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I am wondering does attorney offices offer settlements, or are they known to want full price on the debt. This attorney office got this debt when it was charged off/sold from Guardian Federal Credit Union. My fiancee owes them 8500...so wondering what to do, everything else on her report is paid off and or settled. She is thinking bankruptcy if they do not work with her...any suggestions would be greatly appreciated.
@Anonymous wrote:I am wondering does attorney offices offer settlements, or are they known to want full price on the debt. This attorney office got this debt when it was charged off/sold from Guardian Federal Credit Union. My fiancee owes them 8500...so wondering what to do, everything else on her report is paid off and or settled. She is thinking bankruptcy if they do not work with her...any suggestions would be greatly appreciated.
Is the attorney owner of the debt or are they representing the owner (or Guardian Federal)?
They will negotiate.
Many of these types of law firms are serving as collection agents for their clients, and negotiate just like "regular" collection agencies do. The main difference is, the law firm collectors can and do then handle suing on unpaid debts as well wihtout the original creditor having to pass the file to someone else - kind of one-stop shopping for creditors who intend to sue if the debt remains unpaid.
Many of these firms agree to be paid a percentage of what they collect, so at first they may seem insistent on getting the full amount or close to it, but once they've done their skiptracing/asset searching and determined what the actual ability to pay is, they'll usually back down and talk about lower amounts in most cases. They'd rather get paid than not.
I would plead your case with them and see if they'll offer you a settlement. Most likely they'll settle for less than the full amount. Just be prepared to pay income tax on the portion they write off.
Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |
@Anonymous wrote:
@Anonymous wrote:I am wondering does attorney offices offer settlements, or are they known to want full price on the debt. This attorney office got this debt when it was charged off/sold from Guardian Federal Credit Union. My fiancee owes them 8500...so wondering what to do, everything else on her report is paid off and or settled. She is thinking bankruptcy if they do not work with her...any suggestions would be greatly appreciated.
Is the attorney owner of the debt or are they representing the owner (or Guardian Federal)?
Representing Guanrdian Federal I believe. They are adding attorney fees to the amount and interest also to the total amount...
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:I am wondering does attorney offices offer settlements, or are they known to want full price on the debt. This attorney office got this debt when it was charged off/sold from Guardian Federal Credit Union. My fiancee owes them 8500...so wondering what to do, everything else on her report is paid off and or settled. She is thinking bankruptcy if they do not work with her...any suggestions would be greatly appreciated.
Is the attorney owner of the debt or are they representing the owner (or Guardian Federal)?
Representing Guanrdian Federal I believe. They are adding attorney fees to the amount and interest also to the total amount...
Well, their willingness to negotiate a lower settlement is dependant on how "collectable" she looks. Does she have a lot of other debt? What is her income? What are her scores? Does she have any revolving credit accounts?
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:I am wondering does attorney offices offer settlements, or are they known to want full price on the debt. This attorney office got this debt when it was charged off/sold from Guardian Federal Credit Union. My fiancee owes them 8500...so wondering what to do, everything else on her report is paid off and or settled. She is thinking bankruptcy if they do not work with her...any suggestions would be greatly appreciated.
Is the attorney owner of the debt or are they representing the owner (or Guardian Federal)?
Representing Guanrdian Federal I believe. They are adding attorney fees to the amount and interest also to the total amount...
Well, their willingness to negotiate a lower settlement is dependant on how "collectable" she looks. Does she have a lot of other debt? What is her income? What are her scores? Does she have any revolving credit accounts?
NO other collections as they have been paid and she is AU on three of my accounts and she has her own Cap one CC for 300 SL and a Legacy CC with a 500SL. SHe has a 2014 Jeep Patriot that she is making payments on...She is 100 percent disabled with the VA. She makes about 3800 a month with the VA and GI-Bill income. Her scores are 608EQ, 618EX and 614TU.