Legal Question in Credit and Debt Law in California
Question on a settlement with a law office.
If I must come to a settlement with a creditor, do I have rights to ask for a payment plan on a reduced settlement? Is it possible for an amount of $11,000 to be paid monthly?
2 Answers from Attorneys
Re: Question on a settlement with a law office.
Anything is possible with settlement negotiations. However, it is wisely recommended to have legal counsel negotiate settlement terms on your behalf.
Re: Question on a settlement with a law office.
Creditors generally would not agree to reduce the amount if it's a payment plan. If you can come up with a sizable lump sum initially, then they might consider it.
Also, check to see that the four-year statute of limitation has not run on the debt. If it has, they might be barred from collecting. A new payment could restart the clock.
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