No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
I had a FOunders FCU loan that was written off in December 2007 for the amount of $4956. Also had a judgment placed against me for this loan. I just went to FOunders today to make arrangements to pay it off and found out that interest had been arrcuing ever since. Over 4 years... I received no letters, no statements indicating any balance increases. Can they do this??? What should/can I do????? PLEASE HELP ME!!!!!!
I would be shocked if there was any judgement that didn't accrue interest.
The judgement will accumulate interest according to the laws of the jurisdiction. I believe there will a rate that is set for the entire state.
Ditto. They can do that. They don't have to send statements. The judgment/court record might also show the default rate and the start date for the accrual of that interest. I'm in VA and the default amount is 18%, unless I agree to a different amount when taking out the credit product.
OP, if wanting to avoid the interest, you can always offer a lump payment settlement less the interest and see if they'd accept.
@llecs wrote:
OP, if wanting to avoid the interest, you can always offer a lump payment settlement less the interest and see if they'd accept.
I agree with @llecs. I have recently paid my judgment (this morning! ) with a lump sum of $3K. I was originally sued for $3800 and as of yesterday it had accrued to $6771! I suggest you go back to FCU and explain to them your financial situation. That's what I did with my case and they took into consideration the amount I could only afford and accepted it!