What if.....

[cascabel]

Hi guys,
Hope you'll are having a good day. This just came into mind and I have to share it you'll.
What if you win the lotery or came into enough money to pay the creditors. Who do you pay-the collection agencies - or the original creditors - and how would you go about paying everyone that is after you.
Just dreaming here guys..bougth power ball ticket

cascabel

[Granny]

If I had already filed, I'd pay the trustee and let him sort it out as to who gets what.

If I hadn't filed, I'd pay the original creditors, after I negotiated and they agreed to remove negative remarks from my credit report.

I'd only pay the collectors if they actually bought the debt from the original creditor. I'll be danged if they are going to make any commission off me.

[cascabel]

I hear you...I have 2 grandkids!!

[CATCHMEIFYOUCAN]

Thats a cool idea try and negotiate with the creditors ! BUT I think the Trustee would take over on that note if he found out you hit a substantial amount, it would probably be 100% payback, the sucky thing is your BK still would show on your credit report. BUT who cares about STATS (FICO scores etc) when you have MILLIONS !!!

I would just let my SO claim it and not pay anything back ! DISCHARGE IS DISCHARGE and your credit is SHOT !

Start a new life !

Catchmeifyoucan

[HHM]

If a claim is with a collection agency, you can "try" to negotiate with the original creditor, but they will probably just refer you to the collection agency. It depends on that status of the placement with the collection agency.

In any event, if you do reach an agreement with a collection agency or a creditor, you want it in writing, and somewhere in the letter, it must say something to the effect of "payment in full".