Re: SETTLEMENT??? (LONG, BUT PLEASE HELP!)

Posted by piggybank72701 (65.161.12.25) on July 04, 2002 at 12:22:51:

In Reply to: SETTLEMENT??? (LONG, BUT PLEASE HELP!) posted by Amy on July 03, 2002 at 22:35:36:

I would tend to agree--settle, settle, settle.
However, I would STRONGLY recommend that you get some professional legal advice in this case--it would be well worth the cost. You should have more than enough to reach a reasonable settlement with your creditors.
But, as RobertM stated--do NOT let anyone know (outside of your personal atty, perhaps) that you are in a position to pay ANYTHING on these accounts. You'll lose any leverage that you might have had with your creditors, and they will be very quick and aggressive in coming after you in any way they can. Let your creditors think that you are going to file bk--they'll be more likely to settle for less, then.
Also, DO NOT pay them anything without some type of agreement IN WRITING. They can TELL you that you will have a perfect credit record for paying xxxx dollars, but it doesn't mean a thing if it isn't in writing, signed by the OC and/or CA.

Sounds like you should be in a good position to improve your rating. In negotiating, I'd hold out for "pays as agrees" rating (unlikely) or total deletion. Those would be of most benefit to you. Please, though, go see a qualified attorney to help represent you--and DON'T fall for one of those atty ads that promise to 'fix you credit report now!'. Do a little research, talk to some--it would be well worth your while. Best of luck and let us know how it turns out for you!

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