How much would your lowball offer to negotiate a settlement be?

[Anonymous]

All the comments regarding leverage ring true, the debtor is not in a good negotiating position. Yes, some amount of recoupment on the part of the creditor/lender/etc is a viable point, as has been mentioned, they can ride it out while the wait on the debtor mounts. All that said, that’s why a cash/up-front payment offer is often most effective. On a payment plan, there is always concern about further default.

PS—This site is very useful and informative, because so many people can share real experiences and results rather than just platitudes and theoretical results. I learn new things every day!

[Anonymous]

Agree. And we can learn from you as well 

[peacecindia]

Yes, October 10, 2010 was judgement day.

[peacecindia]

I was home, not in a coma, just broke.

I do remember getting a letter in the mail from Cohen & Slamowitz/PRA to go to

court.

Noone ever served me papers directly.

[peacecindia]

50% or half of current total vs. original amount plus lawyer fee seems fair to me.

I feel that is what I owe.

Getting the interest waived would be an ideal situation.

My judgement is past the 6 year plus 1 for judgements in NY Statute of Limitations.

The judgement has fallen off my credit report on all 3 credit reporting agencies.

In October 2020, the judgement is once again eligible for revival/renewal for another

10 years with reporting again on my credit report.

(I'm planning to negotiate in this window of time or interim to avoid another 7 years

of the judgement running on my credit report.)

American Express, the original creditor never sells their debts and instead hires

collection agencies. I can't even use the fact that debt is sold for 7.9 cents on the 

dollar for accounts between 3-6 years old and 2.2 cents on even older accounts between

6-15 years old for negotiation. (I'm not knowledgeable about debt practices, but Google is!)

I'm rebuilding my credit and Portfolio Recovery and American Express do soft pulls on Experian

occasionally. They can see my credit report and use it for leverage.

Will update this thread in May to September since I have to save for the lump sum to offer.

[Anonymous]

I would go to the court house and review the file. See how and to whom they served. 

Looks like PRA are the owners. That is good. Since they bought the debt for pennies on the dollar they might be more receptive to a lower settlement than an original creditor. 

If you were not served properly, try to get the judgment vacated by filing an order to show cause. 

[Anonymous]

I’m sorry I did not see your last 2 posts. 

Im not sure what 6 plus 1 statutue you are referring to. Also the 10 year renewal only applies if they took the judgment and placed a lien on your property.  Sounds like you just have a regular money judgment where the SOL is 20 years. And they don’t have to renew at 10 years. 

Looks like Ike the owner is PRA , a debt buyer so Amex is no longer part of this

[peacecindia]

I may be misinforming myself then.

 6 plus 1 SOL on credit report judgements in NY has popped up somewhere in my Googling

and stuck with me.

How can I be sure PRA is not also a collector for Amex and/or a debt buyer? 

Please share the details of how you negotiated your NY default judgement?

[Anonymous]

You need to go down to courthouse and pull file 

I’m in Suffolk county and the records are on line. If yours are online it should tell you who the creditor is. 

I sent attorney for creditor an email with my low offer. Heard nothing. Then called attorney. He contacted creditor who rejected my offer. They came back with original judgment amount and waived all the accrued interest. I thought it was fair, had zero leverage , and accepted. They filed satisfaction with court. 

[Anonymous]

If your judgment is accruing interest then you must have a judgment against you by a debt buyer. Most creditors (major ones like bofa Citibank capital one Barclays) don’t charge interest on a judgment even though they are statutory allowed to. I thought American Express never sold their debt, but I don’t know if that was differnetnin 2010. PRA would not represent Amex they are debt buyer garbage