Hello! I'm pretty new to the message boards so please bear with me since I'm not well versed with all of the acronyms yet.
I received a second letter from Smith Debnam Attorneys at Law after DV'ing and having a debt validated for GE Money Bank (charge-off for Wal-Mart in the amount of $1,404.00 -Date of first delinquency 10/2010) and they told me that the creditor is willing to work out a payment plan and that I needed to call them immediately. I had already sent a letter stating what I would be able to pay but I decided to call to see what they were talking about. The man on the phone informed me that they could offer me a settlement of $1,000.00 or I could set up a payment plan on the grounds that I consent to a "confession of a judgment."
He is going to call me back next week to see what I have decided but I have no idea how to proceed. I do not have $1,000.00 and I refuse to give up my rights by signing a confession of a judgment. What options do I have? Please help!!!
@Chrysanthemum119 wrote:Hello! I'm pretty new to the message boards so please bear with me since I'm not well versed with all of the acronyms yet.
I received a second letter from Smith Debnam Attorneys at Law after DV'ing and having a debt validated for GE Money Bank (charge-off for Wal-Mart in the amount of $1,404.00 -Date of first delinquency 10/2010) and they told me that the creditor is willing to work out a payment plan and that I needed to call them immediately. I had already sent a letter stating what I would be able to pay but I decided to call to see what they were talking about. The man on the phone informed me that they could offer me a settlement of $1,000.00 or I could set up a payment plan on the grounds that I consent to a "confession of a judgment."
He is going to call me back next week to see what I have decided but I have no idea how to proceed. I do not have $1,000.00 and I refuse to give up my rights by signing a confession of a judgment. What options do I have? Please help!!!
Don't. EVER. Sign a confession of judgement. Basically it makes it like they sued you and won, allowing them to garnish your wages, attach assets, etc.
Save up some money, and offer a PFD (pay for deletion). If that doesn't work, continue to save and make payoff offers, but never sign anything.
Thanks for the advice, guiness56! There is no judgement....yet! I am trying to avoid it getting that far.
I will try to contact the original creditor again to see if they will work with me directly. The last time that I tried, they told me that I needed to speak with the Collection Agency Since the original creditor is still listed on my credit report, I will attempt to contact them again.
Thanks so much!