What needs to be done when settling a credit card judgement?

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What needs to be done when settling a credit card judgement?

I have a judgement (credit card) against me for $13,500. I have about $4,000 saved and I want to settle the judgement. I spoke to the judgement holder a few weeks ago and they mentioned they would except $4,000 as a settlement. I now want to take the negotiations to the next level. Besides my paying them $4,000 and them filing a satisfaction of judgement with the court, is there anything else that needs to be done? Is there anything I am overlooking?

Asked on July 17, 2011 under Bankruptcy Law, California

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

You are on the right track in resolving the judgment the credit card company has against you in full for $13,500 by a payment of $4,000 to it. To make sure that the credit card company will accept $4,000 from you for satisfaction in full of the $13,500 judgment, you should get a bare bones agreement in writing signed and dated by a representative of the credit card company to this effect with a set payment date.

The agreement should state that when the $4,000 check clears, the credit card company will send you a recorded satisfaction of the $13,500 judgment in full by a date certain.

The only thing you are overlooking is the letter agreement signed by the credit card representative stating the terms you want in the end. My answer gave you a guideline to do this.

Good luck.


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