Settlement Offer - good or bad?

[cana]

What is the name of your state? CA

This is a continuation of my last post. I attempted to settle with Eskanos & Adler for the discover card debt (against which I owe about $8500), and they gave this term:

Willing to settle for $7,496.00 Lump Sum

OR

Deferred payment plan of $200 a month with a Stip Agreement with no (JD)
interests at 10% (which will take me about three years to pay it back)

Considering the reputation of Eskanos & Adler, I know this is not a bad deal from them.

But I am thinking whether I should choose to be tied to them for three years (I have another $13k worth of debt) or just throw in the towel before too late.

What would be a better strategy for me at this point? I expressed in another board that my total assets do not exceed the CA homestead allowance, and I have less than $1,000 worth of cash.

Pay up and try to settle the rest of my debts, or just give up? (I last paid on Dec 03 and have no illusions about my credit ratings, which I don't mind anyways since I won't be buying anything major for the next few years)

 

[Ladynred]

Their idea of a settlement is only knocking of $1,000 ?? That's no deal, that's crap. For a debt that's gone unpaid for nearly 3 years.. offer them 25%, they paid PENNIES on the dollar for that debt.. paying them $7500 would be a huge payday for them.

A stipulation to judgment ?? HAH ! All that means is they get the judgment anyway and if you miss any payments or you're late, you'll find the judgment in full force and they'll be draining your bank accounts and going after your paycheck !

That's not a 'deal', that's a screw job.. and they won't buy you dinner first !

 

[cana]

@Ladynred:

Looks like E&A won't budge...

Is it a good time for me to throw in the towel? (I know the deadline is oct 17).

 

[Ladynred]

If you can't afford the lump sum, and can't make it with their ' deal' and still deal with your other creditors.. then yes, it may be time to jump off the sinking ship.

 

[I AM ALWAYS LIABLE]

My response:

Note to Ladynred: Eskanos & Adler never buy debts. They represent some of the largest corporations for the debts owed to those corporations. By the way, say hello to my good friend Barry Adler!

IAAL

 

[Ladynred]

Well maybe you should tell your "friend" Adler that he should stop breaking the law. E&A has been slapped around by the FTC more than once for their illegal actions.

SOMEBODY bought the debt, its 3 years old.. the OC sold it off a long time ago. Its still a CRAP 'deal' for a debt that old.

 

[advice6]

I'm in the same boat

undefined
I am in Ga.
I'm pretty much in the same boat with discover. were you served papers? I am trying to see what my options are?

 

[cana]

@Advice6

Yes. I was served papers. See my post somewhere down there.

I decided to try to negotiate rather than face the axe, and now this. I am seriously considering ch7 before it's too late.