More importantly, threatening to file for bankruptcy is not only infantile, but just the mere mention of filing for bankruptcy can be reported to the credit bureaus as "Consumer indicates pending bankruptcy" and then you can kiss any open accounts in good standing goodbye -- including pending mortgage applications.
As all my property and income are exempt under the laws of Illinois, any attempt to collect this debt will not be successful. I do not own a car. If the judgment creditor did not follow the terms of the agreement, it might be time to hire legal representation.
I am writing to tell you that I am unable to pay this debt. Also, follow up on your credit report how to write a judgement settlement letter ensure that the judgment is marked as paid. It is not to be construed as an acknowledgment of any liability for this debt in any form. However, even after the gavel falls on a judgment, it is possible to resolve it with the creditor for pennies on the dollar.
Hello all, First off I want to thank all of the great people on this website I have been following several of the forums for the last 6 months since I found this site. When this happens, judgments are paid and settled upon sale of that property.
Also Moderator, could you please mowe this to the proper postjudgment forum? Your response letter needs to require a signature from a representative of the judgment creditor agreeing to the terms of the settlement agreement.
The judgment was entered without any knowledge on my part about a case pending against me and without any validation of this alleged debt. Due to a prolonged health issues starting inseveral hospitalizations and the resulting loss of income, following by wage garnishments by IRS and State of Illinois.
This offer is binding by all laws of the State of your state and should be construed as a legal binding offer for settlement of aforementioned account between all parties. To Whom It May Concern: Now my income comes solely from the following exempt item: If the borrower does not have liquid means to pay the debt, the judgment automatically becomes a lien on any owned property.
Step Respond to the letter you receive from the judgment creditor, either with a letter confirming acceptance of payment terms or with a counter to their offer. If you agree to the above terms, please prepare an official agreement on your company letterhead explicitly agreeing to the same terms as the above settlement offer and have it signed by an authorized representative of Scumbag.
Do not remit payment until you have a signed copy of this letter in hand. It will be implied that this letter shall constitute a legally binding contract, enforceable under the laws of my state.
For reasons of speed as well as expediency, your letter must be postmarked within 5 days and or a fax offer must be sent to the information below. You want to avoid phone calls with judgment creditors; it is best to keep all communication in writing.
Ask whether they will accept 50 percent of the judgment balance in exchange for clearing the court judgment and marking it as paid on your credit report. It is crucial to note that you may need to complete several counteroffers before you reach an agreement. Does it make any sense?
This statement covers the original poster as well as anyone suggesting modifications and or corrections or posting any response what so ever. In most cases, a lump-sum payment will fare more favorably on your behalf in a settlement offer, as opposed to payment arrangements.
My attorney advised me that I do meet all the qualifications to file, but before I decide to exercise any drastic remedies, that I should try to seek settlement for the judgment. Payment alone of a judgment is seldom grounds for vacating.
Which has help me and some friends better our credit.
Share on Facebook Judgments are derogatory marks on a credit history. This is an offer to amicably settle the aforementioned account. Wait at least 30 days to hear back from the judgment creditor after your first letter. Should I add or delete anything? If a reasonable settlement is not reached, I am prepared to exercise my rights and file for chapter seven Bankruptcy.
Good mailing address at which certified mail can be received For matters of speed and urgency you can fax offers to: If you agree to the above terms, please prepare a letter on your company letterhead explicitly agreeing to the same terms as the above settlement offer and have it signed by an authorized employee or representative of JDB and notarized.
As certified funds will be used for payment, there shall be no waiting period regarding the entering a Stipulation with the Court and deletion of this account from the credit reporting agencies. Judgment Settlement offer letter Cowtownguy wrote:Write a letter to the judgment creditor offering a settlement.
Ask whether they will accept 50 percent of the judgment balance in exchange for clearing the court judgment and marking it as paid on your credit report. Debt settlement agreement with creditor or collection agency If you're working out a debt settlement agreement with your creditor or collection agency, make sure you get it in writing from them.
This is when you need the Debt Settlement Agreement Letter stating the terms and conditions of the settlement. Dec 20, · Judgment settlement letter.
Sign in to follow this. Followers 1. Judgment settlement letter. Started by bluecing, December 20, 5 posts in this topic After looking thru hundreds of posts in this forum I created a letter to the company who has the judgment to offer some settlement. Print or download sample debt validation, debt verification, cease and desist, wage garnishment revokation, and pay for delete settlement letter for grabbing the best deals.
Debt Settlement Letters and Sample Letters on Debt and Credit - DebtCC. Download FREE pdf version of sample letters - pay for delete, debt settlement, good will, cease and desist, debt validation, expired sol notification, wage assignment revocation, removal of inquiries, alternative payment plan, and debt verification.
Goodwill letter; Request a reduced payment plan from a creditor. Jul 26, · Below is a letter I compiled from several sources (if you were one of the sources and would like to be cited please pm me) for a settlement offer on a judgment.
First off I need to state that I am not a lawyer and or any form of legal representation.Download