Why settle a debt with Weltman, Weinberg, and Reis for an old debt purchased by a debt buyer from an original creditor? Of course, no one wants to pay a debt to a collection agency. But never-the-less, you have to consider the practical aspects of what to do next, or else you might have to face a bank or wage garnishment. For most collections, you essentially have three choices as follows:
- Sue them back in state court.
- Make a debt settlement.
- File a bankruptcy.
You can ignore the debt. But ignoring a complaint filed with the court can cost you dearly. A practical and reasonable solution is normally best. Never agree to a debt settlement to Weltman, Weinberg, and Reis which you can not afford. If the debt is not yet reduced to a judgment, you can offer a 50% to 70% settlement of the debt. After a creditor obtains a judgment, settlement becomes harder and more expensive.
Who is Weltman, Weinberg and Reis?
Weltman, Weinberg, and Reis is a collection agency that often represents mortgage companies. They are a debt collection law firm that acts as a third-party agent between the creditor and debtor.
Weltman, Weinberg, and Reis are one of the top debt collection law firms in Kentucky. Instead of collecting medical and credit card debt, our experience is that they are primarily involved with mortgage foreclosures. After Lerner Samsun and Rothfuss closed we found this firm handling far more mortgage collection. Why settle a debt with Weltman Weinberg and Reis? Well it is often your mortgage. And settlement is cheaper than litigation. They often accept mitigation, modifications and other mortgage options.
Sometimes debts including mortgages are bought and sold from one bank or debt buyer to another. At each exchange, it is more and more likely the records get lost or corrupted. And it is harder and harder to justify paying someone you never heard of or whom you never had a prior relationship with.
Weltman, Weinberg, and Reis are a reputable firm but the people they represent may not be as competent or honest as we wish. Outdated information from debt collectors is often in error but the debt buyer will swear it is correct.
What Can You Do if You are Sued by Weltman, Weinberg and Reis?
If you are sued by Weltman, Weinberg, and Reis, you can use multiple options while making a debt settlement. It is your right to file an answer and issue discovery in a response to the complaint. If there is a basis for it you can make a complaint under the fair debt collection practices act. The good thing is that debt collection lawsuits work two ways. You can sue the bank and debt collector just as they can sue you. And you can file bankruptcy to protect yourself from debt collection harassment even if you lose the lawsuit.
Often people file an answer to these foreclosures to have time to seek other possible solutions. There are Cash for Keys options for a foreclosure. You can sell a property. You can catch up on your mortgage and take up to five years to do that in Chapter 13. But to do these things you often need time which filing an answer to a lawsuit or filing bankruptcy allows you.
Fair debt collection practices violations and debt relief options like mediation and a mortgage modification and just a couple of options. There are over 100 different debt defenses from the truth in lending to Respa and other statutes. Very few lawyers have the training and few lawyers in Kentucky have trained other lawyers. It is wise to handle your case in the hands of a debt lawyer because he is a professional who knows how to handle your debt problems with Weltman, Weinberg, and Reis.
Why Settle a Debt with Weltman, Weinberg, and Reis?
It is possible to take over a year to repay Weltman Weinberg and Reis. Some people are able to pay off their debt quickly within 30 to 60 days but you can spread it out over a longer period. But often when you make a debt settlement, they may ask for an agreed judgment. An agreed judgment settles the matter. You normally litigate a lawsuit or negotiate a settlement. The agreed judgment sets the amounts you will repay into a court ordered amount which is often less than the amount to creditor claims you owe.
The problem is that these orders often say if you don’t pay the debt on time, the full amount is owed. I the agreed judgment is then not paid, they garnish wages, bank accounts or file a judgment lien against your home or any property you own. In extreme cases, lawfirms like Weltman, Weinberg, Reis have taken furniture from your home and sold it to pay the debt.
Learning About Debt Settlement
Debt collection law firms will take payments over time, but the collector will demand a higher percentage than an immediate payment if you pay any debt settlement over time. So what should you do?
1. Do Not Make A Settlement You Are Unable To Pay
First, never agree to a settlement offer you can’t afford to Weltman, Weinberg, and Reis. Because in that case, you will often be bound to pay the entire debt with court costs, interest and attorney fees. Judgments carry a 12% interest rate or the contract rate. Attorneys often bill at 250 per hour and up. It does not take long to double the original debt.
2. Pay The Debt After Making A Settlement
If you fail to make the payments on time, the collector will not bargain with you. He doesn’t have to. He is not required to give you notice. The agreed judgment simply goes into effect. At any time a bank or wage garnishment can be filed but in Kentucky, the creditor will walk the judgment lien over to the deed and mortgage records room and attach any home or other real property you have in your name. They immediately execute the agreed judgment.
3. Take Legal Action After An Agreed Judgement
Debt collectors love these agreed judgments because, after you sign, they win their case automatically. After that, your only remaining choices are to do one of the following actions:
- File a bankruptcy.
- Pay the debt at the higher rate.
- Ignore the debt and the debt balloons. They have 20 years to execute the judgment. During this time attorney fees and interest increase the judgment amount. If they attach the home as you pay down the mortgage your equity is being transferred to them. They end up garnishing wages, bank accounts, and selling your property.
Settling The Debt With Weltman, Weinberg, Reis As An Agreed Judgment
Getting you to sign the agreed judgment is a popular tactic with debt collection law firms because they no longer have to litigate in state court whether you owe the debt or what the amount is. They don’t have to prove you owe the debt which can be hard to do.
However, paying the debt means that you may encourage other debt collectors and debt buyers to file lawsuits against you. If you have other lawsuits and pay this one, others may start-up their collections. When you have a lot of debt, you might have to file a bankruptcy anyway because debt settlement will not work.
You may have to file bankruptcy or litigate in state court if you can’t pay. You have to do a short cost-benefit analysis. Which will you get more out of by filing bankruptcy or defending a debt collection lawsuit? Defending a mortgage will delay the foreclosure. That may be important since you get months and sometimes years of free rent.
But there are times when you only want to get on with life. You might think paying the debt to debt collection agencies in a negotiated settlement is the best option. An attorney might charge $750 for negotiating a settlement. But, that settlement can be less damage to your credit than the damage caused by a judgment or bankruptcy. In some cases where you have assets and a minor amount of debt, it might be better than Chapter 7 or Chapter 13.
For instance, if you have to pay $3,000 in credit card debt, it costs you more to litigate than to settle. In this instance, the damage to your credit from a judgment or bankruptcy costs you more than the debt. Still, you need to understand the risks of an agreed judgment.
Be Careful With Your Statements
Do not attempt to settle with Weltman, Weinberg, and Reis on your own on a debt collection lawsuit or matter. These are competent attorneys representing the banks, not you, and they know debt collection and lawsuits. Every phone call is recorded. Every letter is made a part of the record. The most common mistake a debtor makes is to admit they owe the debt. Any statement you make to them will be used against you as an admission.
Your statements or admissions can toll the statute of limitations, making the debt permanently collectible. Or at least collectible for another 6 years for (negotiable instruments), 10 years, or 15 years for contracts under Kentucky law. Conversely, your attorney’s statements in the settlement can’t be used against you.
Again, it would help if you remembered that any debt collector works for the creditor on a commission basis. Therefore, he is not your buddy, so do not rely on him for legal advice. He works for the bank, and he will not tell you about the defenses you have against any debt collection lawsuit. Instead, he will only ask you for payments and thank you for admitting you owe the debt.
If you do make a payment the payments will normally be applied to late fees first because he makes his highest fees from collecting the late fees.
How To Negotiate Your Debt With Weltman, Weinberg & and Reis?
It helps to know how to settle debts with Weltman, Weinberg, and Reis before they call, knock on your door, or use bank levies. Weltman always hopes for payment in full from you. But they will allow you to break down the debt into monthly payments if they do not yet have a judgment. After they have obtained a judgment and they have seized money from your bank account, garnished wages, and attached your home do not expect them to negotiate a settlement. You may be able to undo those attachments and levies by filing bankruptcy but the time for talking and negotiating is a little late.
If you don’t want to pay the complete payment, there is still an option, legal settlement. Even if they have gotten a judgment, and attached assets normally no one turns down an offer without listening to it? You can approach Weinberg and Reis yourself and the second option is to hire a lawyer who will manage the things for you. Dealing yourself may be difficult if you do not have appropriate legal knowledge. Also, you will have to invest a lot of time and effort in making negotiations with Weltman, Weinberg, and Reis.
Do it Yourself or Hire an Attorney
Still, if you are thinking of handling the things yourself, it is advised to stay calm and keep trying to tell Weltman that you are currently in a bad situation and unable to pay the debt.
The more appropriate option is to hire a debt lawyer who will help you negotiate with Weltman, Weinberg, and Reis. Hiring someone who bankrupts debts to them daily may get more of a response than prose representation. You must admit hiring a professional who knows how to handle things is better. A professional will often be able to quickly make the debt settlement in less time. So if you want to save yourself from hustle and frustration, it would be a good choice to trust a professional rather than make Weltman, Weinberg, and Reis settlements yourself.
Legal Rules For Weltman, Weinberg & Reis You Must Know
You never owe a debt to Weltman; your debt is owed to your creditors. The purpose of Weltman, Weinberg, and Reis is to work for those creditors and collect the debt from people like you. Although they have the legal right to collect, there are some rules they must follow while asking for debt from anyone. Some of those rules include:
- They cannot contact your friend or relative who is not a part of the debt whether you are responding to them or not. They must only contact you on your valid phone number.
- Weltman, Weinberg, and Reis is not allowed to use disrespectful or abusive language.
- They have no right to threaten you or claim you will be arrested for a debt.
- Weltman, Weinberg, and Reis cannot ask for more than the amount of the debt.
- They must not call unreasonable and multiple times or at sleeping hours to make consumer collections.
How to Save Yourself from Debt Collection Harassment by Weltman, Weinberg, and Reis?
You may not owe a debt. You might have discharged or paid your debt, or you may not be the one responsible to pay the debt, which means that they are demanding debts from you because of their outdated or inaccurate data. To save yourself from getting harassed by them, you must make sure of two things.
Look at the Statute Of Limitations
The Statute Of Limitations is a legal limit of time within which you have to pay your debt. No one can force you or sue you to pay a debt after the statute of limitations has run, not even Weltman, Weinberg, and Reis. In Kentucky, the statute of limitations runs for 6 years on debt like the note for a mortgage, and 15 or 10 years for most contracts.
Your creditor and Weltman are not legally allowed to sue you or even ask you to pay the debt. However, if you admit you owe the debt which includes making a payment on the debt the statute is tolled. In other words, paying any payment on the debt extends it for another 6, 10, or 15 years.
Ensure Validation of Debt
If you have a call or letter from the creditor or Weltman, Weinberg, Reis, you must ask for validation of the debt. If you have already paid it, validation should show payment and whether you or another party owes the debt. There may be several Nick Thompsons in Louisville. But only one of them owes the debt. Mistaken identity happens. Validation confirms the amount of the debt and helps to establish whether it is your debt or the debt of another party. Ask for validation using a registered letter. The debt collection agency must timely validate the debt if the borrower has requested it.
You must be very careful about receiving your validation letter from Weltman, Weinberg, and Reis; if you do not receive it, you must repeat your request for validation from Weltman. Debt collecting agencies are not allowed to collect any debt if they do not validate it.
Want a Debt Relief From Weltman, Weinberg, Reis?
Are Weltman, Weinberg, and Reis demanding payments from you? But you have already paid it, or do you want to have a negotiation? We know that finding a bankruptcy attorney or foreclosure lawyer in Louisville is a difficult task, especially when you are unfamiliar with legalities.
Please book an appointment with us if you want debt relief. We know how to settle your negotiation with Weltman, Weinberg, and Reis in the best possible way. We aim to help people in saving their homes and properties.
Be certain to work with an attorney to discuss your options and defenses. Contact a professional attorney today if you need help settling or defending a debt collection lawsuit, stopping harassing debt collectors, or suing a debt collector. Get out of your debt using our 30 years of experience. Get your problem resolved within a few appointments with us.
Free Bankruptcy Manual by Nick Thompson, Bankruptcy Attorney
Resources for Bankruptcy
Louisville, Kentucky Bankruptcy Forms
Debt Settlement Company vs. Debt Settlement Attorney • Video
Kentucky Default Summary and Agreed Judgement
How to Settle Foreclosure Lawsuits with Lerner Sampson Rothfuss
Contact us to see what defenses you have or negotiate with the debt collector. Nick C. Thompson, Bankruptcy Lawyer: 502-625-0905.
