Lien 2007

[bbnotebook]

I hope someone can give me some advice on an issue that just occurred. My wife, some 17 years ago, co-sign for an automobile GMAC - The balance some $9000 was never paid
We just recently received a notice from a lawyer respresenting GMAC, seeking this judgement. - My wife's checking also had a lien placed on it and cannot access her account - I spoke with the lawyer and said I wanted to resolve this issue. He said with penalties and interest the amount is now $23,000 - He waived the interest but still $18,000 are due - I told him i could not afford to pay that amount...he said he would work with us and to come up with a figure we could afford. This I willing to pay off the original amount of $9000 but not sure if maybe I should go lower. I'm not sure what he would say to this amount . Also, if the amount settled on, has to be paid in full, if we go for installments we have to pay the $18,000.

Can anyone help with this issue. This has cause me great stress and need some reassurance. My wife concedes she made a mistake and wants to right this ...but this amount just too much. Please help

 

[Michael Wechsler]

I'm not sure there is much help that anyone can provide except to send money unfortunately. I'm sorry to hear about your financial predicament. Paying back the amount you owe completely disregards any interest. They could get the $9,000 by executing on the bank account which is frozen.

If it helps you mentally, look at it this way -- you don't owe $9,000. In fairness, you owe at least 9K plus a reasonable amount of interest for the years the loan was not repaid. Paying the reasonable amount is not paying "too much." It's fortunate if you can pay a low rate of interest because this would be even less than what you would be paying if you received a loan at an excellent rate. In thinking about it that way, do the math and see what it should have cost you for this loan. Perhaps you're doing pretty well by settling for a good amount and making the installment payments. You can always try for the $9,000 but I'd be surprised if they accept it. Good luck to you and your wife with this situation.

 

[debt_helper]

If they have a judgment against you, then they can legally enforce the amount of the judgment. They are in no way obligated to work with you to lower the amount they will "settle" for. The time for a settlement has passed (that would have been prejudgment), what they are trying to do is make this a bit easier for you by cutting you a break. You have 2 choices, take the break and try to get away from this debt with a few thousand dollars, or don't pay and watch them collect the full judgment, with more interest accruing. That means liens on your home, car (rendering registration at the dmv impossible), wage garnishments... the situation does not get better. Do yourself a favor and take the deal at 18,000 before they pull that off the table and go for the 23,000- the amount they are legally entitled to.