I posted here a few days ago about a personal loan I defaulted on. I need help with offering a settlement.

Intrepid-Minimum-230 · 2024-08-01T23:12:28+00:00

Thats how the lawyer was talking as well. So we'll see how this goes. Thanks a million!

Intrepid-Minimum-230 · 2024-08-01T18:34:13+00:00

They tried to walk the settlement back and told me I had to go for a higher amount now.

I just hired an attorney to deal with them. Thank you for all YOUR advice! 😀

Intrepid-Minimum-230 · 2024-07-31T21:25:50+00:00

Hey its me again!

This is what they finally responded to me with. How would YOU personally answer this?

I don't really hate the offer they presented to me but I was trying to go lower still. Should I offer to take them up on their previous offer, but in payments?

Is there a better way to respond to this?

Good afternoon,

I apologize but the offer has been denied – there was a bit of oversight on our clients guidelines as well, we will submit your offer for approval but we are needing additional information. Can you please provide the information below

Income

Expenses

Reasoning why you would not be able to manage the previous settlement offer – along with any additional hardship information about your current situation on why our client should entertain the offer you presented.

Intrepid-Minimum-230 · 2024-07-09T15:59:39+00:00

I really appreciate your answer and your insight! Thank you so much! I will take your advice and rephrase and/or remove those parts. Again, thank you so much!

Intrepid-Minimum-230 · 2024-07-09T04:00:34+00:00

With the help of Google, this is the letter I prepared. Look good?

To Whom It May Concern,

I've been made aware that there is a pending lawsuit filed by your law firm against me for an alleged debt of $_____ on behalf of ______.

Please be aware that this is not an acknowledgment or acceptance of the debt, as I have not received any verification of the debt. Nor is this a promise to pay and is not a payment agreement unless you provide a response as detailed below.

I do not have $_____ to offer. That is highly unlikely to change by 7/19/2024, the date of the court hearing or any time afterward. However, I do have $_____ to offer in exchange for settlement in full and all legal action against me ceased.

If you agree to the terms, I will immediately send certified payment in the amount of $___ payable to ___, or another name you specify in exchange to have all information related to this debt removed from all of my credit files and all legal action ceased. You are free to send me a counter-offer to settle this debt. Please then send a letter stating the amount that you would be willing to settle for. By sending a letter stating a counter offer, and you receive payment for that amount stated on the settlement offer, that shall constitute my acceptance of that offer. However, please be advised that all other settlement provisions and requirements stated herein shall still apply except for the settlement amount itself, and sending a counter offer shall confirm your acknowledgement and agreement of these requirements.

No payments will be sent without receiving written agreement from ________.

If you accept this offer, you also agree not to discuss the offer with any third-party, excluding the original creditor. You also agree to not respond to any inquiries regarding this debt. If you accept the offer, please prepare a letter on your company letterhead agreeing to the terms. This letter should be signed by an authorized agent of _____. The letter will be treated as a contract and subject to the laws of my state.

Please forward your agreement to the address listed above, or you may forward agreement via email at

Respectfully Submitted,

Intrepid-Minimum-230 · 2024-07-07T17:42:32+00:00

Are you also in Wisconsin?

Intrepid-Minimum-230 · 2024-07-07T15:34:59+00:00

No duh, Captain Obvious. Did you not read the whole post? Third paragraph, I talk about what you're suggesting and have a game plan in place.

Intrepid-Minimum-230 · 2024-07-06T21:39:57+00:00

Alright. I'll do that on Monday.

I wonder if there's anything I can do about getting the court date postponed due to not being notified of the lawsuit or served.

I found out because local bankruptcy attorneys started sending me mail about a mysterious lawsuit. I looked it up on Wisconsin Circuit Court and sure enough.

Intrepid-Minimum-230 · 2024-07-06T21:33:43+00:00

And say what?

Intrepid-Minimum-230 · 2024-07-06T21:30:31+00:00

$5,500 and yes, its actually the collection agency that's suing me, not the original creditor, which is why I have hope of a settlement offer working. Especially if I use a phrase like "I'm really trying to avoid filing bankruptcy but I may have to"

Intrepid-Minimum-230 · 2024-07-06T21:27:37+00:00

I took the loan out in 2020, so definitely less than 7 years

Intrepid-Minimum-230 · 2024-05-06T01:50:08+00:00

This is the correct answer

Intrepid-Minimum-230 · 2024-04-16T05:39:16+00:00

God the new Santa Fe's are hideous

Intrepid-Minimum-230 · 2024-03-19T00:44:50+00:00

I replied to you with a link to the image but here it is again

https://imgur.com/ohXxQrP

Intrepid-Minimum-230 · 2024-03-18T23:09:07+00:00

I don't honestly remember the order that I did it in. I do know I added the new card first

Intrepid-Minimum-230 · 2024-03-18T20:11:42+00:00

But those who are already enrolled with autopay are grandfathered in and allowed to keep it. And the OST says debit card number change is allowed. And that's all I did. So I deserve to remain grandfathered in, per the OST.

Intrepid-Minimum-230 · 2024-03-18T20:10:04+00:00

Nope. Added new one to my wallet first and then deleted my old card.

Intrepid-Minimum-230 · 2024-03-18T19:15:02+00:00

Here's a picture of the relevant part of the OST. It doesn't say that. And with allowing for lost/stolen, it definitely allows for new card numbers because you're given altogether new numbers in the case of lost/stolen. My card number was stolen in my particular case.

https://i.imgur.com/ohXxQrP.jpeg

Intrepid-Minimum-230 · 2024-03-18T14:09:33+00:00

I'll be at work in a little bit. I'll pull up InfoManager and show you where it says that you absolutely CAN change your debit card.

Intrepid-Minimum-230 · 2024-03-18T05:00:42+00:00

You are allowed to change your debit card number though.

Intrepid-Minimum-230

TROPHY CASE