How much would the creditor be willing to settle for in court?

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How much would the creditor be willing to settle for in court?

In my court summons it says that the creditor marked “yes” next to willing to mediate in court. If I owe around $1,400, how much do you think the creditor would be willing to settle for? i don’t have a steady income and I am trying to pay them off so they don’t get a judgement against me.

Asked on June 20, 2012 under Bankruptcy Law, Massachusetts

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

I have no idea what the creditor you have would settle his or claim against you for. If the amount owed is $1,400, possibly the creditor would take a discount for what is owed if $1,200 or so is paid up front as payment in full.

If you cannot pay the full amount demanded of you, you should consider entering into a monthly payment plan in writing signed by the creditor to pay down the amount owed based on terms that you can live with.


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