I'm considering trying to settle a judgement....need advice

[Anonymous]

Cap One obtained a default judgement for about $2k in 2008, (I couldn't get off work to go to court), since then most of my baddies have aged off my reports.

Currently I have one secured card CL $250, and Cap One approved me for QS CL $3K yesterday. I have 9 SL tradelines reporting PAA (just rehabbed) which have an IBR payment of $0.

My income is all exempt by IL statute. Planning to try to lease or buy a car so I can begin searching for employment.

Technically I'm collection proof, but want to try to get this judgement out of the way BEFORE I go back to work. In fact it has prevented me from being hired in the past.

I have some people who are willing to help me settle up to a certain amount.

Any ideas or suggestions? Thank You!

[gagirl82]

I think it's very possible for you to settle. If you have the paperwork that was served to you contact the lawyer via certified letter and explain you would like to settle. Make your offer and see what happens. I would suggest offering20% because more than likely they are going to settle at 50%.

[DrMac210]

Good luck trying to get them to settle.  With a $2K judgment in 2008, it is probably up to $3K now with the interest tacked on since 2008.

I had a Cap One judgment in IL from 2007 that I tried to settle last year, and the most they offered me off was 10% if I paid it in one lump sum.

Your situation is a little different in that your income is collection proof, but I wouldn't expect to settle for anywhere near 50%.

Is the company collecting FAL, LLC?  Feel free to PM me if you have any specific questions.

[Anonymous]

It's Blatt, Hasenmiller, Liebsker, & Moore. And they were awful to deal with. Sadly, I could file BK for less $ than it would cost me to have an atty negotiate this for me.

[Anonymous]

You can certainly feel them out - having untouchable income helps, but in IL time is on their side, with a 20 year collection limit on judgements. They may feel that at some point in the future its likely you will become collectible, or you will have a stronger desire to clear this judgment from the books.

[Anonymous]

Hi, I have a judgement with that firm from the same oc also. Would love to know if you are successful.

[Anonymous]

I'll let you know. It's gonna be a month or 2 before I approach them. My judgement is 7 years old, and falls off this summer. Think I'm going to try to wait until I have at least half of the balance to pay lump sum in case they try to renew it. If I contact them now, its just letting them know my situations is improved and they are known to play hardball.

[Anonymous]

"in case they try to renew it."

They have 13 years before they have to renew it.... Renewing, BTW, does not put it back on your reports. It just extends the time in which they can use legal means (garnishment, seizure of account, property liens, etc) to try to collect

[DrMac210]

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@Anonymous wrote:

"in case they try to renew it."

They have 13 years before they have to renew it.... Renewing, BTW, does not put it back on your reports. It just extends the time in which they can use legal means (garnishment, seizure of account, property liens, etc) to try to collect

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I believe in IL they have to renew/revive the judgment after SEVEN years to be be able to enforce the judgment.  As long as they do this, the SOL on a judgment is 20 years.

[Anonymous]

Here is the actual statute

(735 ILCS 5/2‑1602)
    Sec. 2‑1602. Revival of judgment.
    (a) A petition to revive a judgment may be filed in the seventh year after its entry, or in the seventh year after its last revival, or in the twentieth year after its entry, or at any other time within 20 years after its entry if the judgment becomes dormant. The provisions of this amendatory Act of the 96th General Assembly are declarative of existing law.

Note that it says "may be filed in the seventh year" not "must be filed". So, effectively this means it can be revived *any* time after 7 years. After 7 years it becomes dormant and must be revived before further legal recourse can be sought. Revival can be filed up to 20 years after original entry.

So what this means is they can sit on it until they believe you to be 'collectible' and revive it up to 20 years from its original entry.