Ok. So about 6 years ago I signed up for a credit card and ruined my credit due to ignorance of what comes along with it. Anyway, I ended up doing the irresponsible thing not paying on time and ignoring the collections agency ending up with a judgement. I am not proud of it but I was young and wasn't aware. Now that I know, I want to fix this as soon as I can. The original company was capital one and I my judgement is for $1684. I can afford to pay $800 ($1000) tops but on my credit report Capital one has an amount for $2200+; I am not sure what to do. The next thing is that I had yet another credit card that is in collections and it is seven years old however it was sold to another creditor. What do I do in this case? Any help provided will be greatly appreciated! Jski
Welcome to Creditnet! Does Capital One still own the judgment? If so, have they ever contacted you to try and collect the judgment? Also, is the credit card debt in collections beyond the SOL in your state now?
Hello, Yes, I believe so. No one has contacted me from the law office nor Capital one. I just wanted the judgement off of my Credit report so that I can raise my score. I am trying to purchase a home so I contacted to in hopes of settling but the Attorney that contacted me back in 06 said it is now 2200+. I now have a judgement and Capital on on my CR. I am not sure how to go about this one. As far as the second question, The time has expired. I bought a laptop from Dell in 2004. Thanks for you help JSki
Jski Couple of questions regarding the judgment: What state do you live in? When was the judgment granted; what year? It sounds as thought it might be a couple of years ago based on the amount of interested charged on account. Before you negotiate any settlement with the JC (judgment creditor = law firm) ask for a complete financial breakdown of total amount due. Verify that they are charging the correct judgment interest rate and question any service fee the JC is charging. As for the judgment being removed from the credit report â?? payment on a judgment will resolute in the entry being updated to satisfied. The judgment is being reported by the court not the JC so you would have to petition the court to vacate the judgment to have it removed. You will need to start research your states judgment laws and requirements on vacating a judgment in your state. Good luck and keep us updated we might be able to help.
FYI- removing judgments from credit reports isn't an easy task. And as Desdemona mentioned, simply settling the judgment doesn't remove it from your credit reports, but it will update the judgment to paid/satisfied. That may be enough for some underwriters/lenders in order to get approved for a home loan. It depends though, other lenders may not even want to touch your application if you've had a recent judgment. Regarding the old collection, send the CA a letter stating that the SOL has expired and see what happens. You may never hear from them again, and the account is too old to show up on your credit reports and damage you credit scores.
Jski I misspoke when I said you could file a motion to vacate the judgment â?? a motion to vacate is filed prior to the judgment being paid or settled not after. The judgment will report as satisfied, unless there is a disputed error in reporting it will remain on your reports up to 7 years. As Josh said most underwriters/lenders will accept satisfied â?? as long as there is no threat of property lien you should/could be fine, but I am not in the mortgage field can not verify that. I found that the minimum interest rate post judgment is 6% - which if the judgment was awarded in 2008 â?? it is about what they are charging. If my math is correct, but verify the total with the JC in a complete breakdown. Good news â?? there is no wage garnishment in Pennsylvania for credit card debt; but they can garnish/levy bank accounts so once wages hit your bank they are non-exempted can be garnished. Pennsylvania judgments against personal property are good for 20 years (10 years with a 10 year renewal period), and judgments against real property are good for five years only against real property located in the county where the judgment was entered and recorded.
I called capital one and they said that they have nothing to do with the amount that is negotiated, the attorney told me that Cap one isnt going for anything lower than 1500. So should I believe the attorney or Capital one?
Also, what do i do about the account that is SOL? it says that its a CITI bank account. I really dont know what this account is however I am going to guess( only bc thats the only thing i may have had outstanding. I purchased the laptop in 04 and it is now 2012 so I sent them a letter for Validation and I can wait a few until they reply or something. did i go about that right? I only have 2 bad things on my account with the exceptions of my accounts that I closed/paid yrs ago (soon to be wiped off mt CR)
Sending the DV letter was a good move, and hopefully you sent it CMRRR so you can verify when it was received. If they reply, you can then send a letter stating that the SOL has expired.
I want to kick myself now because i didnt send it CM I sent it though this "app" i have with the post office. it tells the day i shipped it. Woe is me! I just want this nightmare to be over. I'm trying... there are only two thing i need to get off and its killing me!
So how would I go about battling this? should I write a letter or call him and let him know what Cap one told me?
He's just using that as a negotiating tool, so you need to keep negotiating too. I wouldn't really mention anything about Cap One though. Focus more on the fact that the $800 is the max you can pay because you have nothing else to offer. You have to convince them that you have nothing else, and then they'll be willing to take the deal. I would also keep my communication in writing from this point forward.
If the app provides proof of mailing, you still are covered as far as having proof it was mailed, you just can't argue a date certain that it was received. The measure that courts have used for figuring out when something should be received is 5 days from the date of mailing. So you have a rough date of receipt, just not a formal one.
I called the court in which my judgement is said to be. They don't have a record of a judgement in my name. Does that mean that i could motion to have it vacated as well as make settlement? Is that good or bad news?
I guess you could say it's a good thing if no court has any record of your judgment. However, since it's apparently still showing up on your credit reports, my assumption is that a court somewhere has record of it. Have you tried disputing through the CRAs yet? How did you get the contact info. for the court in which your judgment was supposed to be?
I saw the court from looking on my credit Report. It said Philadelphia county court so I googled it and called to ask if they had any records and they said no. I tried to dispute it and it hasnt been removed so I dont know what to do now. When I called PCC, they said there isnt anything so I asked if I could get a letter stating that so I could send the CRAs the confirmation to them and they said after they move to their new building to call back and they should be able to help me.
A court should still be able to function while they're moving. That's ridiculous that they told you to call them back after they have moved. I would call back now and try to work with a different person.
