2007-09-02 06:27:18 · 6 answers · asked by Lori M 1 in Business & Finance ➔ Credit
Judgments don't fall off in 7 years. They stay for 10 and are renewable.
I'm surprised they haven't come after your bank account or garnished your wages. Don't be surprised if that doesn't happen out of the blue.
Try to settle the debt.
2007-09-02 06:55:40 · answer #1 · answered by bdancer222 7 · 2⤊ 1⤋
What efforts has the creditor made to collect from you. If nothing in recent memory, they have probably written it off and you could wait for it to drop off. If they are actively pursuing collection, they may intend to go back to court to renew it in which case you could offer to settle for something less than full payment; something like not paying the interest for example.
2007-09-02 06:46:14 · answer #2 · answered by Anonymous · 0⤊ 0⤋
As told by bdance222, it can be renewed. Interest and attorney fees are also added into the account. If you own your home and sell it while the Judgement is in effect, they will be paid at that time when you settle. I also suggest that you settle if you can for a lesser amount.
2007-09-03 11:01:33 · answer #3 · answered by Anonymous · 1⤊ 1⤋
I advise paying it. The creditor can renew the judgment, and it will go right back on your credit report.
2007-09-03 02:43:12 · answer #4 · answered by saywut 2 · 1⤊ 0⤋
Be careful. Judgments are not the same as bad debts.Judgments can be valid for up to 20 years and renewable in some States. Please check the laws concerning judgments in your State.
2007-09-02 06:34:41 · answer #5 · answered by Ti 7 · 2⤊ 0⤋
Let it fall off. If you start paying for it now or you pay it off it will stay on your report for ANOTHER 7 years. Let it go and let it fall off.
2007-09-02 06:33:13 · answer #6 · answered by ♥ Mary ♥ 4 · 0⤊ 3⤋