Legal Question in Credit and Debt Law in New York

Hello There my name is Aziz. I have this debt that i am currently making monthly payments of $100.00 to pay it off with Midland funding . The original amount of the debt was 7,500 out of that i have already payed 1,900 so i'm down to 5,600. Recently I have lost my job i'm unemployed and i'm having difficulty making the payments. I called Midland funding few days ago and requested a settlement offer. They told me i can settle my account for 4,587. To be honest I don't have that kind of money. The only thing i can offer is max 700 dollars. So I would like to know if that is possible, if i can get a settlement for 700 dollars and have my debt clear. What can I do?


Asked on 7/17/13, 2:14 pm

1 Answer from Attorneys
Guy Lewit Guy Mitchell Lewit, Esq.

You can't force a settlement on them. You can only explain your circumstances. If you are not currently working and have no cash there is not much they can do about it now. However if they are determined they'll wait for you to find work and then they'll garnish your new salary at 10% of your gross pay until the full amount of the judgment (they have to enter judgment to garnish your salary)...but right now there is not much they can do...

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Answered on 7/17/13, 7:18 pm


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