How do I negotiate a settlement before trial?
Date: Thu, 06/25/2009 - 00:18
I'm going to trial on a 5 yr old debt that is past the sol (3yrs in my state). I know I can get this dismissed in court but I want to try to offer a settlement to the CA at court so that I can get this off my credit reports NOW and never have another CA call me on this.
I am willing to offer up to a one-time 50% lump sum payment to the CA if and only if they agree to give me a "paid in full" letter with a full release from the debt in exchange. My questions is:
How do I make sure the "paid in full" letter is legal and binding? I dont want the CA to turn around and sell the remaining balance to another CA or use my settlement payment to reset the sol.
Also, is it better to write a settlement agreement or file a stipulation through the court?
thanks!
I am willing to offer up to a one-time 50% lump sum payment to the CA if and only if they agree to give me a "paid in full" letter with a full release from the debt in exchange. My questions is:
How do I make sure the "paid in full" letter is legal and binding? I dont want the CA to turn around and sell the remaining balance to another CA or use my settlement payment to reset the sol.
Also, is it better to write a settlement agreement or file a stipulation through the court?
thanks!
Even if you settle the debt, the negative item will stay in your
Even if you settle the debt, the negative item will stay in your credit report for seven years and 180 days from the date of your delinquency.
Once you get the settlement agreement in writing and pay off the debt, you will not be legally liable for the remaining portion of the debt.
Although, there is no guarantee that the present CA will not sell it to another CA, the new CA cannot recover the debt if you have already paid off the present CA as per the settlement agreement.
