QUESTION

I signed a stipulation of settlement today¿what happens if I don't pay? I'm moving to a different state in 30 days..should i pay?

Asked on Feb 26th, 2014 on Debtor and Creditor - Florida
More details to this question:
I signed a stipulation of settlement today for a 4 year old credit card debt. I'm to begin payments on the 15th of March. I currently live in Florida but I'm moving to Texas on April 1st. The payments are going to be tough for me to make so I'm wondering what would happen if I didn't make the payments, especially since I'll be living in a different state 30 day from now. What could they do? Do you advise me to make the payments? Thanks for any help!
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1 ANSWER

Well, first off, yes, I’d say you should make the payments you agreed to make.  But, that’s your choice, I suppose.  As far as the consequences of non-payment, look at the actual stipulation you signed.  In small claims, normally the stipulation agreement will have some language in it that if you fail to live up to your end of the agreement, you consent to the entry of a final judgment.  At that point, the credit card company will use the court order to attempt to collect the judgment with the enforcement of the courts.  The move may make it alittle more difficult for the credit card company, but they’ll find you.  Of course, depending on how the stipulation came to be, in small claims, the Judge may have signed a Final Judgment, but withheld execution pending a work-out between you and the credit card company.  The consequence is essentially the same – if you don’t pay, the company will go back to the Judge and ask that execution be ordered.  Long short – if you can pay, pay.  If the terms are sincerely too much, try to work out new terms.  Otherwise, you’ll be facing a judgment and enforcement most likely.
Answered on Feb 27th, 2014 at 2:22 PM

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