Settle/Negotiate Wolpoff judgement

Seems like they have a proper judgement. How long ago did they receive judgement and have any payments been received?

Forgot to mention what state are you in and how is this reported on credit bureaus. The more informaton I have,the better equipped I am for advice.

Forgot to mention I'm in NY. Actually, I did say it isn't on my credit report, but there is a lien on my house. The judgement was entered last year, and no money has been collected. I've always been willing to pay what I owed, but they plowed ahead with the judgement without negotiation and more than doubled the original debt. I had originally signed up with a debt consolidation company, gave them $2000 to start negotiation before the judgement, only to watch them go out of business. Thanks for any guidance.

Ok this is a business debt so the fdcpa does not apply as far as I can see things. There will not be any problems proving the debt because they have a valid recorded judgement.

Is your ex parner responsible for part of this?
The only options I can come up with on short notice are as follows:
1. Request Itemized statement of charges from judgement creditor.
2.Get a copy of casefile and see how much the charges were inflated.
3. Review NY state codes relating to allowable charges on a judgement and what % for judicial interest.
4. After all charges have been verified,you could request a settlement.
5. Since it is not on credit report,fcra laws cannot be used either.
6. If you are unable to pay using a debt consolidation or settlement plan or attorney you may want to explore bankruptcy option.
7. I don't like to refer anyone to bankruptcy unless everything else has failed.

http://public.leginfo.state.ny.us/menugetf.cgi?COMMONQUERY=LAWS

This is a url for the New York state laws pertaining to judgements. According to Article 50 Section 5004,the interest rate on the judgement is 9% annualy+ all legal costs associated with case. I think their bill is inflated.

Thanks for the help cajunbulldog! I want to clear this up and settle it so I can move on with my life. I have a family member that can lend me $9000 to settle this. How do I approach Wolpoff, and is it possible they will settle for this amount?

I am just giving an opinion, and while I don't want to burst your bubble, but I do have doubts that they would settle for that amount. First, that is only 42% of the judgement (and less than the original debt as well). Second, a judgement in NY is good for 20 years. From what I'd imagine, they are probably viewing your debt as an assest, and counting on either payment in full, or a substancial portion thereof.

However, I cannot see it hurting to attempt to settle the judgement this way. If they aren't willing settle this low (or at all), perhaps you could work out a deal in which they remove the lien, allowing you to re-fi the house, and pay back by cashing out some equity. Just my .02....

Also, going back to cajun, what is your partner(s) obligation in all of this?

No obligation. There were 3 partners and we all took out credit cards/loans etc. Unfortunately, it failed and I got stuck with the MBNA debt. Again, I've always owned up to my debts, but this is excessive. How do I approach them about an offer? Is there some kind of sample letter I can use, or do I need to get an attorney? Thanks.

John

I would follow advice I gave you before worrying about making an offer. You need an itemized statement of charges to find out why the debt has been inflated.If those charges are not allowed by NY state code,the court can remove the excess charges and force them to recalculate using the prevailing laws.

I'm curious, too, how did it go up $11,200 when judgement interest rate is only 9%??

That was why I sent statute url to him.Somebody playing funny with their bookkeeping.

The debt ballooned during the so called National Arbitration process and they tagged on all their fees etc. I was ready to offer half and walk away so I could get on with it, but now you guys are making me think. How could I demand a itemized statement of charges, and will they actually comply?

creditinfocenter com debt settle_debts
shtlm

read thru thoroughly

if this is WOLPOFF AND ABRAMSON

check bud hibbs helps america and
do a search for WOLPOFF

it won't let me paste the link

They are a collection Agency??? I don't know the
laws in NY but they put a judgement against me
and not only did not file the proper paperwork
the statue of limitations was up (I'm in PA)
and revolving credit cards cannot put liens against anything so you definitely need a very good lawyer

Thanks for the advise! I went to the sites everyone suggested and got some great info. I'm not ready to just turn over the money now! Should I send a validation request to get things started?

Send validation letter. In it since this is a judgement ask for a properly recorded copy of judgement and lien that was filed.You really need to make them give you an itemized statement because 9800 does not become 21000 in a freakin year!Even with court costs,that is way too high!