Question about settlements & judgements

[invza1]

Hello,

I got an offer from a collection agency to settle an old credit card debt. I have a judgement on my credit report from this credit card. What happens to the status of the judgement if I take the settlement offer? Should I take the settlement or pay it in full (because of the judgement)?

Thank you all in advance for any replies!

[Tuscani]

Get a PFD!

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=2659

[Anonymous]

How old is the debt?  My guess, it is very old and has been sold around a few times for almost nothing to junk debt buyers.  If they get you pay anything they make out well.  Worse, it can have the added risk of them re-aging the debt on your credit reports (which is a violation of the FCRA that you would have to fight).

I personally have never seen a PFD (pay for delete) on an actual judgment because after the judgment is old (read: non-collectible) the creditor or agency that got the judgment just sells it.

I could be wrong and maybe it will work - please keep us posted.  But please be very careful so you do not accidentally reaffirm the debt or encourage them to re-age it with the bureaus.

Message Edited by DionLawOffice on 06-13-2007 06:53 PM

[Eric958]

"MY" experience says that if you pay anyone other then the company who was awarded the judgment, The Judgment stays! At the most you can get it changed to a paid judgment.To get a judgment removed it must be VACATED BY THE PARTIES INVOLVED.{whoever was awarded the judgment}But as I said, This is my experience. E!