Results 1 to 3 of 3
  1. #1
    Join Date
    Jul 2008
    Posts
    1

    Default Do I Need Legal Representation to Help Settle My Debt?

    My question involves collection proceedings in the State of: Delaware

    I have a credit card debt that was sent to a collection agency. The agency sent me a form letter saying they would settle for 40% of what I owed and consider the debt paid. I'm willing to do that, but I was wondering if I needed legal representation to make sure they honor the settlement. Because this might just be a ploy to get anything from me and then go back to harassing me for the rest.

    So I was thinking that I either need advice on how to ensure their offer is official, or get some kind of legal help. Do I have them send me a real letter signed detailing the terms and then take it to a notary or something along those lines? Or should I get legal representation? If so, I'm hoping not to have to pay too much for it. Any advice or ideas?

  2. #2
    Join Date
    Jul 2006
    Posts
    5,437

    Default Re: Do I Need Legal Representation to Help Settle This Debt?

    Get the 40% together as soon as possible.

    Tell them you have it.

    Tell them to send you a signed agreement and then you will sign it and send them the 40%.

  3. #3
    Join Date
    Jul 2008
    Posts
    853

    Default Re: Do I Need Legal Representation to Help Settle My Debt?

    There is a lot to consider here:

    1 How old is this debt? If it is past the SOL, you may be able to get a settlement for less, as little as 10%.

    2 Whatever you settle for, you will owe taxes on the balance

    3 You want the agreement to state that a) the debt is considered to be settled in full, and that nothing else is due or owing, b) that the CA will issue a 1099C for the unpaid balance, and c) that the CA agrees not to report any facts about the account to any CRA now or in the future. Alternatively to c), you can include a non-disclosure agreement.

    If the debt is past SOL, and they will not agree to the other terms, then tell them to get lost, as the deal gives you NOTHING.

    1. Sponsored Links
       

Similar Threads

  1. How to Get Legal Representation for a Friend
    By Chip1010 in forum Moving Violations, Parking and Traffic Tickets
    Replies: 3
    Last Post: 12-15-2010, 02:18 PM
  2. Reckless Driving: Is Legal Representation Necessary For Virginia Reckless Driving
    By reckless? in forum Moving Violations, Parking and Traffic Tickets
    Replies: 1
    Last Post: 08-24-2009, 04:39 PM
  3. Ineffective Assistance of Counsel: Inadequate Legal Representation
    By prisoner1 in forum Criminal Defense Lawyers
    Replies: 3
    Last Post: 12-16-2008, 08:14 PM
  4. Post-Conviction Relief: Getting Out of a Plea Deal Due To Inadequate Legal Representation
    By daigirl in forum Criminal Procedure
    Replies: 2
    Last Post: 12-10-2008, 09:51 AM
  5. Out of State Accident - Should I Get Legal Representation
    By nascarnana in forum Moving Violations, Parking and Traffic Tickets
    Replies: 1
    Last Post: 11-28-2008, 08:19 AM
 
 
Sponsored Links

Legal Help, Information and Resources