old school tuition. not paid. 10yrs ago. I have documentation stating judgment was ruled on 1998. so far my research has turned up judgments are here to stay for 20yrs on your record. And if I am not mistaken they are renewable. I figured the SOL of 7yrs would help but they were smart and made that judgment move. So now the damage is up to 2k. Should I wait it out another 10yrs or begin making plans to pay it off? And to pay it off, are there any services that maybe might help reduce the amount owed maybe to original debt amount without the interest of 10yrs? I think with judgments there are no negotiations here, am I right?
Funny thing is on my credit report there is no mention of this judgement. The only time I see it in action is when instead of receiving my state refund from taxes I get this letter stating it used to pay this judgment on me. So I suspect maybe there is some foul play and that maybe I can fight it if its not legit
2007-08-21 14:17:01 · 4 answers · asked by el topo 2 in Business & Finance ➔ Credit
They will not garnish your bank account or your wages but they will take it out of your tax return. They have started doing that with student loans and back child support. Also, they can freeze your transcripts and your grades.
I have worked for H&R Block for years so I know what I am talking about. I am a tax manager there.
2007-08-21 17:51:40 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The judgment notation may have fallen off your credit report. But that doesn't mean you don't owe. They can renew judgments, in some states, indefinitely.
If they are attaching your state tax refund, I'm surprised they haven't attached you bank account or garnished your wages.
Get your checkbook out and pay it. The longer you wait, the more interest that builds up.
2007-08-21 21:29:11 · answer #2 · answered by bdancer222 7 · 1⤊ 0⤋
The only foul play I see is that you got something, agreed to pay for it, and now don't want to pay. Don't hold me to it, but I believe they passed a law that made government guaranteed school loans debts that never go away. So stop acting like a deadbeat, and get out the checkbook.
Judgments in general are governed by state law, you didn't mention the state, no one can answer.
2007-08-21 21:22:27 · answer #3 · answered by heart_and_troll 5 · 2⤊ 0⤋
Student loans are not bankruptable, the principle will never be reduced, they never expire, they never fall off your credit report.
This will come back to haunt you.... and it might happen at a bad time.
There are a lof of jobs, including Federal jobs, that you cant have because of student loan debt.
You need to plan on paying this IMMEDIATELY. This is a valid debt, you promised to pay it back, so find a way to start paying on it.
2007-08-21 21:27:58 · answer #4 · answered by Mike 6 · 2⤊ 0⤋