Judgement
Date: Thu, 07/07/2011 - 10:37
so I have a judgement againt me that's 7 years old and it's the only debt left to pay. I have attempted to settle with them and had a verbal agreement to pay the full amount of the judgement and they would drop the interest. At this time, I was not told of any deadline to accept and start the payment. For Wisconsin a judgement will stay on record for 20 years. Howevere, after 10years, Banks ignore it. Anyways, I have attempted to contact the creditor and left messages to set up payment and now they want to change the deal to possibly include 7 years of interest since I'm able to pay more than half the judgement off right now. I spoke with their lawyer about this and he stated the agreement was only for 30 days but he and the creditors failed to mention this when they made the offer. I'd like to buy a house in the near future but absolutley refuse to pay the interest on a debt that's 7 years old... What are my options?
You are legally obligated to pay off the judgment. Verbal agreem
You are legally obligated to pay off the judgment. Verbal agreements are not legally bonding. No one will give any value to the verbal agreement. You should have made a written agreement with them. I think it is better to pay off the judgment. Ask them to update your account status as "paid judgment" after the judgment is repaid in full. Otherwise you will face difficulty to purchase a house.
Quote:I'd like to buy a house in the near future but absolutley
Quote:
I'd like to buy a house in the near future but absolutley refuse to pay the interest on a debt that's 7 years old... What are my options? |
A judgement is a court order. If the creditor refuses to settle, that is their option. So unless you got a settlement in writing, you do not have any agreement.
A mortgage lender is not going to approve you with any judgment on the books....any property you purchase immediately becomes an attachable asset There is also the issue that they could start garnishing your wages at anytime and/or freeze your bank account.
