judgement II

Thanks for the quick response. If the virginia courts will require me to pay with interest $5500 the same as nco financial why does $1500 judgement show on my current credit report with no interest added on.

Does credit consolidation work once a judgement has been entered for debt reduction, if so how will that affect my current credit standing which is good besides the judgement.

Would retaining a lawyer to reduce the debt work to my benefit, meaning can the lawyer reduce it to a lesser amount than i could by contacting the original creditor myself.

[Edited by Janika on 07-11-2001 at 09:47 AM]

[JETX]

Though I have no idea who (what?) your 'quick response' comment was about or to, I offer the following:

Q1) "If the virginia courts will require me to pay with interest $5500 the same as nco financial why does $1500 judgement show on my current credit report with no interest added on."
A1) Your interest hasn't been calculated yet. It is an accruing interest, meaning that it increases for every day until paid. As such, it can't be reported to date since it hasn't been paid yet.

Q2) "Does credit consolidation work once a judgement has been entered for debt reduction, if so how will that affect my current credit standing which is good besides the judgement."
A2) If you have no other debts, why are you considering a consolidator?? Contact the judgment creditor and make arrangements for paying the judgment.

Q3) "Would retaining a lawyer to reduce the debt work to my benefit, meaning can the lawyer reduce it to a lesser amount than i could by contacting the original creditor myself."
A3) Nope. There is not requirement for the judgment creditor to reduce the amount to be paid. Since this is already a judgment, there are no legal issues to resolve that would require an attorney. So, you would just be paying him/her to negotiate on your behalf and you should be able to do that at no cost.