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Collections Law/Negotiating a payment after a settlement
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Question
I live in Indiana and I had a credit card that I owed $1,300. I missed the court time and was told by the court recorder to sign in as I had been there. My question is, I tried to call Assets Acceptance to make payment arrangements but they stated they could not speak to me and I had to talk to the lawyers. Is there any chance of me being able to negotiate a lower cost or at least the original cost of the payment or am I stuck with what the lawyers tell me?
I would say probably not unless you can offer them a lump sum settlement. If you have funds available offer them 50%. I would normally offer 25-30% but they already have their judgment (I presume) which means they have already spent more money to file suit. You may still make payment arrangements with the attorney but collection attorneys are actually "collection agencies" and some can be hardcore. But the bottom line is always that you cannot pay what you do not have. Put your budget to paper before offering any type of payment. Be thorough and accurate in your assessment. If you need help with the assessment or negotiation this is what I do. Give me a call at 877 270 8204.
Good luck.
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Answers by Expert:
Michael Brotherton
Expertise
Consumer/Debtor Rights Advocate. Mike Brotherton is a negotiator with over 30 years experience in consumer lending and collections. Mike has 30 years in the credit and collections industry as a former loan officer, debt collector and manager of two finance companies over several years. Mike is well versed in Loss Mitigation practices and the legal collection process. He has helped literally thousands of people over many years overcome serious financial problems such as foreclosure, creditor lawsuits and abuse by debt collectors. For more information about resolving your "financial emergency" visit www.financialemergency.com. FinancialEmergency.com is a consumer web site which actively promotes Fair Debt Collection Practices and other consumer protection laws. We teach DEBTOR RIGHTS and enforcement of those rights. The more informed you are of your rights and the credit collections practices of creditors the more peace you can have dealing with your FINANCIAL EMERGENCY. Most financial problems are fairly common and as such have some very common solutions. The key is understanding your rights in the collection process and how to enforce them if need be. Primary business- Debtor Rights Advocacy and Debt Mitigation relating to foreclosure, creditor lawsuits, and other serious financial problems. www.financialemergency.com (copy and paste in browser).
Experience
Over 40 years combined experience negotiating disputes and resolving financial issues related to consumer debt, corporate issues and mortgage modifications.
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