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Need legal advice #4421146
06/02/17 07:31 PM
06/02/17 07:31 PM
Joined: Nov 2014
Posts: 500
Denver
marine65 Offline OP
marine65  Offline OP
Joined: Nov 2014
Posts: 500
Denver
I was served a summons to appear in court over an old debt.
I am calling the collection agency on Monday to settle out of court.
The original debt was $1500 but has now risen to $3300.
I know I should have taken care of this before but illness, job loss and other factors prevented it.
I want to settle for a one time payment but don't know what would be accepted.
Anybody have any insight on what they might accept?


2006 Nissan Sentra 195K miles
2010 Hyundai Elantra 85K miles
Re: Need legal advice [Re: marine65] #4421149
06/02/17 07:33 PM
06/02/17 07:33 PM
Joined: Jan 2008
Posts: 10,707
OH
SatinSilver Offline
SatinSilver  Offline
Joined: Jan 2008
Posts: 10,707
OH
What was the original debt for? Credit card, etc...

Re: Need legal advice [Re: marine65] #4421151
06/02/17 07:34 PM
06/02/17 07:34 PM
Joined: Jan 2009
Posts: 13,837
Illinois
tig1 Offline
tig1  Offline
Joined: Jan 2009
Posts: 13,837
Illinois
Find out from the CU what they will settle for.


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Re: Need legal advice [Re: marine65] #4421152
06/02/17 07:35 PM
06/02/17 07:35 PM
Joined: May 2007
Posts: 939
IL
04SE Offline
04SE  Offline
Joined: May 2007
Posts: 939
IL
If it is old enough and you respond (admit)/pay it can bring it back from statute of limitations, though it seems if you are being sued it is within statute.

Making a deal on debt will result in taxable income from cancelled debt. They get to write off what they didn't collect and you get to pay taxes on the cancelled portion.

(I work in collections)


Life's little problems can be solved with a shovel and silence.
Re: Need legal advice [Re: SatinSilver] #4421153
06/02/17 07:36 PM
06/02/17 07:36 PM
Joined: Nov 2014
Posts: 500
Denver
marine65 Offline OP
marine65  Offline OP
Joined: Nov 2014
Posts: 500
Denver
Originally Posted By: SatinSilver
What was the original debt for? Credit card, etc...


credit card.


2006 Nissan Sentra 195K miles
2010 Hyundai Elantra 85K miles
Re: Need legal advice [Re: 04SE] #4421156
06/02/17 07:38 PM
06/02/17 07:38 PM
Joined: Nov 2014
Posts: 500
Denver
marine65 Offline OP
marine65  Offline OP
Joined: Nov 2014
Posts: 500
Denver
Originally Posted By: 04SE
If it is old enough and you respond (admit)/pay it can bring it back from statute of limitations, though it seems if you are being sued it is within statute.

Making a deal on debt will result in taxable income from cancelled debt. They get to write off what they didn't collect and you get to pay taxes on the cancelled portion.

(I work in collections)



You work in collections?

So where do I start on my offer?
Or is there a general rule of thumb in the business?


2006 Nissan Sentra 195K miles
2010 Hyundai Elantra 85K miles
Re: Need legal advice [Re: marine65] #4421158
06/02/17 07:39 PM
06/02/17 07:39 PM
Joined: May 2007
Posts: 939
IL
04SE Offline
04SE  Offline
Joined: May 2007
Posts: 939
IL
Originally Posted By: marine65
Originally Posted By: SatinSilver
What was the original debt for? Credit card, etc...


credit card.


Find out if the agency owns the debt or is collecting on contingency fee basis.

I am assuming this is on your credit? Find out how that will be cleared.

Get the settlement in writing before paying - document, document, document.


Life's little problems can be solved with a shovel and silence.
Re: Need legal advice [Re: marine65] #4421165
06/02/17 07:42 PM
06/02/17 07:42 PM
Joined: Jan 2008
Posts: 10,707
OH
SatinSilver Offline
SatinSilver  Offline
Joined: Jan 2008
Posts: 10,707
OH
Originally Posted By: marine65
You work in collections?

So where do I start on my offer?
Or is there a general rule of thumb in the business?


Ok, the original creditor probably charged off the debt and sold the balance to some sleazy collections agency. They bought the debt for pennies on the dollar. So anything they get above the tiny amount they paid for it is gravy. Google the name of the outfit so you know who you are dealing with. Don't give them any bank account info. Many times they will take your payment and still come after you for the balance. Or they will sell the balance to another collection agency and try to collect from you. Get everything in writing if you agree to a settlement. I'd probably offer 10% of the original amount of $1500 and see what they say.

Re: Need legal advice [Re: marine65] #4421166
06/02/17 07:45 PM
06/02/17 07:45 PM
Joined: Oct 2014
Posts: 1,226
NoVA
Jimzz Offline
Jimzz  Offline
Joined: Oct 2014
Posts: 1,226
NoVA
How old is this debt? Do you have any major assets?
Show up to court and answer what the judge ask. They only do this in hopes you will not show and the court will put a warrant out for your arrest. The court can't force you to pay in that hearing. The company has to do a lot more work to get to that stage.

You have a lot more power in this than you think.


yup
Re: Need legal advice [Re: marine65] #4421167
06/02/17 07:45 PM
06/02/17 07:45 PM
Joined: May 2007
Posts: 939
IL
04SE Offline
04SE  Offline
Joined: May 2007
Posts: 939
IL
Originally Posted By: marine65
Originally Posted By: 04SE
If it is old enough and you respond (admit)/pay it can bring it back from statute of limitations, though it seems if you are being sued it is within statute.

Making a deal on debt will result in taxable income from cancelled debt. They get to write off what they didn't collect and you get to pay taxes on the cancelled portion.

(I work in collections)



You work in collections?

So where do I start on my offer?
Or is there a general rule of thumb in the business?


Most credit card cases are done in groups on the same day. They will have an ambulance chasing lawyer there hoping you don't show and get a default judgment. Generally, the poor schmuck will make a deal on the spot prior to the court case. Depending on how old/much the debt is (the older it is the less they paid - called buying paper) dictates your bargaining power. I would start at around 10-15 percent.

Remember - what you get cancelled with surely be reported to the IRS on a 1099-C and you will have to pay taxes on it.


Life's little problems can be solved with a shovel and silence.
Re: Need legal advice [Re: Jimzz] #4421170
06/02/17 07:48 PM
06/02/17 07:48 PM
Joined: Jan 2008
Posts: 10,707
OH
SatinSilver Offline
SatinSilver  Offline
Joined: Jan 2008
Posts: 10,707
OH
Originally Posted By: Jimzz
They only do this in hopes you will not show and the court will put a warrant out for your arrest.


Warrants can't be issued for civil court cases. If he doesn't show up then a default judgement maybe issued.

Did the summons arrive in the mail or did you have to sign for it? Proof of service is needed in most states.

If they do get a default judgement then they can put a lien on real estate or even your car. So you may want to talk to an attorney about this. Initial consultations are free. I would think attorney fees would be minimal.


Last edited by SatinSilver; 06/02/17 07:51 PM.
Re: Need legal advice [Re: marine65] #4421172
06/02/17 07:53 PM
06/02/17 07:53 PM
Joined: Dec 2011
Posts: 437
Connecticut 06033
oilmutt Offline
oilmutt  Offline
Joined: Dec 2011
Posts: 437
Connecticut 06033
If you cannot reach an agreement with them,be sure to appear in court at the appointed time or they will get a judgement against you and come after your paycheck!


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Re: Need legal advice [Re: marine65] #4421173
06/02/17 07:54 PM
06/02/17 07:54 PM
Joined: May 2007
Posts: 939
IL
04SE Offline
04SE  Offline
Joined: May 2007
Posts: 939
IL
Also, bare in mind they have access to your credit and can see if you have a credit card that you could use to pay the whole thing. They might be a sleazy collection agency but they already know more about you than you do. Between credit bureaus, westlaw and countless other databases, they know how likely you are to pay and your ability to pay.


Life's little problems can be solved with a shovel and silence.
Re: Need legal advice [Re: SatinSilver] #4421186
06/02/17 08:16 PM
06/02/17 08:16 PM
Joined: Mar 2012
Posts: 1,288
San Antonio, TX
E150GT Offline
E150GT  Offline
Joined: Mar 2012
Posts: 1,288
San Antonio, TX
Originally Posted By: SatinSilver
Originally Posted By: marine65
You work in collections?

So where do I start on my offer?
Or is there a general rule of thumb in the business?


Ok, the original creditor probably charged off the debt and sold the balance to some sleazy collections agency. They bought the debt for pennies on the dollar. So anything they get above the tiny amount they paid for it is gravy. Google the name of the outfit so you know who you are dealing with. Don't give them any bank account info. Many times they will take your payment and still come after you for the balance. Or they will sell the balance to another collection agency and try to collect from you. Get everything in writing if you agree to a settlement. I'd probably offer 10% of the original amount of $1500 and see what they say.


This. I have never been sued but I had a credit card go unpaid. I decided one day to settle all debts and get my stuff together. I offered to pay the original amount I charged off of $500 and nothing more if they would put it in writing. They said yes but wanted me to make a payment over the phone. I told them I would only do it if they sent a letter to me and I would overnight the payment. They refused so they never got paid. I knew from another dealing that I settled over the phone and they didn't mark it as paid. They just deducted the amount I paid to them from what they claim I owed.


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Re: Need legal advice [Re: SatinSilver] #4421195
06/02/17 08:26 PM
06/02/17 08:26 PM
Joined: Oct 2014
Posts: 1,226
NoVA
Jimzz Offline
Jimzz  Offline
Joined: Oct 2014
Posts: 1,226
NoVA
Originally Posted By: SatinSilver
Originally Posted By: Jimzz
They only do this in hopes you will not show and the court will put a warrant out for your arrest.


Warrants can't be issued for civil court cases. If he doesn't show up then a default judgement maybe issued.

Did the summons arrive in the mail or did you have to sign for it? Proof of service is needed in most states.

If they do get a default judgement then they can put a lien on real estate or even your car. So you may want to talk to an attorney about this. Initial consultations are free. I would think attorney fees would be minimal.




What?!?!?!? Hahahhahaaa yes they can. That is why slimy companies like this do this. They want you to no show and then get a warrant for your arrest. Its a very common tactic in many states. You can be held in civil contempt of court if you do not show up. The court then issues a warrant for your arrest.


The default is also another thing they like to do as they do not serve many people properly but then its on you to not only prove that but then fight the default and maybe even a warrant for your arrest by that time.


EDIT:
Heres a good write up on it...
http://www.nolo.com/legal-encyclopedia/the-new-bill-collector-tactic-jail-time.html


yup
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