Legal Question in Credit and Debt Law in Virginia

Re: Old judgements

There is no reason why you cannot make an offer.

If you do, be careful not to make any promise to pay them, because that could affect your rights, such as the statute of limitations.

Just say "IF I could pay you $X, would you accept it as PAYMENT IN FULL?"

(Be careful: They will always take your money. You have to get them to agre to accept it as PAYMENT IN FULL, not just a payment toward the balance.)

However, creditors are much more likely to accept a compromise if you can DOCUMENT to them that you really cannot pay any more.

It is very easy for people to call on the telephone and give a sob story.

If you send it in writing (phone calls are hard to work with, remember details, etc.) and PROVE that you really cannot afford to pay it, then they might accept your offer.

Warning: Do not give out your bank information, where you bank, etc. They could use that information to garnish your bank account.

Similarly you say you are on a "fixed income." I don't know if that is exempt from garnishment or not, without more information.

If your "fixed income" is NOT exempt from garnishment, then telling them WHERE you are getting your income could help them garnish your income and take some of it to pay the old judgment. (They are entitled to ask if they call you in for debtor's interrogatories, but if you are negotiating you don't want to do their work for them.)

You can show them your tax returns to show them your total annual income.