Expert: Regan Shinski - 2/16/2011

Question
Hello,

Thanks for taking the time to read this and offer me your advice.

I'm pass delinquent on some credit cards, one of which is Capitol One.  I was recently informed by my sister (because I work overseas) that the sheriff delivered court papers saying Capitol One is suing me for the debt.

I'm writing to find out what my options are.  I would like to pay the debt but would like something to be worked out where I can keep the "judgement" from showing up on my credit report.  Do you think it's too late for that?  

Also, is there any hope of reaching a settlement agreement at this point?

Lastly, I'm seeing alot of claims online about lawyers who can get judgements removed from your credit report.  Any validity to those claims?  Might it be worth hiring one?

I plan on being overseas for the next 2-3 years so I can save up and pay down my debt so I just want to make sure I take the right steps while away from home so I'll have a halfway decent credit score when I return home.

Thanks again for your advice.

Answer
Hello Melanie:

In the short term, I would get the necessary paperwork completed to get a continuation on the court case.  this will keep a default judgment from being entered if you don't show up.  you may be able to suspend it indefinitely depending on the court case and your reason for being out of the country.  If you are military, you have even more options.  Note that this will often toll (pause) the statute of limitations, so it does eliminate your potential liability.

I actually think you are probably in strong position to negotiate a deal.  The fact that you are out of the country is to your benefit since they have to wonder if they will be able to collect from you in the future.  I would only consider pennies on the dollar and possible deletion from your credit reports as an acceptable settlement.  Otherwise, I personally, would take my chances with delaying and fighting it through credit repair.  Many others would say settle when you have a chance.

Deleting judgments as you asked about is possible. We are actually one of those companies - credit repair.  Go to www.ficofighter.com for more information and evidence.  I would say that you have a better option with deleting the slow pays than a judgment.  I would avoid a judgment at all cost.  It can be deleted but it is more difficult and it also gives them more collection options.  Seek a delay, settle or fight it before accepting a judgment.

Good luck, I hope this helps.
Regan

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