I am about to call the company that I have a judgement with. It is a loan that I got from a college that is now a judgement. Any opinions would help me. Date of last activity is 11 of 96, I want to apply for a mortgage in the next couple of months. Everything else besides a paid collection looks great on my credit report. Does anyone know if I settle with the agency for less, what the ramifications would be? I know that I should ask for a full deletion letter before I settle, but the fact that the school filed the judgement will still be there. This is a very delicate situation, and I want to go about it the right way. The judgement is for about 2300.00 including some interest. I plan on offering 1000.00 and using the fact that it will not be on my report in 17 months anyway. I know that they bought the account for a lot less. Any opinions would be welcomed.
Did you check out the SOL in your state. Sol I believe is starts from the original signed contract. also, did you check to see if you were served properly on this judgement. If you were not seved properly on this judgement you would have grounds to Motion to vacate. Anyone can correct me if I'm wrong here, but I would check out all my avenue's first. kathy
I live in Florida, but the judgment is in Virginia. How would I check the SOL? Can that be different than the time that the info stays on the report? And I was never served with the papers because I did not live in VA at the time. My mother got the info, and if I remember right, she went to court on my behalf. I never got anything. I had already moved to FL.
Suedan, The SOL will not remove it from your credit report, the SOL is the time they have to legally collect a debt. If it is over the SOL they in other words cannot sue you get the money, but it does not make the debt go away. To check SOL try http: // www.edebtnetwork.com / content ...ection_laws.asp. this is the one used by collection agents. or try: http: // www.faircreditmovement.org/s...limitations.htm sorry I could not bring the link up on my side for you to go right into it. as far as being served properly. I don't know how that would work since your mom went to court for you, but I know that they cannot serve your mother they would of had to serve you, so it's starting to sound like you were not served properly because you were not in the state at the time. If you can prove you were not in the state at the time that's even better evidence. I had a judgment and I had to physically go to the court house with the docket # and have my file pulled, but It could be different in every state as how you go about finding out how you were served. If you want to check this out, you should have this information right on your credit report. They should have the court name and docket# on there. Did you dispute this at all on your credit reports ?? If you did they should of supplied you with the name,address and telephone number of the court. If you do have this info I would start first by calling the court house and find out what you have to do to find out how you were served. I hope this helps a little ! oh, and one more thing, you said something about this being close to coming off your CRA's. remember with a judgment they can always be renewed.
1- A judgement from Va. is not enforceable in Florida unless it has been recorded in Florida. 2- A Va. judgement stays on record in VIRGINIA for 20 years. 3- A "foreign" judgement is not enforceable in Florida after 5 years. 4- The judgement will come off your credit report 7 years after the filng date(or sooner if you dispute it as being over the 5 year "foreign judgement" in Florida ) The length of time a judgement stays on your report is 7 years OR LESS if your State's judgements are on record for a lesser period. 5- The ONLY WAY you can screw up your credit now is to pay ANYTHING to ANYBODY on this account.If you "settle" it will restart the 7 year reporting clock.
To Why Chat, Doesn't the FCRA say that judments stay for 7 years or until the states sol expires, whichever is longer? And as per #5, does this mean that paying on a charge off would restart the 7 year reporting clock also?
WhyChat, that was some very sound advice. I just faxed them out a letter about settling it too. I am glad that I received your advice before I paid anything. When you say "foreign judgement" are you saying from state to state. I think that is what you are saying as opposed to country to country. By the way, how are you so knowledgeable? Five years is this month, can I therefore dispute as a foreign judgment? Nothing has been filed in the state of Florida.
