advisor

[jackrabbit]

i always enjoy your posts. i just have a few short questions here.in one of your post the jest of your coment was even with a debt of almost 6000.00 a creditor will settle for 25 dollars a month?would that apply to a judgement creditor?this judgment creditor is a real bad attorney according to bud hibbs website so i would probably have to go through an attorney anyway to make sure he didn't trick me, just curious what you mighjt think of this situation.also do they waive interest fees then or even consider lowering the amount of debt?
i tried credit consuling but they actually would have increased my monthly payments, ridiculous!
btw what is your occupation?any advice would be most welcome.
jackrabbit
tx.

 

[advisor10]

12-20-2001

DEAR JACKRABBIT:

I'm not familiar with Texas law. I'm sorry that I am not familiar enough with judgement creditors to be able to adequately respond to your question. You also didn't mention how much your judgement was worth, and whether or not you are legally required to make a minimum monthly payment or whether the amount you pay is negotiable and whether the entire amount is due to be paid in full by a particular deadline.

Can't you make arrangements to have the amount paid off on a monthly basis over a period of 2-3 years in order to try to get the lowest amount possible? It is better for you to reliably agree to make consistent regular monthly payments at whatever level you can comfortably afford rather than have the attorney/creditor start garnisheeing your wages for a higher amount.

They may not want to waive all of the interest fees but you could ask them to reduce them as a negotiating tactic after you start making regular payments and they probably would do it. Seems like the credit counseling service is not very good if they can't get the monthly payments down to where you want them--try another credit counseling agency to see if you can get better results.

SINCERELY,

advisor

 

[jackrabbit]

thanks!

dear advisor,
thank you for your response.i am sorry i neglected to tell you the amount of the debt. it is for 7000.00. no payment schedule was ever set up.the only thing they say is a lump sum payment would considerably lessen the debt.but like i said they did not give me a concrete amount.
also though as i said i will no doubt have to go through an attorney to protect my rights as this lawyer is not to be trusted. have you ever vidsited bud hibb's website? it's real cool.
off the top of your head considering we are not in good financial shape, nor much chance of improvement there, could you give me a ballpark fiqure of what you think the lawyer would accept?
thanks and happy new year!
jackrabbit