Repo --> Judgment

[JM92868]

Hi everyone... back in 2003 I had a car repo'ed and now there is a judgment on my credit. It is due to be removed by the end of this year... what should I do... just wait out the storm... try to resolve with the CA?

Thanks!

[StartingOver10]

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@JM92868 wrote:

Hi everyone... back in 2003 I had a car repo'ed and now there is a judgment on my credit. It is due to be removed by the end of this year... what should I do... just wait out the storm... try to resolve with the CA?

Thanks!

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Your judgment is a separate issue from your credit report.  In other words, once it drops off your credit, it still affects you.  Look up your state's statutes to see how long judgments last in your jurisdiction and then check the renewal period. For example, in Florida, judgments last 10 years and can be renewed for another 10 years. The judgment accrues interest at the statutory rate the entire time.  In order to get rid of a judgment you need to either have it vacated (legal proceeding) or pay it and record a Satisfaction of Judgment.

[JM92868]

Thanks for the response. The SOL here in California is 10 years so I'm guessing I will just take the high road and resolve it (now that I'm financially capable). Again, thank you

[HoldingOntoHope]

If you are in a position to offer a substantial lump sum payment you may be able to resolve it at once. I had a judgment for 12K and called and asked "What will you accept as lump sum payment within two weeks?" They offered to settle in full for 4.5K. I got an agreement in writing and sent them a cashiers check.

If you cannot settle in full then work out the best deal you can In California judgments are renewable for another ten years and they can (and do) seize bank accounts and garnish wages at 25%.