I know I know you don't want to but sometimes you are between a rock and a hard place and a judgement awaits.. So how do you settle? Do you call them up and tell them you have X amount to settle and if not you are going to think about bankruptcy? Do you write them a letter stating you will give them so much to settle the debt and give them a time frame and also write in the letter that they cannot sell transfer assign this debt and it is extinguished? Does a JDB or only an OC issue a forgiveness of debt (UGH)and if so what would the amount be, the amount of charge off less what I offer, or the amount they have been demanding which would be twice the amount of charge off less my settlement check? Do you think it is better for me to have a lawyer write a letter stating settlement offer? I am just not sure how to go about this. Play DUMB when I call them or what? Have a lawyer write a letter? Who do you think would get the better deal? Thanks for any input. Woofer
I would personally contact a bankruptcy lawyer first, and then offer the JDB a settlement. In your settlement correspondence point out that if they do not accept your offer you will file bankruptcy. Hey, those bums are threatening you with judgments, wage garnishments, bank levies, etc. Time to play hardball - turn around and threaten them with filing. If they want ANY money, they'll accept your offer.
Bankruptcy isn't an option, just was thinking a threat of one mayu inspire them to want to deal. Thankfully I have taken care of most everything and I am self employed so it is going to be hard to get any money from me, BUT a judgement which unfortunatley is near, is TWENTY YEARS, and at 12 percent would be a huge amount eventually.Oh yes and we also have DEBTORS EXAM here, NOT a good time. I have played hardball for 4 years and it has come to not, only to have more debt as the interest and lawyers fees were hammered home at more than 20k! I know when they first got the debt I defintiely could have gotten out for 5K BUT I thought I had a great case, I did too, BUT NAF is a bugger, and anyone here who thinks that the award does not mean much, well, four years later, two lawyers AND much much research and lots of time spent, it does... Maybe but soon they could get a lot more eventually.I used to feel like you do.NOW well not so much : ( I really am sick over this,as if they can run over me and I have money to hire lawyers and have won EVERY other case I have had in the past 5 years, they definitely have a lot of easier prey out there. We really do have to do somthing about arbitration.. It's a killer... Woofer
I agree with Apex; also never use tactics in negotiation that you "cannot back up". In this case do not threaten BK unless you fully intent to pursue it. Negotiate in good faith, this will be difficult has you have lost some leverage by letting it go this far. Understand that you now have very little leverage, perhaps only the "time value" of money. They may accept the "bird in the hand amount" only to eliminate the risk of you slipping out, or going underground, on a judgement. Think your offer through before proposing, but do not let too much time slip by.
I agree with what you and Apex said, just not sure HOW to do it. What I mean is because of the fact there has never been any lawyer named, just the CA attorney firm, who do I ask to speak to? Don't I want the most hire up, so he can cut a deal ASAP? I am very good at selling and trading so I think I will be OK on this point, BUT HOW do I get it in writing? Have them FAX something signed by then and in turn I send them up the payment? Just not sure how things work. I mean let's face it they are not the nicest bunch of people and have lied and did a lot of bogus things, AND thankfully they have that @!#$%^& NAF behind them! UGH!!! Just the thought of them getting money from me or even having to talk to them irks me so. I guess though I am so way ahead with all of my credit problems, that you can't win them all ... Thanks guys Woofer
