Debt settlement

[Fug]

I have a debt of 14k I want to pay on a car I don't have anymore. The debt was sold to a collection company who offered to settle for 7k. They since sold the debt to another collection company. I asked if they would settle for the old offer of 7k and they countered at 12k, or 85% of the debt. I'm hoping to settle for less than that.

I don't know if I should spend more money on a lawyer to negotiate. Anyone have experience settling a debt?

 

[Tone C]

@Law Talkin’ Guy

 

[GoodBadHBK]

I have a debt of 14k I want to pay on a car I don't have anymore. The debt was sold to a collection company who offered to settle for 7k. They since sold the debt to another collection company. I asked if they would settle for the old offer of 7k and they countered at 12k, or 85% of the debt. I'm hoping to settle for less than that.

I don't know if I should spend more money on a lawyer to negotiate. Anyone have experience settling a debt?

Just dont pay and wait until the next offer. They will make another offer. They would rather have something than nothing.

 

[Law Talkin’ Guy]

Spending money on a lawyer isn’t going to be worth it, not at these values. Spending $2k on a lawyer to get the collection agency to agree to $10k doesn’t get you ahead. Furthermore, unless you actually have some kind of legal defense you can leverage against the collection agency it’s unlikely a lawyer will be of any help.

 

[lsa]

Spending money on a lawyer isn’t going to be worth it, not at these values. Spending $2k on a lawyer to get the collection agency to agree to $10k doesn’t get you ahead. Furthermore, unless you actually have some kind of legal defense you can leverage against the collection agency it’s unlikely a lawyer will be of any help.

so he should take to the streets to try and make some monies?

 

[Mikeydontgiva]

Don't pay. They'll give up sooner or later.

 

[Fug]

Just dont pay and wait until the next offer. They will make another offer. They would rather have something than nothing.

Don't pay. They'll give up sooner or later.

I had another debt that I just settled on because I got served with a court summons which freaked me out. I've been reading about the different ways they can go after you to get the money. I have some assets and I don't want to get my wages garnished. What if they don't make a better offer and just serve me with a court summons?

 

[Long Dark Blues]

Why don't you pay your loans that you take out?

Instead of letting them go to collections only for the collection agencies to sue you/take you to court?

 

[Fug]

Why don't you pay your loans that you take out?

Instead of letting them go to collections only for the collection agencies to sue you/take you to court?

Yeah, I regret not staying on top of my credit card. There were all these crazy fees on top of the interest every month and I could barely dent the principle balance. Felt overwhelmed and put it to the side for awhile. It was really irresponsible of me. Now I want to handle it and get it behind me.