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can a creditor accept a lower amount for a garnishment?

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Joined: 13 Apr 2010
ntense77's page
Posts: 1

23 Magic Points

Subject: can a creditor accept a lower amount for a garnishment?
Posted on Tue Apr 13, 2010 9:13 pm  

i have paid off about 1/2 to 3/4 of the amount. is there a letter which i can send them and ask them to accept this amount?

Joined: 10 Mar 2010
NightStar's page
Posts: 142
Location: Illinois

3176 Magic Points

Posted on Tue Apr 13, 2010 10:10 pm  

That is a hard one, they can accept a settlement, but why should they if a judgment was obtained. A court of law found in their favor and is stipulating that the balance be paid in addition to state allowed interest rate. This is going to be a hard one to get them to accept less when they know they have you.

I guess it is a matter of appealing to their sympathies, to have compassion for you to forgive the remaining amount.

They would be able to send you a 1099-C for earned income to be taxed if you save more than $600 on the settlement. But if they did that, no one could later come after you for the remaining amount.

Just be sure to get it in writing, their agreement. So they don't turn around and sell the debt to another collection agency.
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Joined: 08 Feb 2010
Aaron's page
Posts: 2632

48565 Magic Points

Subject: settling judgment
Posted on Wed Apr 14, 2010 7:00 am  

Hi Tense,

A judgment amount can be settled only before you start paying. As you have already paid 1/2 of the amount, I don't think your creditor or the collection agency will agree to a settlement now. Only if they are generous enough, they may forgive the debt, as Nightstar has mentioned.


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Thomas B.

Subject: Garnishment for Colorado
Posted on Wed Jul 28, 2010 3:29 pm  

Hi, I am currenly being garnished 25% of my disposable income for a 2005 judgement against me. This is a financial hardship. WHat can I do to have the garnishment amount lessened? Also I am a 100% disabled veteran and my inocme to debt ratio is barely covering my debts. I had been paying the Judgement Law office $100 a month for over 13 months with one late payment in May-10 which they have used to continue a writ of garnishment. Can I fight this?


Joined: 08 Feb 2010
Aaron's page
Posts: 2632

48565 Magic Points

Subject: Garnishment
Posted on Thu Jul 29, 2010 7:58 am  

Hi Thomas,

You can try to negotiate a settlement with the law office. However, can I know whether your income comes from disability?


Keep in touch Smile

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