Judgement Settlement Advice...Help!
Date: Mon, 01/19/2009 - 21:18
I need some serious advice with settling an old HFC debt. A judgement was rendered in July 2007 with the balance being $10,800 and a statutory interest rate was set at 11% until paid. I recently called CBCS the collection company in charge of the account to negotiate a settlement amount. They faxed me a letter stating my balance with interest was now $15,500 but stated that they would accept a single payment of $6200 as payment in full to settle the account.
I was bothered by the balance amount of $15,500. I could not understand how the amount could grow so fast in 18 months. Should I ask for varification of the total or should I just pay the settlement amount? Is their math really correct here in regards to the overall balance?
Also, their letter shows the account as an HSBC debt, a subsidiary of HFC, but the jugement is with HFC. If I pay this settlement amount, will someone else be coming after me for the remainder of the balance?
Also, will settling for less than the judgment amount still get me the satisfaction of judgement? I'm in a really bad spot and anyone willing to give me some advice here or by phone, I'd be grateful beyond words.
Thank You!
I was bothered by the balance amount of $15,500. I could not understand how the amount could grow so fast in 18 months. Should I ask for varification of the total or should I just pay the settlement amount? Is their math really correct here in regards to the overall balance?
Also, their letter shows the account as an HSBC debt, a subsidiary of HFC, but the jugement is with HFC. If I pay this settlement amount, will someone else be coming after me for the remainder of the balance?
Also, will settling for less than the judgment amount still get me the satisfaction of judgement? I'm in a really bad spot and anyone willing to give me some advice here or by phone, I'd be grateful beyond words.
Thank You!