I come to a settlement agreement with midland funding about a judgement they have against me. My orginal judgement was for $3300 and they are willing to settle for $1400. They want me to pay over the phone and then they said they would send the necessary paper work to bring to court. Is this safe? $1400 dollars is a lot of money and I do not want to give them this money and then I am unable to get the judgement fix on my credit report.
I am not sure what "paperwork to bring to court" means. Once the creditor has a judgment, the court is out of the picture until the creditor decides to garnish your wages or levy your bank account or other asset. Perhaps they are suggesting that they will give you a satisfaction of judgment document that you can file with the court. Ask to see their document BEFORE you pay them anything! Good Luck!
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General Practice Lawyer
There are no guarantees. The fight should have occurred before judgment, not afterwards. They will hold on to the judgment. You can ask as stated previously, but if they don't ask after you pay it, you can attach a note indicating it is paid on the credit reports of the 3 major credit bureaus.
My response herein is an attempt to give you general information and direction and is not intended to constitute an attorney-client relationship as perceived by state law.
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Be very careful here. Midland will most likely not release your judgment unless you get this in writing. It is very likely that you will be calling them for the release after you pay and the collector who took your money will no longer be returning your calls. They care about getting paid, not releasing the judgment. It is not advisable to settle with a creditor like this without attorney representation. You need something in writing that says they will issue a release of the judgment after you pay.
Additionally, paying the judgment is not going to remove it from your credit report. The judgment is a public record and will likely be on your credit report for 10 years from the date it was issued. At a minimum the balance of the judgment should be updated to zero after you settle it, but you need a written settlement acknowledgement from Midland before you pay.
My comments are not legal advice and are for informational purposes only.