Offered a settlement on an old judgment - should I ask one more time?

[blossom3533]

KY

I have an old judgment from a credit card debt (original debt maybe $4000 in 2008; judgment 2011 $6900; current $8200). They are trying to, I guess, renew the judgment in court next month and I really want this off my back.

I made an offer and they came back and counter offered $5000 lump sum. Trust me, I am relieved but should I go back offering $4000 or $3000 or just take it and get it over with? Anything else? I was told to get it in writing and to make sure to get a "Settlement of Judgment" in writing after it's closed.

 

[quincy]

I can tell you that what you were told about getting the settlement offer in writing and making sure a satisfaction of judgment is recorded with the court once you pay is excellent advice.

What I can't tell you is whether it is better to accept the $5000 offer to settle or continue negotiating for a lower amount. That is a decision you have to make.

Any time you turn down a settlement offer, however, the offer is no longer valid and does not have to be offered again - so it can be a risk to push for a lower amount.

You might want to read the "sticky note" at the head of the debt collection forum on negotiating with a debt collector. It was written by a former debt collector who is now an attorney. It might help you make a decision on what to do.

Good luck.

 

[blossom3533]

I can tell you that what you were told about getting the settlement offer in writing and making sure a satisfaction of judgment is recorded with the court once you pay is excellent advice.

What I can't tell you is whether it is better to accept the $5000 offer to settle or continue negotiating for a lower amount. That is a decision you have to make.

Any time you turn down a settlement offer, however, the offer is no longer valid and does not have to be offered again - so it can be a risk to push for a lower amount.

You might want to read the "sticky note" at the head of the debt collection forum on negotiating with a debt collector. It was written by a former debt collector who is now an attorney. It might help you make a decision on what to do.

Good luck.

Extremely helpful - thank you!

 

[quincy]

Extremely helpful - thank you!

I am happy to hear that. Thanks for the thanks.

Good luck with whatever decision it is that you decide to make.

 

[Dandy Don]

Find out what the statute of limitations is in your state about collecting a debt.

 

[Zigner]

Find out what the statute of limitations is in your state about collecting a debt.

The OP has a judgment against him. The judgment creditor is renewing the judgment. SOL for a debt is irrelevant.

 

[quincy]

Find out what the statute of limitations is in your state about collecting a debt.

There is already a judgment and the judgment creditor is about to renew the judgment. The statute of limitations does not apply.

 

[quincy]

The OP has a judgment against him. The judgment creditor is renewing the judgment. SOL for a debt is irrelevant.

After I posted and saw your post, Zigner, I sort of feel like one of those annoying new posters who repeat exactly what another member has posted. The only difference is that I am not posting from Malaysia.