Being Sued by GE Money
Date: Tue, 09/14/2010 - 13:14
My husband is being sued for 20K by GE Money Loan. It's been 12 months since last payment. We had debt settlement company handle and settle all our other accounts, but GE went ahead and sued. We plan to call tomorrow, but what can we expect? Say we can reach an agreement, does that have to be paid all up front, in 3 months or spread of 36 months? Also, if something is spread out over 36 months, does that mean it will be that long before it says "debt settled" on credit report? I thought so, but you guys are the experts!!
You wont get a settlement over 36 months...that would be a payme
You wont get a settlement over 36 months...that would be a payment plan. 3 maybe. However they may choose not to settle now that the law suit is in progress. Or they might agree but you could end up with a contingency judgement. Call and ask.
If you can come up with a lump sum payment, they will give you t
If you can come up with a lump sum payment, they will give you the best deal. You should be able to settle for 50% to 75% on the dollar. I would offer them 30% ($6k) to settle now. Tell them a story of why you can't pay (unemployment, medical bills, ect...) and then go from there.
Even if they do get a judgment against you, you can still settle for less afterwards.
Ok, they offered via our debt settlement law group to settle for
Ok, they offered via our debt settlement law group to settle for 55% payment over 6, maybe even 10 months. What would you counter with? You think we could get 40% over 12 months?
Quote:Originally Posted by AnonymousOk, they offered via our deb
Quote:
Originally Posted by Anonymous Ok, they offered via our debt settlement law group to settle for 55% payment over 6, maybe even 10 months. What would you counter with? You think we could get 40% over 12 months? |
It probably won't hurt to ask. If you can't afford the 55%, you can't afford it. But if you can afford it, you have to decide whether to take it or not. It's not a bad deal, but I think the best you can hope for is 40%.
Offer them 40% and see what they say.
New development:: A family member offered to lend us money, so w
New development:: A family member offered to lend us money, so we will have the ability for a lump sum. Can we expect a better deal if we can make one immediate payment? Could we shoot for 40%? I'll let you know tomorrow. Thanks for your input!!! Much appreciated!
Well, we offered 40% lump sum and waiting to here back.
Well, we offered 40% lump sum and waiting to here back.