LCS Financial Services Judgment?

LCS Financial Services is a debt buyer that purchases debts for pennies on the dollar. They file lawsuits against consumers in an attempt to collect more than what they paid for the debt to make a profit. If you did not respond appropriately they may have taken a judgment against you. In Oklahoma, a judgment can be aggressively collected for (5) years and even longer if they keep renewing the judgment. This gives LCS Financial Services a long time in which to come after you. You may think that a judgment is just a worthless piece of paper. You may think that they can not force you to pay the judgment. You are wrong.

• Go after your paycheck taking a potion of it until paid in full. Learn more about Oklahoma Wage Garnishment
• Freeze and take money from your bank accounts. Learn more about Oklahoma Bank Levy
• Hinder they sale of your property until a settlement is made. Learn more about Oklahoma Judgment Settlement
• Force the sale of unprotected assets like a home, cars, jewelry.

• Find out who to settle with Sometimes this is the most difficult part of the process. A copy of the judgment will need to be obtained from public records. You can then contact the attorney that represented the creditor in court. They may or may not be able to help settle the judgment. Sometimes the creditors that took the judgment are out of business, have declared bankruptcy, or sold the debt. You will have to find the entity that owns the judgment now and document how they own it. Even though the judgment creditor took the judgment they may have sold the judgment to another company. This happens a lot with debt buyers that sell judgments to other companies.
• Create a hardship letter A hardship letter needs to document the reasons why the judgment creditor should reduce the amount that they are owed. A good hardship letter should be able to provide details of a job loss, divorce, medical issues, or any other event out of the ordinary that inhibits your ability to pay the full amount due.
• Negotiate A judgment creditor has all the power in a settlement negotiation. Until the client agrees to pay a price that judgment creditor wants, they will not sign off on the release of judgment. A good hardship statement and correct documentation may persuade the creditor to reduce the amount of money they are demanding. The perfect settlement price is what a client is willing to pay and what the judgment creditor is willing to accept.
• Write a Release of Judgment This is the document that after signing will be sent to the court and recorded in public records proving that the judgment is released. If this is not written correctly or signed off appropriately, then it may be invalid.
• Help Transfer Money and Get Release of Judgment Signed It is imperative that you make sure that if you send money to a judgment creditor, they will release the judgment as agreed. If they do not then you may have to take more expensive
• File Release of judgment in the correct county The settlement process is not complete until you file an original copy of the release of judgment inside the county that the judgment was taken. Most Oklahoma counties charge a small fee to file documents into the public record.

Many choose not to answer or deal with a judgment. In that case, a judgment debtor (you) can expect to:

• Public Records Searches In Oklahoma judgments automatically are good for 5 years and possibly more. They can renew the judgment and it can stay in public records for a long time. A judgment can prevent you from purchasing homes and cars and an employer may deny employment. Judgments do keep increasing in value. They carry a state minimum interest rate that judgment creditors often calculate.
• Garnish bank accounts A judgment creditor may be able to do a bank garnishment and take the money you have in it. Many are forced into closing their bank accounts and paying everything in cash.
• Garnish wages A judgment creditor may be able to garnish wages and possibly take up to 25% of disposable income.
• Possibly be denied loans and employment A judgment can prevent you from purchasing homes and cars and an employer may deny employment.

(918) 871-2000