Judgements... need some advice on negotiating payment

[Anonymous]

I have two Judgements on my TU and EX reports only one of these show on my EQ report. Btoh are Capital One and open not paid. I am judegement proof due to a very severe disability I have a trust that cannot be garnished by anyone other than the IRS and Social Security.  However that does not stop the Judgements being on my report. I want to try to settle these reminding the OC and/ attorneys that they they ahev no way of collecting on these (all assets are in the trust, trust pays many of my bills such as medical directly and no creditor can touch SS funds or bank account that have only those funds.... 

Basically, a judgement is not an advantage for the OC in my case. Both judgements will drop off my reports in a year... however I need an auto laon now. although they will stay on my report becasue I cannot get them vacted a paid status would help me with rate for the car loan. 

Queation is who do I call? the Attorney or the OC (Capital One)... and what would you try to settle for? I can not pay the entire amounts.

[gdale6]

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@Anonymous wrote:

I have two Judgements on my TU and EX reports only one of these show on my EQ report. Btoh are Capital One and open not paid. I am judegement proof due to a very severe disability I have a trust that cannot be garnished by anyone other than the IRS and Social Security.  However that does not stop the Judgements being on my report. I want to try to settle these reminding the OC and/ attorneys that they they ahev no way of collecting on these (all assets are in the trust, trust pays many of my bills such as medical directly and no creditor can touch SS funds or bank account that have only those funds.... 

Basically, a judgement is not an advantage for the OC in my case. Both judgements will drop off my reports in a year... however I need an auto laon now. although they will stay on my report becasue I cannot get them vacted a paid status would help me with rate for the car loan. 

Queation is who do I call? the Attorney or the OC (Capital One)... and what would you try to settle for? I can not pay the entire amounts.

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I would call Cap-1 first and try to work with them. They may not be willing to settle at a deep discount if they think they will be able to get most of it at a later time. I might offer them 50% of whats owed. You also want to look up judgment law in the state that granted it to see how long its active and if it can be renewed.

[Anonymous]

It's Ohio andit can be basically renewed forever and cannot be vacated. That being said, my thought process is if they settle they can't renew it. And if they don;t settle it they will never get any money unless they can suddenly figure out a way to heal me from being a parapeligic amoung other serious condition now... I will remain disabled until my death and my estate is protocted from all creditors. Probably just wasting my time, the only thing I could be risking is that I remind them to renew if they for any reason were going to forget to do so next year.

Anyone know if you can get a car loan with open unpaid judgements? 

[Anonymous]

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@Anonymous wrote:

It's Ohio andit can be basically renewed forever and cannot be vacated. That being said, my thought process is if they settle they can't renew it. And if they don;t settle it they will never get any money unless they can suddenly figure out a way to heal me from being a parapeligic amoung other serious condition now... I will remain disabled until my death and my estate is protocted from all creditors. Probably just wasting my time, the only thing I could be risking is that I remind them to renew if they for any reason were going to forget to do so next year.

Anyone know if you can get a car loan with open unpaid judgements? 

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I certainly did. Auto lenders really don't care about unpaid debts per se, as they cannot be used to take away your vehicle. Its the real estate lenders that are concerned about unpaid judgements as they can be used to seize real estate assets.

[gdale6]

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@Anonymous wrote:

It's Ohio andit can be basically renewed forever and cannot be vacated. That being said, my thought process is if they settle they can't renew it. And if they don;t settle it they will never get any money unless they can suddenly figure out a way to heal me from being a parapeligic amoung other serious condition now... I will remain disabled until my death and my estate is protocted from all creditors. Probably just wasting my time, the only thing I could be risking is that I remind them to renew if they for any reason were going to forget to do so next year.

Anyone know if you can get a car loan with open unpaid judgements? 

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If they settle there is nothing to renew, a satisfaction of judgment has to be filed with the court once its all taken care of. There are people who have been approved auto loans with open unsettled judgments, its going to be determined by the strength of your current credit profile (what you have done since the judgments were entered).

[Anonymous]

I'm in very similar situation. I have a few tips;
1) Move out of OH (just kidding; OH does have THE LONGEST SOL in the country and is very unfriendly to consumers in debt)

On a serious note you have options;
--Look for a legal aid office in your county or state; when you talk to them explain you want to settle even though you know you are collection proof. Perhaps play the moral imperative card. Otherwise they will advise you do nothing. Ask if they can handle the negotiations for you, or at least review the settlement agreement.

---Contact the creditor atty. (Info is part of the court file which you can get from court clerk) Wait until you have at least 50% of the judgement amount in cash, (dont forget to include statutory interest that has been accruing since judgement was entered).

-----In this case play up the fact you are disabled AND collection proof. DO NOT LIE just emphasize the facts and that your income is from social security. I would not start out using any language like "collection proof". Just say "I'm disabled (insert brief description of disability) , I'm receiving soc sec disability benefits, I have moral obligation to pay this, I have 45% (use your number here but start at 45% ) , can we agree to resolve this now for $$$). They ost likely will give you an excuse they need to talk to supervisor, which is their way of putting you off so they have time to check your credit, and if they feel you are hiding something, file a citation to discover assets. So don't lowball them, cap one RARELY settles for less than 50%. Stick to facts you WANT to share. Don't let them goad you into saying more than you need to. DO NOT MENTION TRUST.

[Anonymous]

You would probably be better off going with captive lenders, paying higher interest rate if needed, and refinance once judgements fall off. With a judgment you would have a hard time getting approved with a CU, but captive lenders may approve you.

[Anonymous]

If I were in your position, I wouldn't even consider settling at this point. They can renew all they want - the judgement is uncollectible and will remain so. It will fall off your reports regardless of whether they renew it or not. You most certainly CAN get financed with unpaid judgements. You'll pay higher interest, but your credit reports will heal considerably when those drop off, and you'll be able to refi. Use the funds you would have settled with for a bigger down payment on the vehicle you need.