settlement advice

[Anonymous]

I have an old judgement from 2005, I originally owe 5K and its around 6300 with interest and late fees.  This for an apartment I was unable to afford to live in when I was in college.  I was going to offer 1700.00. That covers the 4 months i did live there at 425.00 a month.  Is that too low ball, or should I go for 2k or 2500?  I know its crazy to attempt more money but I figure they will probaly counter a higher amount anyways. 

Also, if they do counter offer should I ask for a description of what I am being charged for?  I would be willing to pay the $4975.00 if they can show what the money is paying for.  Im not paying extra for a file to sit on a desk for years collecting interest, and Im not paying for letters to be mailed out.  I work in the legal field it doesnt take an hour to mail a letter to a client.  Thanks for the help.

[Heavanly1]

I had a judgement against me for $4800 ($2200 for the original debt and $2600 in interest and fees). I settled in full for $1200. I'm sure a lot of it had to do with the fact that I hired an attorney and the CA didn't want to deal with a legal battle.

I say offer to settle for $1700 but be prepared for them to reject it and counteroffer.

[RobertEG]

As a preface, you say there was a legal judgment.

What were the payment terms specified by the court under that judgment?

[Anonymous]

I didnt go to court because I had moved back to the other coast.  I agreed with 50.00 monthly payments, but with school and working less to get through school paying them got pushed to the back.  As I had said in prior post Im trying to get my teaching career on track and may have to move out state to make this happen because teaching jobs in florida are slim.  The attorney owns a collection company out of gainesville, so im not sure how serious to take this situation.

[RobertEG]

I didnt go to court because I had moved back to the other coast.  I agreed with 50.00 monthly payments, but with school and working less to get through school paying them got pushed to the back.  As I had said in prior post Im trying to get my teaching career on track and may have to move out state to make this happen because teaching jobs in florida are slim.  The attorney owns a collection company out of gainesville, so im not sure how serious to take this situation.

Wow, that was an unexpected response!

You did not go to court,  They then rendered judgment, and you have now defaulted on court-orderedt terms?

Yoiu have not satisfied the court order for payments.

Your defense is the proritiy of   "Other costs?"

It will probably be a tough day in court when you next face the judge.

[Anonymous]

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@Anonymous wrote:

I have an old judgement from 2005, I originally owe 5K and its around 6300 with interest and late fees.  This for an apartment I was unable to afford to live in when I was in college.  I was going to offer 1700.00. That covers the 4 months i did live there at 425.00 a month.  Is that too low ball, or should I go for 2k or 2500?  I know its crazy to attempt more money but I figure they will probaly counter a higher amount anyways. 

Also, if they do counter offer should I ask for a description of what I am being charged for?  I would be willing to pay the $4975.00 if they can show what the money is paying for.  Im not paying extra for a file to sit on a desk for years collecting interest, and Im not paying for letters to be mailed out.  I work in the legal field it doesnt take an hour to mail a letter to a client.  Thanks for the help.

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Offer them $1,000, plain & simple.  There is no such thing as a "lowball" offer in debt settlement.

Whatever amount you settle for, make sure you get a notarized Satisfaction of Judgment and a General Release. 

I doubt they would provide you an account breakdown other than to tell you that the original judgment was for $X, they have been awarded $Y in attorney fees & costs and that statutory interest in Florida on judgment is Z%.  I would focus on the bottom line -- total cash outlay -- since with a judgment the numbers are pretty firm.