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hey what's up everybody stephen williams

founder and president of

thecreditrepairshop.com let's

run through some quick questions and

answers this is the person that said

that they're new to the channel

uh they have a judgment that's maybe

seven eight years old in new jersey

didn't go to court so it was a default

judgment and

uh they were thinking if they could just


up with the court because i was paying


agreed i don't understand why they went

to court because i was being as agreed

i'm not sure about that one because they

wouldn't be able to take you to court if

you wasn't paying as agreed

but you never know with a debt collector

uh do you think i can settle in full for

the original amount owed the judgment is

about 10k

but i owe actually oh uh well they

oh 3 500 and they want to buy a house

yes i think uh you should contact them

if they're not

getting any money from you right now you

should contact them let them know

the original amount was 3 500 if they

bought the debt from

from the original creditor they probably

paid about 200

or 100 for that debt so yes you

want to contact them

uh there's no

reason to do a debt validation because

you've already lost

in court and it's been seven eight years

in most jurisdictions they're not gonna

allow you to bring it back

up they're gonna say that it's past your

time to

bring it back up in court so yes you

need to do a settlement

hopefully uh you're not working with a

company that's just gonna try to take

full advantage

uh don't play your hands on hey i'm

trying to buy a house

because then it's gonna make them even

want to try to get more

from you so what you should do is you

should just approach them maybe with a

simple letter stating that this was a


uh you know you were going through

financial hardship

at that time you're you know you don't

have a lot of money even now

but you'd like to try to come to some uh

resolution to pay the debt

and you say remind them that it was


3 500 bucks uh that

you know maybe you can uh all meet in

the middle

for 1200 you know you started 1200


they'll try to come and you know if they

try to counter

maybe they go to 1750

or 1700 somewhere in that range that's

where i've seen

it work uh only thing that could throw a

wrench into this

is if your state allows

for the excessive fees that were

attached to that that might be

something where you could potentially

file a complaint

to your state consumer division or

attorney general's office whoever

handles debt collections

and uh to show that you believe that

that's excessive

to have a 10 000 when it was

originally 3500 now let me

get into what could potentially

allow them to get away with the 10 000

if this is a student loan you didn't uh

state on here if it was a student loan

if it's a student loan

and it was taken over by the federal


it's going to be very tough to get out

of the 10k because this is how they

are actually making up for people that

never pay them is by making

everybody else uh pay the excessive


uh of interest on those they're not


any type of settlements on those so uh

hopefully that gave you your answer on

that and

for other individuals that have a

similar question about

should you pay a judgment

and how you can go about uh settling

that judgment

if you need help with your credit this

is uh you can visit our website the

credit creditrepairshop.com if you need


credit reports and scores because

everything starts there

please visit the website your to number

threescores.com this is stephen williams

founder and president of

thecreditrepairshop.com thank you