Post Judgment settlement agreement
Date: Sat, 08/29/2009 - 16:33
I want to know the best way to effectivly pay a judgment against me. After court ruled in favor of the plaintiff (JDB). I wrote a letter to the plaintiff requesting that they notify and send me in writing the amount that they say is required in order to satisfy the judgment.
The sent me a letter with the information I requested that shows a breakdown of the Principal amount, Attorney fees, court costs and interest. Totals $2648.31
The letter offers to:
A. accept a lump sum payment of $2000. (This amount is 648.31 less than the total judgment amount.)
B. Monthly payments of $150 toward the principal amount of $2118.65 (Please note that interest will NOT continue to run if you agree to a monthly payment arrangement. You will only be paying toward the principal amount of $2118.65)
The letter says that if either of these arrangements is acceptable, please let me know and I will prepare and agreement encompassing the terms of your settlement.
The judgment order says that interest will continue on the principal amount until the judgment is paid. Is it just better to pay the whole amount or accept to pay the lump sum as settlement?
The sent me a letter with the information I requested that shows a breakdown of the Principal amount, Attorney fees, court costs and interest. Totals $2648.31
The letter offers to:
A. accept a lump sum payment of $2000. (This amount is 648.31 less than the total judgment amount.)
B. Monthly payments of $150 toward the principal amount of $2118.65 (Please note that interest will NOT continue to run if you agree to a monthly payment arrangement. You will only be paying toward the principal amount of $2118.65)
The letter says that if either of these arrangements is acceptable, please let me know and I will prepare and agreement encompassing the terms of your settlement.
The judgment order says that interest will continue on the principal amount until the judgment is paid. Is it just better to pay the whole amount or accept to pay the lump sum as settlement?
Well, a judgement would stay on your report for seven years afte
Well, a judgement would stay on your report for seven years after being satisfied. Therefore, longer the time taken to satisfy the judgement, longer would be the time it'd stay on your report. Hence, IMO if you can satisfy it by paying lump sum, you'd get rid of it sooner.
However, that's my personal opinion. Certainly the experts would comment on it too.
