settlement after judgement

[cldbwin]

My jurisdiction is: NJ

A summary judgment was granted for my credit card debt before court date. I'd like to work out a settlement with the lawyers representing the credit card bank. I can offer to pay at least 50% in a lump sum rather than having a drawn out payment schedule over 3 or 4 years. The amount owed is more than $10,000. I had attempted to settle before the judgment was granted but the creditor refused to negotiate. It seems logical that a lump sum of a sizeable amount would be preffered to the possibility of my filing bankruptcy. My credit report shows that I defaulted on several accounts at the same time. My finances took a downturn and I was unable to pay my debts. I have no assets and struggle to pay for life's necessities. I can't afford to pay an attorney.

Is there any advice regarding the best way to approach the creditor? I don't know if it's wiser to call and try to speak with the attorney (all past attempts fell into the hands of a collection-type employee who was nasty and refused to negotiate) or if a letter would be more likely to reach the "right" person.

Are there any suggestions as to how to be sucessful in this type of negotiation?

I'm trying to pay rather than file bankruptcy.

Thank for your time.

 

[Michael Wechsler]

Your best bet would probably be to speak to a person. I'm guessing they get dozens of letters every day, especially in this economy. At the end of the day you make a deal with someone and that's how the agreement gets done. You might want to be prepared with a date you intend to file for bankruptcy if you can't work out a payment plan because I'm sure they are tired of everyone's reasons for why they aren't getting the money owed to them - and that's all they really want to hear about. Good luck to you.