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Settle outside of court?


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Posted by Mary (166.44.195.72) on January 21, 2003 at 15:21:06:

I'm sorry this is so long but I've been fighting with this for the last year and hope to explain the situation enough to get back some advice..anyway..this is the short version.
I live in MA and voluntarily surrendered a vehicle almost a year ago because of 'mechanical' problems with the vehicle and the inability of the company to fix the problems with the vehicle. I was paying almost $600 a month. The vehicle was defective and we had taken it in for repair more than 3 times for the same problem. Unfortunately, due to not knowing and bad advice our rights under the lemon law expired. To make a long story short, the charge-off after the repossesion (even though it was voluntary) was about $9,000 dollars. Before I go any further, let me say that both of our credit reports are excellent and then there is this one big charge off. After almost a year of fighting with creditors, talking to lawyers, etc. I received another call with a final chance to settle this out of court. The bank is willing to take $.35 on the dollar or 35% of the total debt ($3,345) to settle this and clear both of our credits, even agreed to send me something in writing that this would happen before any payments were made. The previous offer was ($5,000). I believe that we are responsible for our debts and I made a promise to this company by signing the contract but they also made a promise that they broke by selling me a defective vehicle. There is a very fine line when it comes to making a distinction between the maufacturer and the creditor, in this case, same name, etc. One doesn't care about the other at this point! Should I go ahead and take the settlement ($3,345), even though I believe I've been wronged, and if I pay them I'm telling them they were right, I was wrong and this could come back and bite my in the a** or do I risk going to court, found at fault and having to pay the full amount ($9,000), plus fees, lawyers, etc. Unless by some miracle, with all of my proof and documentation, they find in our favor, remove the charge off, clear our credits, pay me back the money I paid into the vehicle and my court fees?? Wouldn't that be nice!? I have 72 hours to respond, can you help? Should I try and get them to come down lower on this settlement?


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