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Legalease
Legalease, Lawyer
Category: Employment Law
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Experience:  13 years experience in employment law, unions, contracts, workers comp law
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my question has to do with diet settlement Iam disabled and

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my question has to do with diet settlement Iam disabled and on disability I had to move from co. to az. with my brother in his house so I have a fixed income 3 years ago a finance co obtained a judgement against me for a loan that at the time I could not make payments on their lawyer also tried to garnish my bank account witch cost me money I TOLD their lawyer that the only income I had at the time was unemployment ins. it was a fight but I Finally got him to release my funds so I do not trust this lawyer to deal with how ever the co. that has bought my loan says that I have to because he is handling the collection and the judgment for them I have contacted him and have been dealing with his assistant she first told me that since I had moved from co. to az. that they would have to close their case and the co.that has my paper would have to contact me as to a settlement amount but the next day she calls me and says she will email me a settlement letter and I was to get a cashiers check made out to the original loan co. witch from what I understand had sold my paper to another co for collection the paper says that I can put only payment for settlement or settlement in full but not to put that it is payment in full since this amount is half of what is owed I asked if the co. that has my paper can still come after me for the other half she said no that this money would settle the judgment but they may 1099 me I dont understand this what should i do
Submitted: 9 months ago.
Category: Employment Law
Expert:  Legalease replied 9 months ago.

Hello there

-

What all of this means regarding the settlement of the debt and the different companies in the different states is that they have given you some verbal assurances that this matter will be over and done with once you send a cashier's check for the full amount of the agreed upon outstanding balance of the overall loan -- and they are trying to make you comfortable enough to believe that this will happen when you send the money to the. If you receive a letter from them stating that the entire loan is paid off and complete then that letter is good enough to use as proof of settlement of the entire case and you will no longer have to worry about this case. A 1099 tax form at the end of the year is a different matter than a settlement letter -- that tax form shows that you owed a certain amount of money which was the outstanding principal balance of the loan and when the company agreed to settle the matter with you , the company wrote off an amount of money that was the amount of $$$$ -- so the 1099 is the amount of money that you did NOT have to pay to complete this matter with them and end the account.

-

MARY

Legalease, Lawyer
Category: Employment Law
Satisfied Customers: 14260
Experience: 13 years experience in employment law, unions, contracts, workers comp law
Legalease and 6 other Employment Law Specialists are ready to help you
Customer: replied 9 months ago.

what should I DO hold off with payment until I GET this letter or pay and trust that it will be done as they say

Expert:  Legalease replied 9 months ago.

Hello again Dan --

-

You want to receive the settlement offer and amount in writing before you sign anything. In the letter, you want a written agreement from the company holds the Note stating that "in the event that $XXXXXXX dollars is paid then the debt of $XXXXX is Paid in full AND no further collection activity against you will be continued."

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You should never send money to a company like this without the written settlement agreement ---- The company may then just credit the amount you pay as a payment towards the outstanding debt and will not use it as full and final settlement of the overall debt they claim that you owe to them. If they are sincere about wanting to settle this debt for you in an amount that is less than the amount owed on the cargo then they should have no problems putting the settlement agreement offer in writing at this point.Once they do that you can sign it and keep a copy and then send the payment and signed settlement agee ment back to them to finish up these matters.

--

MARY

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