Payment Plans and Judgement

[ndl46]

What is the name of your state (only U.S. law)? Virginia

I am in the state of Virignia.

I fell behind on a revolving loan account. I have caught up on the payments via a payment plan that I agreed to, but I am still being taken to court.

1) If I show the judge that I have been making the payments as agreed and have caught up the account, i.e. cured the default, will a judgement still be granted against me?

2) At the first hearing, is that when the judgement will be issued, or are there subsequent hearings?

Any advice would be greatly appreciated.

[Antigone*of*Greece]

Originally Posted by ndl46

What is the name of your state (only U.S. law)? Virginia

I am in the state of Virignia.

I fell behind on a revolving loan account. I have caught up on the payments via a payment plan that I agreed to, but I am still being taken to court.

1) If I show the judge that I have been making the payments as agreed and have caught up the account, i.e. cured the default, will a judgement still be granted against me?

2) At the first hearing, is that when the judgement will be issued, or are there subsequent hearings?

Any advice would be greatly appreciated.

It is to your benefit to show up in court as the case will most likely be resolved that day. A judgement will most likely be awarded to the creditor. If you have been making payments and have cured the default, you may ask the judge and the creditor to allow you to continue the payment plan.

[dfromnyli]

as I told you in the other thread:

In your contract with the loan company, you almost undoubtedly had what is called an escalator clause. This is pretty standard for basically every single loan. It's usually worded something along the lines of

"...If the payment is not made by X amount of days after the date of said note is due then at the sole option of Creditor the full amount then due will become immediately due and payable..."

So yes, if you paid up the months you were past due, you can still be in default of your loan.

[Antigone*of*Greece]

Originally Posted by dfromnyli

as I told you in the other thread:

In your contract with the loan company, you almost undoubtedly had what is called an escalator clause. This is pretty standard for basically every single loan. It's usually worded something along the lines of

"...If the payment is not made by X amount of days after the date of said note is due then at the sole option of Creditor the full amount then due will become immediately due and payable..."

So yes, if you paid up the months you were past due, you can still be in default of your loan.

Did I participate in duplicate threading

[jesslee83]

Originally Posted by Wirelessany1

Did I participate in duplicate threading

lol, not intentionally, i assure you