How much would the creditor be willing to settle for in court?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
How much would the creditor be willing to settle for in court?
In my court summons it says that the creditor marked “yes” next to willing to mediate in court. If I owe around $1,400, how much do you think the creditor would be willing to settle for? i don’t have a steady income and I am trying to pay them off so they don’t get a judgement against me.
Asked on June 20, 2012 under Bankruptcy Law, Massachusetts
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
I have no idea what the creditor you have would settle his or claim against you for. If the amount owed is $1,400, possibly the creditor would take a discount for what is owed if $1,200 or so is paid up front as payment in full.
If you cannot pay the full amount demanded of you, you should consider entering into a monthly payment plan in writing signed by the creditor to pay down the amount owed based on terms that you can live with.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.