translation of stipulation of settlement letter
Date: Sat, 09/27/2008 - 22:10
phone during monetary negotiations. Being that the collection agency has a really, really bad reputation, I have not signed the letter because I am cautious about their intentions. To be specific, they are accused of obtaining default judgments and freezing bank accounts using questionable tactics. Can anyone translate this for me?: "In the event of default under the terms of this settlement, the plaintiff may, on 5 days written notice, accompanied by a Certification showing the balance still due, move for an Order for the entry of judgement, and the defendant(s) consent to the entry of judgment, for the amount stated to be due in the Certification, unless the same is disputed by presentation of a Certification to the court by the defendant(s)". I have the ability to pay the debt but would put nothing past the collection agency to use the signed letter to their advantage. By signing the stipulation letter with these terms, what could possibly result? The benefit would be a smaller repayment amount than the original amount. (which is greatly exaggerated from the real amount due but that is a different story). The court date, if a settlement has not been reached, is in 2 months.
reply
letters that people sign like that are the reason they get default judgements.that is basically what that says.the settlement amount is higher.they want you to pay what they want,not a settlement.take that to an attorney they will tell you the same thing.they want you to default on the settlement and get a judgement.that first part said it.basically if you don't adhere to there agreement they obtain a judgement on you,by signing that you are giving consent t sue.sorry this dragged but they are crooks and you shouldn't sign that.
stipulation letter
Thanks for the reply. You verified my concern. A lawyer is not feasible for the amount of the debt. It was originally a $300 credit limit credit card. I couldn't pay when I was unemployed in 2002. I called a lawyer right off the bat and that was his reply. I tend to agree. I didn't sign the letter because of their reputation and what has been written about them online. I was particularly suspicious about the "5 days written notice" part. I have a job and I can't drop everything and dispute a false claim regarding nonpayment if need be. I already know that they held my first check for 3 days to make the payment miss the deadline because I sent it certified mail and have the proof that they received it on time. I'm making the payments according to schedule but I am not sure of the value of an unsigned stipulation letter.
reply
it would have no value and you can contest it if they try to use it against you.you don't sign it,you didn't agree to it.by the way you are right on about this CA'S reputation.it is well earned by looking at your posts.