child support interest

[towersurfer]

What is the name of your state (only U.S. law)?tenn.
i recently found out that tn is charging intrest on child support. i called the local child suport office and was told that as long as they did not have to tally up my arrears then i will not pay any interest. she also said that once it gets tallied up then from that point on i will pay interest on arrears and future payments. can this be true. i dont understand interest in payments to the mother. thanks

 

[CourtClerk]

It's interest on payments on the JUDGMENT, regardless of who it goes to.

 

[Antigone*]

What is the name of your state (only U.S. law)?tenn.
i recently found out that tn is charging intrest on child support. i called the local child suport office and was told that as long as they did not have to tally up my arrears then i will not pay any interest. she also said that once it gets tallied up then from that point on i will pay interest on arrears and future payments. can this be true. i dont understand interest in payments to the mother. thanks

It is called the time value of money. It's like this: A dollar you have today is worth more than a dollar you will receive tomorrow.

Since you are depriving her of those dollars today, you need to make sure the dollars you will be paying her in the future are worth at least what they were worth when you owed them. ~ hence the interest.

It's elementary my dear, or at least accounting 101.

 

[towersurfer]

child support

i guess i could see the interest on my past due amount, but future interest on future payments is not right is it? how can you charge me interest on something that is not even late yet.

 

[CSO286]

i guess i could see the interest on my past due amount, but future interest on future payments is not right is it? how can you charge me interest on something that is not even late yet.

I rather doubt they are charging interest on payment that isn't due yet.

 

[LdiJ]

I rather doubt they are charging interest on payment that isn't due yet.

They cannot charge interest on a payment that isn't due yet. There would be nothing to charge interest ON.

 

[CSO286]

They cannot charge interest on a payment that isn't due yet. There would be nothing to charge interest ON.

I know...I was being only a little sarcastic.....I haven't had my coffee yet!

 

[towersurfer]

thanks

thanks for replying to my thread. i believe that you are correct.