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I had a judgement filed against me for a credit card debt in…

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I had a judgement filed...
I had a judgement filed against me for a credit card debt in the amount of $21,000. I owed $10,500 when I stopped paying. I've paid approximately $16,000 to Asset Acceptance and they send a letter each month saying I still owe over $10,000. Is there anyway I can get them to accept what I've already paid? I'm 70 years old and work parttime and live on that and my social security. I'm afraid to stop paying -- they towed my car twice before I set up $200/month payments which I've made on time for over 2 years. LJarrell
Submitted: 8 years ago.Category: Legal
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Answered in 2 minutes by:
6/13/2010
Lawyer: Ellen, Lawyer, Consultant replied 8 years ago
Ellen
Ellen, Lawyer, Consultant
Category: Legal
Satisfied Customers: 36,715
Experience: 25 years of experience helping people like you.
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Hello,

I am the JustAnswer expert that will be helping you today. I am a lawyer with 25 years experience. Although I am not your attorney, I hope that I can give you helpful legal information.

Can you tell me what Asset Acceptance promised to do for you? What type of agreement do you have with them
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Customer reply replied 8 years ago
I have a letter from them agreeing to the $200/month. They only promised they would not take my car again as long as I paid each month on time. That's all.
Lawyer: Ellen, Lawyer, Consultant replied 8 years ago
What kind of business is Asset Acceptance?
Did they loan you money or agree to work a payment plan out with your creditors?
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Customer reply replied 8 years ago
No, they are a collection agency. They apparently bought the credit card default for collection.
Lawyer: Ellen, Lawyer, Consultant replied 8 years ago
Hello,


Thank you for your information. The reason that your balance is not going down is likely because you are being charged a high interest rate. You may want to consider filing a Chapter 7 bankruptcy. A Chapter 7 bankruptcy could discharge your liability to the company as well as most other unsecured debts.
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Customer reply replied 8 years ago
I don't want to file bankruptcy. I probably should find a local lawyer who can negotiate something with these people. Thank you, XXXXX XXXXX answer was not any help at all.
Lawyer: Joseph, Attorney replied 8 years ago
Joseph
Joseph, Attorney
Category: Legal
Satisfied Customers: 7,280
Experience: I have 15 years experience in the legal field, currently specializing in criminal and family law
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You do have a few options available to you:

 

  • You can attempt to negotiate a settlement. You mentioned having them "accept what I've already paid." I can all but guarantee that this is not a viable option. There is just no reason for them to agree to stop now, not when they have a judgment in their favor. However, they might agree to something between what you have paid and what they want you to pay. When negotiating, keep in mind the old expression of a quick nickel beats a slow dime.
  • You can file the bankruptcy. I know the prior expert suggested this and you didn't like the idea. However, it may be a prudent suggestion. If you have no plans to make any big purchases (such as a car or a house) in the next few years, then the bankruptcy shouldn't cause any harm yet discharges all your debt.
  • You can stop paying. While the creditor can get a lien against you, similar to the bankruptcy, if you don't make any large sales, they would never be able to collect on the lien. However, the fear of having your car towed may deter you from this approach.

With all this in mind, it would be wise to set up an office conference with a local attorney practicing in the area of civil litigation. Such an attorney could contact the creditor and negotiate the best possible settlement.

 

If you're concerned about costs, you could contact the Florida Bar Association, their website is at www.floridabar.org. Additionally, you could check with your local county bar association. While you didn't say what county you are in, a simple internet search will locate them for you, just type in, "Broward (for example) bar association". You probably also have a local legal aid association. Any of these entities can assist you in finding an attorney taking on free or reduced fees cases.

 

I hope you found my answer helpful. If so, please click on the green ACCEPT for my answer. This is necessary for me to be paid for my work and so that I can get credit for assisting you. Your question will not close, and you will still have the opportunity to follow-up if needed. Leaving a bonus and positive feedback is not required, but doing so is certainly appreciated! Thank you and good luck!

Joseph
Joseph, Attorney
Category: Legal
Satisfied Customers: 7,280
Experience: I have 15 years experience in the legal field, currently specializing in criminal and family law
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