Legal Question in Credit and Debt Law in New Jersey
What is the difference between a stipulation of settlement and a consent to judgment? I am trying to fix up my credit and my question is what are the consequences of signing into each of these with a debt collector? Is a judgment entered with the court against me with either agreement, or does a stipulation of settlement save me from having a judgement entered against me please help!
1 Answer from Attorneys
A Stipulation of Settlement is preferable. The court will simply mark the case as settled. If you comply with the settlement terms, that will be the end of it. No judgment will be entered in the court's records. That will be better for your credit. Typically, the Stipulation of Settlement will state that if you do not comply with the settlement terms, then you agree that the creditor may ask the court to enter judgment for a specific amount. Typically that amount will be the amount originally demanded, less a credit for payments made.
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