Finance Company-Judgment

[sweetollie]

What is the name of your state? Kentucky.

I was served in 12/00. I did not understand. Nor did I care. They won by default. I was having personal problems. Going forward, can I do anything to rescind/vacate this? This is a finance company. I believe the usury exceeds state limits. I don't have the money to settle this. I'm sure at 12% interest, they wouldn't anyhow. I'm a single mom trying to get our first home. Any advice?

[sweetollie]

Bump. I would appreciate any advise.

[Ladynred]

They have a judgment against you. The statutory interest rate for the JUDGMENT IS 12% and it will continue to accumulate interest for as long as the judgment goes unpaid. IN other words, your debt is getting bigger and bigger ON TOP of the amount awarded to the judgment creditor in 2000.

This judgment is almost 4-1/2 years old. Its unlikely that you will succeed in challenging it at this point. You say you WERE served, so you cannot attack service of process. Why didn't you do anything in 2000 ?? That is a question a judge is likely to ask you.

If you're trying for a mortgage, you can almost bet the judgment creditor is going to be flagged that you're mortgage shopping (a service provided by the credit bureaus no less) and will renew efforts to collect. But then, the only way you're going to get a mortgage with an open judgment is for you to PAY OFF the judgment first.

[sweetollie]

Lady-


I recently recieved a collection letter. Is it worth negotiating with them, I pay a % and they vacate it. Do they have the authority to do this?

[Ladynred]

If you contact the lawyers that got the judgment against you for the creditor you may be able to negotiate a settlement. They won't vacate it though. If you come to an agreement and pay it, then the judgment will be satisfied, that gets filed with the court and the judgment is then closed.

[ablessin]

If I was you, I'd take the settlement offer they proposed to you.
FIND a way to get the money and pay it**************.. you WON'T get a mortgage for a home with that on your credit -

You must square off debts- - - why the hell would a bank want to loan to tens of thousands of dollars if you can't be bothered to pay a credit card?

If you want a house, you better negotiate with them**************. at the very least ask them if they'll accept the settlement they offered you paid in 2 payments.

GET IT IN WRITING!!!!!!!!!!

[sweetollie]

Originally Posted by ablessin

If I was you, I'd take the settlement offer they proposed to you.
FIND a way to get the money and pay it**************.. you WON'T get a mortgage for a home with that on your credit -

You must square off debts- - - why the hell would a bank want to loan to tens of thousands of dollars if you can't be bothered to pay a credit card?

If you want a house, you better negotiate with them**************. at the very least ask them if they'll accept the settlement they offered you paid in 2 payments.

GET IT IN WRITING!!!!!!!!!!

I understand what you are saying. It is for $3500 plus interest. Unfortunately, I just can't come up with that.

[sweetollie]

Originally Posted by Ladynred

If you contact the lawyers that got the judgment against you for the creditor you may be able to negotiate a settlement. They won't vacate it though. If you come to an agreement and pay it, then the judgment will be satisfied, that gets filed with the court and the judgment is then closed.

Lady-

What would you start with, is 30% too low? I can't come up with much more.

[Ladynred]

25-30% is doable on a nearly 5 year old judgment, but don't expect them to jump at it. If they know you're mortgage shopping, they're going to hold out for payment in full to start with. So do NOT mention anything about a mortgage or you're dead meat as far as a settlement is concerned.

[ablessin]

I agree with lady - don't mention you're mortgage shopping.

If you don't have $3500 to pay the bill, how are you paying closing costs plus the deposit for the mortgage?

You're probably not going to get off paying much less than $1500 - but good luck.

still, get their settlment offer in writing, no matter what $$ they offer you