tinypiper1
Junior Member
What is the name of your state (only U.S. law)? Arizona
I defaulted on an auto title loan in September of 2003 and the vehicle was repossessed at that time. In May of 2009 I was notified that garnishments were going to begin on my wages. The company had won a judgement against me by default because I did not appear in court, I was unable to prove that I was not served so the judgement stands. The courts awarded the initial debt of $1100 plus fees and costs. Additionally, they were awarded interest at 180% from September '03. I believe it is just over $12,000. My question is: if there was a signed contract and the loan was for a set period of time of one year, should they have been able to be awarded six years of interest? Or, should interest have only been awarded for the one year that the contract was for? I know it that I have the burden of proof here so I am looking for some law that I can go to the judge with to have the $12,000 of interest lowered.
I defaulted on an auto title loan in September of 2003 and the vehicle was repossessed at that time. In May of 2009 I was notified that garnishments were going to begin on my wages. The company had won a judgement against me by default because I did not appear in court, I was unable to prove that I was not served so the judgement stands. The courts awarded the initial debt of $1100 plus fees and costs. Additionally, they were awarded interest at 180% from September '03. I believe it is just over $12,000. My question is: if there was a signed contract and the loan was for a set period of time of one year, should they have been able to be awarded six years of interest? Or, should interest have only been awarded for the one year that the contract was for? I know it that I have the burden of proof here so I am looking for some law that I can go to the judge with to have the $12,000 of interest lowered.