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Discussion in 'Credit Talk' started by tltrader, Jun 7, 2001.
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When they got the judgement against you, that effectively took care of the old account. They were no longer collecting on the old account, they began to collect on the judgement.
Yes a judgement can be sold.
Judgements are better than original debts, because they usually allow a long time to collect. That is, they do not have to worry about statutes of limitations. In one state I am familiar with, they can collect on a judgement for 20 years. If they don't they can renew the judgement. In other words, they can go after you forever.
Should you pay it? If they have assets they can attach, then they will get it eventually. If you don't have assets, they can't get it from you.
thanks so much for your response. I have one more question ( I may be getting into the "I need a lawyer area here"). The judgement filed with our county clerk (I live in NY) shows the original creditor and not the CA that bought the account. Does the CA have to file with the clerk? Is the original judgement creditor satisfied? Thanks.
I don't know the answer to your questions. Obviously, when you pay off the CA, the original creditor will no longer have any claim against you. It goes without saying that before you pay anything to the CA, verify with the original creditor that they sold the judgement to the CA. I have heard rumors (none verified) that CA's sometimes lie.
But, I do not know if the CA has to file with the court clerk.
One other note. If paid off, be sure to get a satisfaction of judgement to file with the clerk to prove it was paid off. Otherwise, it will show up on public records as a judgement and will continue to mess up your credit reports.