Settlement/Payment plan

Date: Fri, 04/04/2008 - 05:12

Submitted by anonymous
on Fri, 04/04/2008 - 05:12

Posts: 202330 Credits: [Donate]

Total Replies: 7

My car was repossessed about 5 months ago so, they sold it and of course I have a balance of $6,000. I get a call from Sentry Credit advising me of the debt. I offered them $2,000 settlement, but they said they have to get approval from the OC (Wachovia dealer Services), so after a few days they called me back and said that they will only take $3,081 in two separate payments.

If I accept a payment plan they wanted 10% down of the full balance and about $250 monthly for 3 months, after the end of 3 months they will review my account and decide to offer another settlement amount. If I don't accept then I can possibly continue monthly payments.

What should be my next step in trying to settle this? I want to write a Accord & Satisfaction letter for a payment plan that I feel confortable with, either they will take it or leave it.

I already have a judgement on my credit a few years ago from a credit card, so I don't want to go through being sued again. Can they still sue me if I'm making monthly payments?

Get the settlement in writing. It doesn't make any sense to sue

Get the settlement in writing. It doesn't make any sense to sue you especially if you are paying as agreed if you are unable to do the settlement at this time. A judge would probably laugh at them. If you are wanting a paid or a paid to remove agreement with them you need to find out who is doing the reporting. If it is Wachovia I can say I've not heard of too many creditors agreeing to this but if the CA is doing it then I think you have more of a chance.

lrhall41

Submitted by FYI on Fri, 04/04/2008 - 06:10

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I got the settlement in writing, but they are unwilling to put i

I got the settlement in writing, but they are unwilling to put in the writing the payment plan they offered me.

lrhall41

Submitted by on Fri, 04/04/2008 - 06:14

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They can still sue, however it will definitely be more favorable

They can still sue, however it will definitely be more favorable for you if you can show that you are doing what you can to pay it off.

lrhall41

Submitted by JCEMT on Fri, 04/04/2008 - 06:24

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I don't know many, if indeed any, willing to put a payment plan

I don't know many, if indeed any, willing to put a payment plan in writing unless it is an agreement with a debt management program.

lrhall41

Submitted by FYI on Fri, 04/04/2008 - 07:13

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sentry

if they dont give you the payment plan in writing, then they can/will sue for the full amount in superior court, it happened to my friend. they cant sue in small claims since they are not the original creditor, but superior they can.
tell them take it or leave it and ask for a bigger discount since they refused the first time, i bet they agree to a lower amount to. then they will run with a plan. last, dont give any down. no court will enforce more than what you can afford,especially if you can prove. they know that too.

lrhall41

Submitted by on Wed, 10/01/2008 - 20:50

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Adam B, the last post is 6 months old.

lrhall41

Submitted by on Thu, 10/02/2008 - 02:46

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Complicated situation

My GF stupidly got a credit card with a dead beat friend. Together they ran up a $10000 bill. It went to collection and they demanded the whole thing from GF. I agreed to pay half, but they had to give her a release. They did. Now they have garnished her wages for interest on the other unpaid half belonging to the other party. OP is not employed, so they are getting the entire interest from GF where they should get nothing. What to do?

lrhall41

Submitted by on Thu, 10/02/2008 - 12:18

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