I have a credit card debt for $15,300 which is a little under 4 yrs old, so the SOL has not been reached. I was sued by the collection agency and called them, and they agreed to accept $50/mo. from me. I told the lawyer I would need in our written agreement a statement that they are withdrawing the lawsuit and agree not to file a future lawsuit, provided the payments are made on time. He agreed. However, in talking to his assistant today, she said they're preparing the documents for an agreed judgment, and checked with the lawyer and he confirmed it. I tried to talk to him, but he hasn't called me back.
Should I insist on them simply withdrawing the lawsuit, as we originally discussed, or is an agreed judgment the only way that this can be resolved? I have heard that sometimes agreed judgments are entered as judgments anyway, even if all payments are made on time, and I would prefer not to have to enter into an agreed judgment if it's not necessary.
Thanks!
Since the SOL hasn't been met they are entitled to their money. In my opinion that is a pretty good deal. It may take you years to get it paid off but they could have garnished your wages or put a lien on your property ect. It should be others on here that can give you other advice. But if it was up to me I would take the deal.
they need to protect themselves
is there any way you could come up with a lump sum? it would be cheaper. are they charging interest?