Renegotiate Debt When You Miss an Agreed Payment.
Hi , I signed a stipulation of settlement about a year ago. I was making payments regularly and just recently missed a payment. I got a letter today from the attorneys with paperwork attached. It is to the county courts asking for a motion to enter judgement on a defaulted stipulation of settlement. My question is, is it possible to renegotiate the settlement? I can make the missed payment.
How willing will they be to renegotiate stipulation of settlement?
—DK
It is not impossible to renegotiate your payments, but it is less likely when they already have a stipulation of judgment.
You can make up the missed payment, and make the next scheduled payment, but I doubt you will convince them to withdraw the motion with the court. The motion they filed is a formality. You had stipulated to the judgment already.
Before you decide to on the next step you will take, have you considered renegotiating a pay off instead of a payment plan? That would be more of a possibility.
Questions:
Who is the creditor?
If the collection is from a debt buyer, what is the name of the company?
Who is the collection law firm you dealt with?
What was the balance at the time you made the agreement?
What were your payments?
What is the balance of the debt that remains unpaid?
If you can answer these questions in a comment reply below I can provide more feedback.
About Michael BoveeMichael started CRN in 2004 with a mission to provide people in need with detailed debt and credit help and education. Michael has participated as an expert panelist in federal consumer protection rule making, collaborated on state law changes governing debt consolidation, has worked as an expert witness in court matters related to the debt relief industry, and is a regular contributor to several personal finance websites.
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