I have been paying on a court judgement for three and a half years. on a repoed car. The initial amount of the judgement was 6,0000.00 plus attorney fees $1600.00. anyway after paying $4,000.00. I now owe 11,100.00 I was told all of my payments went towards intrest. I know Im beeing riped off I just don't know what to do about it. Any suggestions? The collections agency sent me a payment summary showing my monthly payments. Also is there a way to pay a minimum without having your bank account frozen or garnished
2007-03-15 03:25:27 · 2 answers · asked by Anonymous in Business & Finance ➔ Credit
The court granted the creditor a judgment of $6000.00 plus $1,600 in attorneys fees plus interest. Check your court papers, or go back to the court, to see what interest rate the judge awarded. Every state has a cap on the interest rate that can be granted in a judgment. Yours seem a little bit excessive.
2007-03-15 04:05:32 · answer #1 · answered by Ti 7 · 1⤊ 0⤋
A collection agency does not threaten legal action all they do is collect payment for their client. The dealership or the bank took out the court judgement on you so you may have to go through them or get credit counseling like say through CareOne who can get your payments lowered. www.Careonecredit.com and see if they can get your payments down.
2007-03-15 10:43:48 · answer #2 · answered by nabdullah2001 5 · 0⤊ 2⤋