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Allen M., Esq.
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I was in a wreck in 2003. I had no insurance and while I was

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I was in a wreck in 2003. I had no insurance and while I was in Iraq lost a settlement for 15k. I started making payments fo $100 when I could but then got in a tight spot and couldn't. Now the lawyer handling the case told me payments wouldn't be good because it's gaining more interest then I would be paying a month. I want to pay this off but not the 30k that it has risen to in interest. My question is if I originally owed 15k would they be willing to take say half or less as a pay off and would I need a lawer for this or do I just call him up?
Submitted: 1 year ago.
Category: Legal
Expert:  Allen M., Esq. replied 1 year ago.
Thank you for your question today, I look forward to assisting you. I bring nearly 20 years of legal experience in various disciplines.

Legally, they have acquired the right to interest, so they are going to be reluctant to accept the original amount when they could legally try to seek the higher amount.

So, it's not likely that they will go that far down, but it is certainly true that both clients and attorneys prefer a lump sum that is smaller than they do long term payments. That would give you some negotiation leverage to at least bring them down some.

I think it would be reasonable to offer 18K to see how willing they are to negotiate down. You can certainly do this yourself. An attorney may get better results, but the cost of having the attorney do all the contact and paperwork would probably offset any gain.
Allen M., Esq., Attorney
Category: Legal
Satisfied Customers: 16112
Experience: Lawyer and legal specialist.
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Allen M., Esq.
Allen M., Esq.
JAG officer and professor of law
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Lawyer and legal specialist.