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Aga
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Subject: judgement
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Mon Apr 19, 2010 8:49 pm
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| What if I'm not able to pay the judgement, will it still clear it after 7 years? |
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Aaron
Joined: 08 Feb 2010
Aaron's page
Posts: 2675
48566 Magic Points
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Subject: judgment
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Tue Apr 20, 2010 8:29 am
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Hi Aga,
A judgment does fall off after 7 years. However, a judgment can be renewed any time before the 7 years, and this can be done for any number of times Thus, it's better to pay off the judgment amount. If you are unable to pay the judgment amount, you can try to negotiate a settlement with the creditor or collection agency.
Thanks,
Aaron
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Derrick1956
Joined: 01 May 2010
Derrick1956's page
Posts: 17
395 Magic Points
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Subject: Help!
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Sat May 01, 2010 9:15 pm
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| Hello to all. This is an extremely helpful website. I have a question. I have 2 judgements on my credit report. They were both placed on my credit report after I moved from the state where I originally stayed. One was from a Credit Union and the other one was from BellSouth. When I moved, all of my mail was forwarded to my new address. Also, I stayed in contact with the Credit Union and they were sending me information to my new address that I needed for other jobs. To make a long story short. In March of 2007, I received a Court Judgment from the Credit Union in favor of the Credit Union for $605 and then in April from them also in favor of Bellsouth for $543. I called the credit union and spoke with the financial offer and she explained to me that when I closed my account with them their was a check that was still pending on my account that had not cleared. I asked why they did not send me a notice or call me to my new address and she said they did not have it on file. Yet they were sending me all types of mail when I first moved. So, I told her that I would pay the account in full if they agreed to have the courts vacate the judgment. She said no that she didn't care if I paid it and she wasn't removing anything. My question is, is there anything I can do about this. I was never offered by either to come to court. I was never given the opportunity. They are the two most major things on showing on my credit report. Thanks in advance. |
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sumeira
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Subject: judgement removal
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Tue May 18, 2010 9:45 pm
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i have a judgment from october 2003 FOR 5700. I have managed to live with my husbands credit score (760) but now we want to buy a house where we need both our salaries and credit histories. This judgment would have drop this december because it will be 7 yrs from the time it was passed if i ignored it for a few more mnths.
but we really need to buy this house - the only way i can get a loan with my husband is to satisfy this judgement. so i am considering negotiating and paying the minimum it will take to get a satisfied letter.
My question is if i do pay this judgment, would my other bad debts which are 10 plus yrs old and have dropped from my credit history become alive all over again. I dont want to open a can of worms, please help with any advice. Thanks |
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Aaron
Joined: 08 Feb 2010
Aaron's page
Posts: 2675
48566 Magic Points
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Subject: judgment removal
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Thu May 27, 2010 12:09 pm
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Hi,
Judgments can be renewed before it expires. So, if you haven't yet payed the judgment, you should try to pay it. As for the other debts, can you tell whether this judgment is related to your other debts? If not, paying the judgment won't start the Statute of Limitations on your other debts.
Thanks,
Aaron
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JPerry
Joined: 24 Jul 2010
JPerry's page
Posts: 28
581 Magic Points
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Sun Jul 25, 2010 3:23 pm
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| Can you negotiate a PFD on a judgment? I ask because I have one on my credit from a early lease termination and the property manager told me that once I paid it that they would remove it from my credit. My other question is who removes judgments the court or creditor? |
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Aaron
Joined: 08 Feb 2010
Aaron's page
Posts: 2675
48566 Magic Points
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Subject: judgment
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Wed Jul 28, 2010 9:59 am
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Hi,
No you can't PFD on a judgment. A judgment once entered will stay on your credit report for 7-10 years whether satisfied or unsatisfied.
Thanks,
Aaron
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baby lap
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Subject: judgment on my credit
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Fri Sep 03, 2010 12:55 am
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| im trying to pay them off . i had barrowed money front freinds thank god they kind enuff but some how ,they didnt take my offer.i offer 3000 but tommorow i will offer 4500 . the balance they said was 12000 all enteres or whatever ther garbages |
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Aaron
Joined: 08 Feb 2010
Aaron's page
Posts: 2675
48566 Magic Points
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Subject: judgment on credit
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Fri Sep 03, 2010 10:02 am
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Hi baby lap,
Do you have written proof of the borrowings? Which state you are in? If you have received any summons, you should answer to it.
Thanks,
Aaron
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Alexandra
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Subject: zHHIhOfRiqAtaVvIN
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Sun May 22, 2011 2:26 pm
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| That saves me. Thanks for being so sesnible! |
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Caiden
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Subject: RKPcgpglvsla
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Mon May 23, 2011 2:47 pm
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| What a joy to find someone else who thnkis this way. |
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Kailin
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Subject: UAAJZXowsGsxXd
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Mon May 23, 2011 3:51 pm
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| It's spooky how clever some ppl are. Tahnks! |
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Shawn
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Fri Jun 17, 2011 6:02 pm
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Some of these answers are suspect. This is how it all works. Once a judgement or collection agent is placed on your account, it does affect you negatively; however you can begin to turn things around by paying the amount off. You still will not regain as many points as you would have had without it being listed, but remember a part of your credit score is composed of your debt/income ration. As long as it is listed as an open debt, it goes against it which continues to cause the negative impact. Quite honestly, creditors are not as much as considerd about whether you have a judgement or collection account, they just want to know that it is paid. As far as your SOL date, many of you seem to have a misconception of what that is. The statue of limitations referres to how long a creditor has to persue you for the money. By persue, I mean the ability to go after a judgement against you. once that sol date has passed, the creditors only recourse to collecting the account is convincing you to pay it, but again you still should pay it, because it being an open account affects your debt to income ration. The SOL date varies by the states, and is determined by the state YOU reside in, meaning if the creditor is located in Texas, and you reside in Virginia, you will need to go back VA SOL dates. The SOL dates will vary based on what time of account. So there is a different SOL date for a contractual agreement versus like a medical bill and this too varies by state. NOw what you also need to consider is the SOL start is based on last time you made a payment. For example, if you have a bill that was placed on your credit report on Oct 2000, your last payment was made in April of 2007, your sol dates is from april 2007 until the however many years according to your state it will expire. So lets say the expiration for this example is 2 years. The creditor would have up to apirl of 2009 to persue you in court, even if the 7 years of being able to report it as delinquent expires in Oct 2007 from being reported in Oct 2000. Get it? Now by no means in any scenerio does it mean that you do not have to pay it becauase if you go to obtain a mortgage, they typical can go back up to 10 years and require that the account gets paid out before you are extended a loan no matter if both SOL and your Report times have expired.
When the question of whether or not to remove something from your credit report is a good idea, the answere there is whether negative or not, you may want it to stay. Another part of your score is the length of time you have had an account. For example, using the same scenerio above, you decide to pay the account out. It shows as a judgment/collection account from 2000 paid in 2006, and your next bill (judgement/collection account) starts in 2005. Should you choose to have the older judgement removed, that will change your history to begin with the 2005 bill. Which means you lose the 5 years to show your length and will ulitmately lower your score and possible increase your debt to income ratio. Your 2000 bill showing you paid off 10k, and your 2005 show you owe 6k, but you only make 12k a year, that is a debt/income ratio of 50% which is bad. The paid account does not affect the ratio any more but does give you the added years of accountiblity. So there a number of factors that make up your score and making the right decisions depend alot on your individual situations. I will say it is better to pay your accounts oldest to newest and do whatever you can to keep any recent delinquencies from getting adding to your report all together.
I have been a collection agent for over 7 years and willing to assist others to repairing credit. If you have any further questions, you can email shesincredible@hotmail.com
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1889
1356 Magic Points
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Subject: credit
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Tue Jun 21, 2011 2:28 am
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| You're a collection agent..do you mean a CA? Please tell me how you help people wit repairing their credit. I see you have a 'personal' hotmail account. However, I DON'T see a professional account for you. Can you please explain furthur? |
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Bubbi
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Subject: XUiNqqHNfSQh
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Tue Jul 05, 2011 9:50 am
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| I went to tons of links brfeoe this, what was I thinking? |
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