Negotiate Creditor After Judgement (Co-Signer)
Date: Sun, 01/30/2011 - 19:31
Hello,
When I was in college I had co-signed a lease with 3 friends. 2 had defaulted on the lease and did not make payments. I was never notified of their non payment until about 6 months into the lease. None the less we were eventually evicted and sued for the amount owed. Even though I payed all my rent I realize I am responsible legally due to the co-signed lease. This all took place in Illinois. The amount still owed is 6,000. Money which I have no where close to. I was wondering if it is possible to negotiate a payment for a pay-to-delete (since I payed all my share of rent). Also am a bit confused about the statute of limation regarding civil judgements on your credit report. As in May of this year will be the 7 year mark. I realize that I will still owe the judgement but more worried about it affecting my credit score as I will be looking for a loan in the fall.
Thanks for your input.
When I was in college I had co-signed a lease with 3 friends. 2 had defaulted on the lease and did not make payments. I was never notified of their non payment until about 6 months into the lease. None the less we were eventually evicted and sued for the amount owed. Even though I payed all my rent I realize I am responsible legally due to the co-signed lease. This all took place in Illinois. The amount still owed is 6,000. Money which I have no where close to. I was wondering if it is possible to negotiate a payment for a pay-to-delete (since I payed all my share of rent). Also am a bit confused about the statute of limation regarding civil judgements on your credit report. As in May of this year will be the 7 year mark. I realize that I will still owe the judgement but more worried about it affecting my credit score as I will be looking for a loan in the fall.
Thanks for your input.
The SOL on judgment accounts in IL is 20 years, meaning it can c
The SOL on judgment accounts in IL is 20 years, meaning it can continue to report.
Courts wont do a pay for delete.
I know the SOL is 20 years as far is collecting on debt but from
I know the SOL is 20 years as far is collecting on debt but from what I read it is shorter from reporting on credit. Meaning although I still owe money to the court system they can not report it on my credit. I've seen figures that say 10 years in Illinois and 7 years. Am I understanding it incorrectly?