Legal Question in Credit and Debt Law in New York

Are settlement offers legally bound?
I received a settlement offer for 40% off my balance. The offer is from a law office handling the collection. A judgement (summons) was given to me a year ago. I wasn't working for long time, no bank accounts, assets, etc. Now I'm working 4 months, and have a little cash saved. If I make the one payment they're asking, will they or original creditor ask for the difference that was saved? The savings would be $546.00 which is a lot of money for me. Spoke to a debt counselor who said there might be a chance the original creditor would try to get the remainder even though the letter says differently. I appreciate your help.Thank you.

Asked on 12/19/06, 10:05 pm

Robert R. Groezinger GroezingerLaw P.C.

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Re: Are settlement offers legally bound?

Get in writing the offer and that the acceptance and payment by you will settle the entire matter.

Good Luck

RRG

Answered on 12/19/06, 10:49 pm

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