Should I Settle a Judgment On My Own?

 In Credit Report, Financial Wellness

If you have a judgment against you, you may be thinking that the best way to settle a judgment on your own. Is it to just contact the judgment creditor yourself? Maybe this way, you can put this all behind you. Unfortunately, it’s not the best way to go about this. Far from it in fact.

Unfortunately, you are likely not an expert on settling judgments. That said, the people collecting your debt are. If you don’t approach this properly, you could end up unknowingly letting them take advantage of you. Here are just a few examples of things that could go wrong by doing this alone.

Verifying your balance

It’s important to verify that they’re giving you the right balance. They could be incorporating fees and other expenses into the total amount owed without your knowledge. In addition to this, you would need to verify that any interest or legal fees added to your balance is calculated correctly.

Getting the cheapest settlement

Settling a judgment at a reduced amount could save you lots of money, but you have to know whether that’s a possibility in your case. Likely, the people collecting your debt won’t have a problem glossing over the potential for reducing the amount of money you owe or just not talking about it at all.

Getting your judgment released

After you’ve paid your debt off, you expect your judgment to get “released”. The only problem is that you may not know what is involved in this process. You’ll need to know how and when your judgment should be released. You’ll also need to know what your next steps are if your judgment doesn’t get released within the expected timeframe.

To settle a judgment it’s best to contact a professional to help you navigate the situation. Unfortunately, by doing it yourself, you can’t guarantee that it will be done properly. In other words, things could go wrong, costing you more money in the end. The Credit Care Company is here to help you navigate these situations. Don’t hesitate and contact us today!

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