Hi I posted the other day this is the story..i had a car repossed from Chrysler Credit back in 96..they got a judgement in 12/97 I just recieved a letter to go give a deposition of my income ..bankstatements..irs returns all the good stuff in January.. ANyway my financial situation has changed slightly since then and I now own my own business and am a sole proprietor..do not have lots of money in the bank but do get by from one month to the other...anyway I aould like to make an offer to them prior to going to the deposition in January and wonder if they would ecen consider it...the debt was 8000 after they sold the car which I voluntarily returned to them before it got delinquent..do to a divorce....and I am sure they have legal fees to now...they couldnt really get much from me monthly if they went for a garnishment..I do not have more then a 3500 a month profit..and I still have household bills to take care of..anyway how do I go about contacting their legal council and making an offer to settle with them and make payments
You realize that since it has been 8 years, that judgment has accumulated ALOT of interest. If your deficiency balance alone was 8K, plus you can bet they were awarded attorney's fees back then, you are talking ALOT of money. Do you even know how much the judgment was for? That would be my first step is to get all the papers on it to see where you are.
yes i do know the amount of the original judgement it was for 8347.00 What I am trying to find out is what kind of a settlement they might be willing to make. I know this is not just going to go away. What I didnt know was how long a judgement stayed with you and that they could garnish your wages after they got a court ordered payment..which they do by taking you to arbitration hearing...anyway I am trying to find out if they would still consider a settlement and if it was possible to make payments on something like that..I have paid off all my other old debts..made a lot of settlement payments over the last 5 years..
well today i got ahold of the attorney handling the case for the creditor..they made an agreement for payment with me and put it in writing and faxed it to me for my approval..was a lot better then what I thought it would be... they agreed to settle out with payments and to STOP the interest from acrruing as of the date of the first payment which will be as of tomorrow. I will be fedex to them so they receive by the 1st and agreed to payments every month till debt is paid off. They were at 15.000 from an original debt of 8457.00 and agreed to settle out for 4500.00 paid out over the next 3years. They in turn dropped the deposition that was supposed to be taken in January. I had it all faxed to my attorneys office that handles my business matters for my shop ..and he read over it and agreed it was a good deal They in turn are sending a letter out to the 3 credit reporting agencies and will show that the judgement is being paid on. So It looks like my attorneys for my business were able to help me through this without me having to go to another attorney who handles this type of thing. I checked witht the court house this afternoon and the hearing for the deposition had been canceled by the creditor The bottom line is that if I would have filed a bankruptcy my attorney said they would have only been able to collect on 1/4 of the debt anyway which is about the 4500 I agreed to pay them
