Paying off Judgement (Asset Acceptance)

Date: Wed, 01/19/2011 - 21:57

Submitted by chosenonex
on Wed, 01/19/2011 - 21:57

Posts: 63 Credits: [Donate]

Total Replies: 3

I plan on spending this year cleaning up my credit and getting out of debt. The biggest thing I have on my credit report is a judgement from good ol' Asset Acceptance. Now, they've been sending me letters alternating between a settlement for about 60% off (around $1200) and monthly payments (about $199 per month). Usually when they offer me the settlement, I never have the money available to take their deal on it. I can easily cover the $199 per month though.

What would be the best way to take care of this? Should I just take the $199 per month and work the amount down, or should I send them a settlement letter of my own, possibly asking if they'd accept the settlement they offered if they'd be willing to extend it for a month or two. Another option, which I don't know if any places do it...maybe make a couple payments and then offer a settlement.

I really want to use our tax refund this year to finally buy a new vehicle, but I want to make sure AA doesn't do anything funny when I get it. That's why I want to deal with them first. As far as using the tax refund to help take care of them, a vehicle is high priority. It's a chore getting to work and back since we live half an hour from our job.

Any advice would be appreciated.

You should negotiate for such a settlement plan which you will b

You should negotiate for such a settlement plan which you will be able to pay off on time. If your creditor accepts the settlement offer given by you, then it's well and good for you. If he does not agree to your offer, then you can accept the payment plan of $199 that they are offering you.

lrhall41

Submitted by Anna Sweeting on Thu, 01/20/2011 - 02:07

( Posts: 1827 | Credits: )

Call them ask for a settlement when you have the funds. Hide

Call them ask for a settlement when you have the funds.

Hide the tax return....dont risk a bank levy grabbing it.

lrhall41

Submitted by SOAPLADY on Thu, 01/20/2011 - 03:53

( Posts: 17315 | Credits: )

Thanks for the advice. I don't think they'll go after the tax re

Thanks for the advice. I don't think they'll go after the tax refund. We had a refund that was twice as much last year and they didn't do anything. When I had to fill out all of my financial paperwork for the judgment, I had no bank accounts at the time. I now have two...one which I'm going to pay all of my debts through, and one with my wife which we keep the rest of our money in. I just want to get these blood suckers to go away as fast as possible.
Another thing with them. I heard that sometimes when you try to work a settlement out, sometimes a company will remove the account from your credit report completely if you offer them a little extra over the settlement amount. Would this be worth looking into go help my credit score go up more?

lrhall41

Submitted by chosenonex on Thu, 01/20/2011 - 11:27

( Posts: 63 | Credits: )