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FCU LOAN WAS WRITTEN OFF IN 2007 & PUT JUDGMENT AGAINST ME. CAN THEY STILL ACCRUE INTEREST??????

tag
tryin_to_make_it
Contributor

FCU LOAN WAS WRITTEN OFF IN 2007 & PUT JUDGMENT AGAINST ME. CAN THEY STILL ACCRUE INTEREST??????

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!!!!!!


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Message 1 of 4
3 REPLIES 3
GregB
Valued Contributor

Re: FCU LOAN WAS WRITTEN OFF IN 2007 & PUT JUDGMENT AGAINST ME. CAN THEY STILL ACCRUE INTEREST?

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.

 

 

Message 2 of 4
llecs
Moderator Emeritus

Re: FCU LOAN WAS WRITTEN OFF IN 2007 & PUT JUDGMENT AGAINST ME. CAN THEY STILL ACCRUE INTEREST?

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.

Message 3 of 4
2NE1
Established Contributor

Re: FCU LOAN WAS WRITTEN OFF IN 2007 & PUT JUDGMENT AGAINST ME. CAN THEY STILL ACCRUE INTEREST?


@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! Smiley Very Happy) 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!

Message 4 of 4
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