Rule 5/2-1303
Date: Wed, 07/18/2012 - 00:50
Hi
A judgment was inter agenst me on 2/11/08 by the attorny that represnted me to pay $2600.00 at $75.00 each month and i did so as the judge ordered, Not only i paid i over paid by $175.00. On May/9/11 I get a letter from him asking for additional $800.00 I wrote him back with my bank copy of evry check i sent him and and reqested $175.00 refund and a satesfaction of judgemet. I never heard from. On 7/16/2012 I went back to court with a motion to colect my money and to recive the satesfaction of judgement.he asked the judge 9% interest using 5/2-1303 court rules.
By now it is a defrent Judge and he got a judgment for the interest too.
My QUSTION IS:Can he use rule 5/2-1303 as a defance 18 month pass as of my last payment of the $2600.00 judgment to him.
p.s He never ever reqested this money from me verbely or in writting.
A judgment was inter agenst me on 2/11/08 by the attorny that represnted me to pay $2600.00 at $75.00 each month and i did so as the judge ordered, Not only i paid i over paid by $175.00. On May/9/11 I get a letter from him asking for additional $800.00 I wrote him back with my bank copy of evry check i sent him and and reqested $175.00 refund and a satesfaction of judgemet. I never heard from. On 7/16/2012 I went back to court with a motion to colect my money and to recive the satesfaction of judgement.he asked the judge 9% interest using 5/2-1303 court rules.
By now it is a defrent Judge and he got a judgment for the interest too.
My QUSTION IS:Can he use rule 5/2-1303 as a defance 18 month pass as of my last payment of the $2600.00 judgment to him.
p.s He never ever reqested this money from me verbely or in writting.
Basically, it is assumed that any amount which is collected thro
Basically, it is assumed that any amount which is collected through a judgment will have a stipulated amount of interest tacked on to it. If there was no interest to be earned on the money, there would not be any incentive for the creditor to get you on a payment plan.
Quote:Basically, it is assumed that any amount which is collecte
Quote:
Basically, it is assumed that any amount which is collected through a judgment will have a stipulated amount of interest tacked on to it. |
This is false. The original judgment will tell the story-if the original judgment awarded them interest, then they are entitled to collect interest. If it did not, then they are not. It is that simple. The entire purpose in getting a judgment is to assert your right to collect the sum of money that the court sets to be collected. If the court awarded a judgment for $2600.00 and did not allow for interest, then that judgment should stand. That being the case, we need to know what exactly the original judgment stated on this issue. If it allowed for interest, then interest should be paid. If it did not, then I cannot see how a court today would go back and add another judgment amount like that.
I have not once ever seen a debt collection lawsuit where the word interest was not ever mentioned by the debt collector that filed the suit. They will make mention of interest--believe that...it is money they want to collect.
Quote:
If there was no interest to be earned on the money, there would not be any incentive for the creditor to get you on a payment plan. |
yes there is--it's called "getting their money". Sometimes, a payment plan is the one and only way that the collector will ever get paid. And again, you are assuming way too much. According to the OP's post, he stated:
[QUOTE]
originally posted by OP
A judgment was inter agenst me on 2/11/08 by the attorny that represnted me to pay $2600.00 at $75.00 each month and i did so as the judge ordered[/QUOTE]
Again, we need to see the original judgment. It is possible that the judge ordered the payment schedule. Not as common that this happens, but it could be the case. If the judgment orders that payment plan, then the debt collector has no choice but to honor it or they risk losing the money in the end.
The rule they quoted does exist, and it does state that court judgments are subject to 9% interest. But the math is a bit strange, even though I do not know the full details of this. 9% annual interest on $2600 should not at all come to 800 plus the 175 you overpaid if the payments were made every month as ordered. Please tell us what state you live in and tell us what the original judgment states. We can help you figure this out.