Another Judgement Question

Anonymous · ‎11-13-2015

I have two unpaid judgements with Pasadena Receivables. I know one is for a Sam's card and I'm not sure who the other is for.

One is for $2,178 and is supposed to fall in 1/2016.

The other is for $3,120 and is supposed to fall in 5/2016.

I got a letter this week stating that the accounts were purchased by Asset Portfolio IV, LLC and are now $3,300.62 and $4,508.65. It also states Stephen Peroutka is still the attorney.

Prior to the letter I was going to pay off both judgements with my tax return. I don't know what to do now. I was hoping I could maybe get a small loan to pay them off so the judgements could drop off when they are supposed to and Distressed Assets won't report. I feel if I wait DA will report and renew the judgement. I'm having a difficult time obtaining the loan though. I'll try my credit union tomorrow.

Has anyone been in a similar situation or have any advice?

Anonymous · ‎11-14-2015

@Anonymous wrote:
I have two unpaid judgements with Pasadena Receivables. I know one is for a Sam's card and I'm not sure who the other is for.

One is for $2,178 and is supposed to fall in 1/2016.

The other is for $3,120 and is supposed to fall in 5/2016.

I got a letter this week stating that the accounts were purchased by Asset Portfolio IV, LLC and are now $3,300.62 and $4,508.65. It also states Stephen Peroutka is still the attorney.

Prior to the letter I was going to pay off both judgements with my tax return. I don't know what to do now. I was hoping I could maybe get a small loan to pay them off so the judgements could drop off when they are supposed to and Distressed Assets won't report. I feel if I wait DA will report and renew the judgement. I'm having a difficult time obtaining the loan though. I'll try my credit union tomorrow.

Has anyone been in a similar situation or have any advice?

Judgement sare not "reported" by the creditor. They are public records that are "discovered" by the CRA's when they do public record searches. Nothing DA does can make the judgement look "new". It will fall off when the CRA's say it will, based on its filing date. Renewals do not change the filing date, they merely extend the time period that the creditor can seek garnishments and liens.

StartingOver10 · ‎11-14-2015

Judgments can be negotiated. Just make sure you get a satisfaction recorded. Some jurisdictions allow judgments to be vacated too.

Judgments are public records that sometimes end up on your credit report. It is important to take care of the judgment because it lasts for 10 years or 20 years in many jurisdictions and can be renewed for another 10 or 20 years. Take a look at your states' judgment statutes to see what is allowed in your jurisdiction. It is important to take care of it even if it isn't on your credit report. To find your judgments look up your name in the public records section for your county. In my county that section is under the Clerk of Courts so start there first.

toi34 · ‎11-14-2015

I'm just thinking out loud here: why pay them or even try to negotiate with the attorney if both judgements are set to fall off the credit report in 2 months and 6 months, respectively? Why do anything but wait for them to fall off? If it's been at least 7-10 years, I'm pretty sure that attorney has been moved on....he's not counting the days when he can renew...

again tho.....just thinking out loud.

Anonymous · ‎11-14-2015

If you ever want to purchase a home in the future you want to make sure to take care of any judgments regardless if they are on your credit report or not.. They will show up in underwriting for the loan.. If you don't plan on purchasing any property then that you won't hinder you that way. Check your states statute of limations for judgments on how long they are valid to collect for..

Anonymous · ‎11-14-2015

Ask to settle the judgments thru the collection attorney so they don't incur more interest to charge you more money for the judgment..

Anonymous · ‎11-14-2015

Thanks for the responses!
So if the new CA who bought the account renews the judgement it has a 50/50 chance of ending up on my report again?

I'm in MD and I read somewhere that the statutes is 12 years. Experian shows the judgements due to fall off next year (judgement was in 2008). My concern is the new CA reporting prior to the CRA's prior to any payment arangement. As of now, I have no plans on buying any property.

Last, what would be a good percentage to negotiate a settlement with the CA? They added a good bit of interest to the original amount.

Anonymous · ‎11-15-2015

@Anonymous wrote:
Thanks for the responses!
So if the new CA who bought the account renews the judgement it has a 50/50 chance of ending up on my report again?

I'm in MD and I read somewhere that the statutes is 12 years. Experian shows the judgements due to fall off next year (judgement was in 2008). My concern is the new CA reporting prior to the CRA's prior to any payment arangement. As of now, I have no plans on buying any property.

Last, what would be a good percentage to negotiate a settlement with the CA? They added a good bit of interest to the original amount.

NO, renewing the judgement (or change of ownership) does not change reporting, as I said before. But reporting is not the only concern. In MD your wages can be garnished for up to 25% of your net pay. Your employer can fire you for more than one wage garnishment in a year.

The current owner of the debt can only report it as a collection. If they do that, any prior CA that have reported a collection for this debt should delete their reporting. However they must also report a DoFD for the debt, which cannot be more recent than the judgement filing date (if they can't obtain a DoFD from the OC and have to "geuss"), which means the CRA's would likely exlude it from your reports based on age.

Simply because the lawyer has not pressed for anything in the last six years doesn't mean you are safe. A judgement award can be sold to another debt collector that can pursue wage garnishment, account seizure or property leins.

Anonymous · ‎11-15-2015

I REALLY don't want my wages garnished! What course of action would be be suggested since I can't make any payments until February? At this point would the new CA negotiate a payment?

Anonymous · ‎11-21-2015

Pull your reports and make sire your cirrent employer is not listed, and look to see if they have recently pulled your reports.