts for around a total of $6000.00. They show the balance as $13,000 now and will only settle for $7000. I now have a chance to try to settle... I've offered $2000 because I think I can actually come up with amount, but they've declined that amount. I was just wondering if anyone had any ideas on how to get this to a more reasonable amount. I realize I lost my opportunity to ask for that when I defaulted on attending the judgment hearing...but they are willing to take monthly payments and settle... any advice or info would be greatly appreciated.... if you can spare the kick in my pants I'd appreciate that too, cause I've been kicking myself daily for years on this one, lol. :rolleyes: Thanks everyone!

B

I would research the interest rate that they're accessing. To go from $1,000 to $13,000 after you have paid $6,000 sounds incredibly fishy.

If I were you, I would call them and inquire on the rate of interest. Once you have gained that knowledge call a local attorney to make sure that the interest they have charged you is within the limits defined by your state law.