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Advanced Credit Repair - Dealing with Collection Agencies Collection Agencies Dunning you? Are they complying with the FDCPA and or the FCRA? IF they are not, they could be liable for up to $1000.00 to you! This is the forum to educate and protect the rights afforded to you under the FDCPA and the FCRA. Legal aspects of credit restoration will be found in this forum. MEMBERS CAN POST ANONYMOUS QUESTIONS...

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Old 01-27-2008, 04:59 PM   #1 (permalink)
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Proper terminology

It appears that I will be negotiating with different entities pre-filing in the near future. What is the proper Contract Law term for penalties that are not necessarily damages, but more statutory, pre-judgment? The term "Liquidated Damages" comes to mind, but this does not really fit the definition.
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Old 01-28-2008, 11:52 AM   #2 (permalink)
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Originally Posted by neil5623 View Post
It appears that I will be negotiating with different entities pre-filing in the near future. What is the proper Contract Law term for penalties that are not necessarily damages, but more statutory, pre-judgment? The term "Liquidated Damages" comes to mind, but this does not really fit the definition.
Nuisance damages.
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Old 01-28-2008, 02:28 PM   #3 (permalink)
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Nuisance damages.
That's one way to look at it.

Neil, it's just a negotiated settlement. Only a judge can award damages, statutory or otherwise.

It gives you room to negotiate. If statutory damages are "up to $1000", that simply means that a judge will award you $0 up to $1000. If you have a strong case and evidence, start at $1000, if that is the statutory limit, but be prepared to settle for less. Or if you feel that you may be awarded more in a judgment, start there. How much is your time worth to spend on a case? Or will you settle for deletion if it's reporting and some token amount for your troubles.

Remember, just because a judge awards you a judgment, the battle is not won. You still have to collect it.
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Last edited by Enigma; 01-28-2008 at 02:36 PM.
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