Re: Can O' Worms

Posted by Drew (24.59.27.46) on January 21, 2004 at 10:15:00:

In Reply to: Can O' Worms posted by Power Johnson on January 21, 2004 at 09:21:53:

It sounds like a good plan you have going on. Settling will not help your credit and you have already settled with two of your OCs and you have been tagged already as profit and losses, you can do no more damage with your credit by settling with Sherman. The only problem is that you are in my opinion settling with the devil (Sherman) and it will probably come back to haunt you.

There are other things to consider when making the decision to settle or pay an account in full and that is what you are willing to live with. Your credit will be screwed up for the next seven or eight years. Very little you can do about that. That has already occurred.

The other factors are your peace of mind, whether you want to go to court and be sued or whether you just want to get this over with and move on without looking over your shoulder.

You have sold your house (which was probably your main asset that they could have touched) and you have pretty much liquidated all you can. If they decide to sue you, the only thing at this time they could do is garnish your wages depending on your state and whether you were within statute of limitations.

Only you can access the risk. If this is your last major bill and you are done with your unsecured obligations, I don't see bankruptcy as a solution and if you are well within statute of limitations and don't want to live in fear, then I would say you have a good plan going.

Just remember several things.

Both parties that you are dealing with--Sherman and Creditors Exchange have proven themselves to be untrustworthy which means you should take all means to protect yourself.

If you send them an offer in writing, you have self validated and self verified the debt and if they refuse (and they might if they think they can get more and Sherman is a greedy bunch), they will use your settlement letter against you in court and they do like to sue. They also lie frequently.

This is a decision that only you can make.

Good luck.

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