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Debt Relief – Insolvency – Bankruptcy Information » Debt Consolidation and Refinancing » I received a settlement from a wreck ,do i have repay my debt consolidation off first as I have been told?

I received a settlement from a wreck ,do i have repay my debt consolidation off first as I have been told?

I have been told by several people that I had to use settlement money I received to pay my debt consolidation off as soon as possible . Does anyone know if this is true?


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5 Responses to "I received a settlement from a wreck ,do i have repay my debt consolidation off first as I have been told?"

  1. says:
    Best thing< if you could pay down the one cost the most to finance. like 22% interest
  • Reggie says:
    No. It’s your monies. You can tell you what to-do with your monies. If the settlement is related to the consolidation then yes. But if not, then I would say no.

    Do with it what you need to-do.

  • Sam says:
    Probably not, unless it was a part of the agreement with your settlement. It should be yours to do with as you like. Paying off your debt would be a good idea though.
  • Night Crawler says:
    It’s probably not a bad idea but NO. That money is yours not theirs. You don’t have to pay them anythin if you don’t want.
  • Kevin says:
    While you don’t have do anything with your money (unless it was stipulated in your settlement agreement), I would suggest paying off your creditors. If you don’t and they find out you have a settlement, they will likely file suit against you (or execute on the judgment, if they have one already). If you try to conceal your assets, you’ll just end up owing more in attorney’s fees when they bring an action for fraudulent conveyance. For example, if you transferred ownership of your house (or car, boat, pretty much anything of value) to delay of hinder your creditors, that’s fraudulent conveyance. If your spouse/friend/whoever didn’t pay you fair market value for the asset, the court will order the asset to be put back in your name so the judgment creditor can levy on it. Just pay the people what you owe.
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