I currently owe Midland Credit Management, which bought my debt from Commenity Bank for two cards (Gardner White and Victoria’s Secret). I hit a rough patch and unfortunately let the debt slip. The total I owe is around $3,200. I called to negotiate a settlement for $1,700, which is all I can afford right now. I didn’t prepare well for the call and could have been more assertive, but the representative was really nice and trying to help. I’ve already been sued over this debt, and there’s a wage garnishment against me (though they haven’t taken anything yet 
). She offered a settlement of $3,044 to pay in full or a payment of $1,500 today and the rest later this month, with the garnishment released afterward. Should I push for a lower settlement? I told her I’d call back after discussing it with my family. My brother has a good job and might help me pay the $3,044, but I’m hesitant to settle for that since I know they bought the debt for very little. Any advice would be appreciated thanks in advance!
Presumably, because you disregarded the lawsuit, your wages are being garnished. In any case, I advise trying to bargain for less. They might drop to $2500 instead of $1700. More importantly, because your brother is ready to assist you, I would advise you to attempt and strike a pay-to-remove deal in writing, whereby the account will be closed after settlement.
I apologize for forgetting to say that, but I was much younger and less intelligent. Pretended that nothing was wrong and that if I didn’t notice it, it wouldn’t happen 🙠. Not in a good frame of mind, so I’m trying to take care of things. I appreciate the guidance. I’ll give them a call back later and let them know that I’m willing to pay $2,500 in order to see how the pay to delete arrangement works out.
Additionally, get that in writing. Save the envelope with the date franked on it and send it via snail mail with a time and date stamp. This will ensure that you have documentation in case you need to appear in court for any reason at all.
Indeed, I deal with creditors, and they typically won’t lift a garnishment unless you pay the entire amount due in one go. since they will simply accept payment and wait it out. They will receive their money, particularly if they have a judgement.