Settlement Wording Question

[lt2828]

Question - I am settling my last debt (yeeei), and in the terms of the agreement read as follows:

"We received your settlement offer of $xx. At this time we are unable to accept your offer, however, we can offer you a settlement in the sum of $xxx with regard to the above referenced matter"

The "above" referenced matter is a judgment they obtained, and they've already filed a lien against my property. The settlement offer does not make any wording re the lien, or this being a "one time lump sum payment that will end all further collection activity".

Does the word "settlement" automatically mean they will stop all further collection activity, consider the account paid and agree to remove the lien? Am I being nit picky, or should I go ahead and mail the payment? For those curious it is a 55% lump sum payment on the judgment.

[despritfreya]

If you settle a judgment, shortly after payment of the settlement amount the creditor should file a Satisfaction of Judgment with the Court and the County Recorder's Office. How it appears on a CR I do not know, but, you did not "pay as agreed" as I understand the term to mean (paid per the terms of the original obligation, not a settlement).

Before you send money you do need written clarificaiton that a Satisfaction of Judgment will be issued, especially if you are not dealing with the attorney who represented the judgment creditor in the law suit.

Des.

[lt2828]

despritfreya - Thanks for the response. It is indeed a settlement offer from the original law firm that obtained the judgment. However, the offer letter does not make any mention of the "Satisfaction of Judgment". I've been making payments monthly for the last 12 months, and the amount has gotten low enough to warrant a one time lump sum settlement. I guess what I am concerned about is if I do settle with them under these terms as stated on my original post:

"We received your settlement offer of $xx. At this time we are unable to accept your offer, however, we can offer you a settlement in the sum of $xxx with regard to the above referenced matter"

I am afraid the firm will turn around 3 months later and try to screw me over and ask for the rest of the balance before filing a satisfaction of judgment, or does the term "settlement" legally imply the judgment has been satisfied? I know in California they are required to submit the paperwork within 14 days once the judgment has been satisfied, however, does the term "settlement" imply the debt/judgment has been satisfied? Am I being overly paranoid? Should I go ahead and just send the money?

Thanks

[despritfreya]

The only way to know is to ask the firm (in writing) if you accept the offer and pay the agreed sum will a Satisfaction of Judgment be filed/recorded. If the firm is not willing to verify this then you know where you stand.

Des.