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Resolve Debt with Lockhart Morris and Montgomery

Dena Standley | August 16, 2024

Dena Standley
Legal Expert, Paralegal
Dena Standley, BA

Dena Standley is a seasoned paralegal with more than 20 years of experience in legal research and writing, having received a certification as a Legal Assistant/Paralegal from Southern Technical College.

Edited by Hannah Locklear

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Summary: To resolve debt with Lockhart Morris and Montgomery, be sure to respond to any pending lawsuits and then reach out to negotiate debt settlement. If you reach an agreement, get it in writing. Use SoloSettle to help you navigate the process.

You may have decided to resolve your debt with Lockhart Morris and Montgomery (LMM) debt collection agency to improve your credit report as you work through the debt resolution process. Regardless of the reason, you have several options to achieve this goal. You can make a single payment, dispute the debt, or make a settlement offer. But before you start the process, you should verify that it's a valid debt.

In this article, we will explain how to resolve debt with Lockhart Morris and Montgomery through debt settlement.

Settle debt with Lockhart Morris & Montgomery

You can negotiate debt settlement at any stage of the collections process. SoloSettle makes it easy.

Settle with SoloSettle

What is Lockhart Morris and Montgomery?

Lockhart Morris and Montgomery, Inc. is a legitimate multi-location third-party collection agency headquartered in Richardson, Texas. It started and was incorporated in 2004 and was Better Business Bureau accredited in 2012. They aim to change the public perception of the debt collection industry by forming honest relationships with clients and consumers. The range of collection services they offer includes:

  • Third-party consumer collection
  • Third-party company collection services
  • Early out collection
  • Legal outsourcing
  • Late stage collection
  • Receivable purchases

Unlike other collection agencies, which wait 90–180 days or more to follow up on a debt, LMM begins the process once you miss the first payment or two. They can even help you adjust your payment plan to avoid reaching the late stage, where a debt lawsuit may be the end result.

Lockhart Morris and Montgomery contact information

You can contact Lockhart Morris and Montgomery at the following:

  • Address: 1401 N Central Expressway, Suite 225, Richardson, Tx 75080
  • Phone number: (877) 214-3355
  • Website: https://www.lmminc.com/

Settle your debt with Lockhart Morris and Montgomery

The most effective way to resolve a genuine debt when you do not have enough money to pay off the debt is through debt settlement. This method entails approaching Lockhart Morris and Montgomery with a significantly lower settlement offer. You must also give reasons why you cannot pay the entire amount.

Once Lockhart Morris and Montgomery receives your offer to settle, they will investigate to confirm that you genuinely cannot pay the entire amount. Ensure your initial offer is below what you can pay so you have some room to respond to a counteroffer.

If you’ve been sued by Lockhart Morris and Montgomery, follow these three steps to settle the debt outside of court:

  1. Respond to the lawsuit. Draft and file a written Answer into the case to prevent a default judgment. This will give you time to work out a settlement without worrying about an automic loss.
  2. Make a realistic offer to settle. Determine how much you can realistically afford to pay off, whether it's a lump-sum payment or monthly installments. Keep your initial offer low (consider 40%-60% of the total debt amount) to give yourself room to raise the amount during negotiations. Be ready to accept a counteroffer, and don't expect Lockhart Morris and Montgomery to accept your first offer.
  3. Get the settlement agreement in writing. Once you come to an agreement, be sure to get the terms and conditions of the settlement in writing. This document is known as a debt settlement agreement and should be filed with the court.

To learn more about these three steps and how to negotiate with Lockhart Morris Montgomery, watch the following video:

Most consumers don’t know how to negotiate debt settlement. If you’re in this position, technology like SoloSettle can help you negotiate with collectors through a digital platform so that you don’t have to face them in court or over the phone.

Settle with SoloSettle

Make an Offer

Pay Lockhart Morris and Montgomery

The debt resolution process doesn’t have to be complex. It may sound difficult to make a single payment and clear your debt, but it is achievable in two main ways:

  • Sign up for a debt consolidation program: Then apply for a personal loan to pay off all your debts and be left with a single debt with better interest rates. You can also transfer all your credit card balances to a new credit card with 0% APR and remain with one debt you must pay within an agreed period, or the interest rate will be more than the initial debts.

  • Use a gift, inheritance, savings, or matured investment: Using part of the money you receive from various avenues can give you a fresh start in your financial journey. Assess the pros and cons of paying off debt with money you can save for a rainy day or meet other needs. Remember, the less debt you have, the better you can plan your finances.

Going against your agreement and paying the debt all at once may cause your credit score to drop for a short period. You can prevent further drop by keeping your account open after clearing the debt. The age of your account is an essential component in credit score calculations.

File a dispute

Sometimes, resolving a debt may mean disputing an incorrect debt with LMM and the three credit bureaus. A wrongful debt on your credit report hurts your score and may prevent you from getting a new line of credit. Here are some steps you can take to dispute a debt if you suspect any aspect of it is incorrect:

  1. Request your credit report from Equifax, TransUnion, and Experian. They should give you a free copy at least once a year.
  2. Highlight the erroneous areas and find receipts, invoices, and other documents that prove the error.
  3. Compile everything together and send the dispute letter and supporting documents to the credit bureaus. Use certified mail for proof of receivership.
  4. Send a copy to Lockhart Morris and Montgomery to keep them in the loop. They may also correct the error before the credit bureaus contact them.

Wait for 30 days for the credit bureaus to do their investigations. They will get back to you and either remove the debt or correct the errors in the entry.

Read Lockhart Morris and Montgomery reviews online

Lockhart Morris and Montgomery have a commendable 3.2-star rating on its BBB profile. Most debt collection agency ratings fall below two on this platform, which may be a positive sign for the brand integrity of Lockhart Morris.

Lockhart Morris and Montgomery has 226 reviews with WalletHub, with an average of 3.7 rating. Birdeye also gives them an overall positive rating of 4.3 from 486 reviews. However, the debt collection agency has received and closed over 301 complaints on its BBB profile in the last three years. The following table shows complaints cutting across all the platforms and the laws violated.

Complaint Related Law
Wrong debt on their credit report The Fair Credit Reporting Act (FCRA)
Following up on an inaccurate debt The Fair Debt Collection Practices Act (FDCPA)
Not getting the information they need when consumers ask about a debt The Fair Debt Collection Practices Act (FDCPA)
Receiving many calls from robocalls or prerecorded messages The Telephone Consumer Protection Act (TCPA)

Do not agree to resolve a debt if you doubt its accuracy. Send a Debt Validation Letter to request proof of the debt. Learn more in the following video.

Not sued yet?
Use our Debt Validation Letter.

Our Debt Validation Letter is the best way to respond to a collection letter. Many debt collectors will simply give up after receiving it.

Let's Do It.

FAQs

How does Lockhart, Morris & Montgomery preserve the financial integrity of their clients and their consumers?

This debt collection agency professes to embody a spirit of excellence by adhering to the Fair Credit Reporting Act and understanding that it can achieve its client goals while still delivering positive customer relationships. A secure online payment system and reliable checks and balances to ensure it is a valid debt help ensure a positive public perception based on honest relationships in the collection industry.

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