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paying judgement and removing from C\R

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bigal1128

Guest
I live in CT. i have a small claims court judgement showing up for 800.00. it was put on in 1999. I have never contacted the company that i owe it to. I want to call them and make a settlement offer. My question is, after i pay them, what happens to the judgement on my credit report? Will it "go away" if they report it satisfied, or worse what happens if they do not report it satisfied after i have paid them? is there a way to show court that it is paid?
Thanks in advance for any help.
BIG AL:confused:
 


JETX

Senior Member
When you contact the creditor to negotiate a settlement, be sure to include the requirement that they notify the CRA's (Credit Reporting Agencies) and show the judgment as "Paid in Full as agreed". Get it in writing. Then, when you pay the judgment, get a "Satisfaction of Judgment" form from the creditor AND a 'Paid as agreed' statement.
 
K

KeyLegal

Guest
Creditors who have a judgment will often agree to a settlement; the logic being that something is better than nothing. However, I have found they will not normally accept a partial amount as settlement in full. Also, if they do accept a reduced amount and write off the remainder, the lender can issue an IRS Form 1099 for the amount that was written off, meaning you would be required to pay taxes on that amount. There are any number of possible options and your best move is to carefully discuss the situation with them, making very sure you understand exactly what will and will not be done, and then insist on getting everything in writing before concluding the matter. As you can see, there are some disagreements here, imagine what it will be like if you do not understand and document everything!
 

JETX

Senior Member
KeyLegal... interesting name... since your answers are NOT based on legal facts and don't make sense.

For example:
1) You said, "Creditors who have a judgment will often agree to a settlement; the logic being that something is better than nothing. However, I have found they will not normally accept a partial amount as settlement in full."
I can say from experience, that I have OFTEN settled for a less than full amount, usually since I am convinced that the debtor is not likely to pay more, or with the principal that current money is worth more than the promise of future money. Further, your response really makes no sense in saying that the creditor will 'agree to a settlement', yet won't accept a partial judgment. How do you do that???

2) Your post, "Also, if they do accept a reduced amount and write off the remainder, the lender can issue an IRS Form 1099 for the amount that was written off, meaning you would be required to pay taxes on that amount." is flat out wrong!!

The 1099-c form is only provided ONLY by "Federal Government agency, certain agency connected with the Federal Government, financial institution, credit union, or an organization having a significant trade or business of lending money (such as a finance or credit card company) cancels or forgives a debt you owe of $600 or more"
Read page 30 at http://www.irs.gov/pub/irs-pdf/i1099_02.pdf
 
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K

KeyLegal

Guest
As you say at the bottom of your disclaimer, that is your OPINION.

I have spent some 30 years in credit and collections and I have done what I said.

End of subject.
 
B

bigal1128

Guest
removing judgement

Thank you both for replying.
i have one other question. One of my small claims judgements is from a person not a business, how does he have the judgement removed from my credit report after i pay him? and if i do get something in writing from him saying that the debt is paid in full, how can i have it removed if he does not?
Thanks in advance,
BIG AL.
 
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Long Island Guy

Guest
Halkert, listen up Mouth

I am fed up with reading your personal attacks toward other posters on these boards. Who appointed you to be the posting police? If you disagree with someone's opinions, do so in a mature and professional way. Not like someone is invading your self-proclaimed personal turf. Ending sentences with multiple exclamation and question marks is a tactic I usually expect to see from adolescents. From now on, any such posts from you I run across will be cut and pasted, and forwarded to the administrators of this site, and I hope others do the same. We are all GUESTS here offering reasonable OPINIONS, and that includes you.
 

JETX

Senior Member
Fire Island Guy... listen thweety!!
Who cares if you are fed up on anything.... though I can thertainly imagine what it could be!!

"Who appointed you to be the posting police?"
And who in hell appointed you my keeper!! If you don't like my posts, don't respond.

"If you disagree with someone's opinions, do so in a mature and professional way."
Are we to assume that your post is an example of a 'mature and professional way'?? What a joke. You must be just another clone of 'happyroach'. Oh, since you have only been here ONE day, you might not know... but that was an insult.

"Not like someone is invading your self-proclaimed personal turf. Ending sentences with multiple exclamation and question marks is a tactic I usually expect to see from adolescents."
Oh, so you hang around with a lot of adolescents, huh????

"From now on, any such posts from you I run across will be cut and pasted, and forwarded to the administrators of this site, and I hope others do the same."
Go ahead, play your little role as 'forum policeman'. I bet you were just the little teachers pet threatening to tell on everyone.... huh????

"We are all GUESTS here offering reasonable OPINIONS, and that includes you."
Sorry, you are not a guest, and if you keep pissing in the pool, you will be not be invited back to play with the big boys!!!
:p
 
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Long Island Guy

Guest
Halkert

Your comments have been sent to the site's administrators, as promised. Anything else you'd like to say?
 

JETX

Senior Member
Oh you little Fire Island savage!! Go ahead and tell the teacher on me again... and again.

I love this.... a 'newbie' with all of SEVEN posts, getting his little courage up to tell on me!! How cute!!

I just love to have a battle of wits with this nitwit.. but it looks like he came unarmed!! Heck, if he were down here in Texas, I would just take him out behind the barn and beat the crap out of him. Then he would something REAL to complain about.

:p
 
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Ladynred

Senior Member
LI Guy..

Halket is a very VALUED member of this forum and the information he offers in these forums is invalubable to many, many people. He has had many dirtbags and trolls removed from these boards, as have I and other Sr. Members, the adminsitrator is hardly going to listen to YOU, a JR MEMBER with a whopping SEVEN posts !!

As Halket said, if you don't like his replies, don't respond with your inanities. There have been other people here who express less-than-professional opinions and leave ridiculous posts, you're adding yourself to that list. When you have thousands of posts YOUR credit, HELPFUL and ACCURATE posts, MAYBE you have a right to be irate.. but with SEVEN, you will basically be ignored. :rolleyes:
 

Ladynred

Senior Member
Halket.. was that a freudian slip or wishful thinking ??? ROFL

I had to stick my 2 cents in.. the comments directed by a newbie were just too goofy...

LuvU2 babeeee..... ;)
 

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