What does it mean when a collection company say that they have closed your case and returned it to the debtor?:
I owe a creditor $8000.00.
Jillian’s answer: It means that the debt collection attorney or company is no longer handling the collection of the debt. The debt could later be sold off to another debt collection company. If you want to resolve the debt you'd need to deal directly with the creditor.
Do you typically make a payment to the law firm /collection agency rather than the financial lender for a debt settlement?:
Being sued, have made arrangements for a lump sum settlement.
I had made another settlement (was not being sued) with a collection agency and the payment was made to the financial lender.
Jillian’s answer: Typically, the payment is made to the collection agency. Make sure you get a settlement letter with regard to the settlement, and it should spell out the terms of the settlement including where payment should be made and a file or account number. You may need an attorney to help you get the appropriate settlement letter.
A law firm is requiring a stipulation to be signed for the agreed amount to be a made by a later date. I'm trying to avoid that.: Being sued (plaintiff is the bank) for debt. Today is Monday and the court date is Friday. I have indicated to the attorney that the agreed payment can be made before the Friday court date. I don't see a need to sign a stipulation that I consent to the entry of judgement upon default. I am being told that I must sign the stipulation.
Jillian’s answer: The Stipulation of Dismissal is standard practice. Though you are making a payment, your payment will likely not clear for several days, and opposing counsel is offering a Stipulation of Dismissal of the case in exchange for your tendered payment. This appears to avoid entry of a judgment. If you need legal advice, you should consult a good debt settlement attorney.