Help with Old Cap1 CO and Judgement...

Anonymous · ‎02-18-2016

I need some help with this one.

I have an old CO w/Capital One from 2009 that is due to come off my CR's in Sept. this year (TU already EE'd the acct.). This item never went to a CA and Cap1 filed/received a Judgement against me not coming off till Dec. 2019. The original amount CO'd was $1621 (and the same is stated in the judgement) but the total amount reporting is $3040.

I could wait out the CO but not the judgement. My scores have started rising and I'd like to put this all behind me. Especially with all the talk around the new FICO9 model NOT scoring "PAID" CO's. I've not seen anything about how it will score judgements.

How do I negociate a PFD for this item?

Can I get the judgement deleted by paying this off?

Does it need to be PIF or can I get a lower deal?

Am I paying the original $1621 or the total of $3040?

Is it worth it at this point?

Anonymous · ‎02-18-2016

@Anonymous wrote:
I need some help with this one.

I have an old CO w/Capital One from 2009 that is due to come off my CR's in Sept. this year (TU already EE'd the acct.). This item never went to a CA and Cap1 filed/received a Judgement against me not coming off till Dec. 2019. The original amount CO'd was $1621 (and the same is stated in the judgement) but the total amount reporting is $3040.

I could wait out the CO but not the judgement. My scores have started rising and I'd like to put this all behind me. Especially with all the talk around the new FICO9 model NOT scoring "PAID" CO's. I've not seen anything about how it will score judgements.

How do I negociate a PFD for this item?
Can I get the judgement deleted by paying this off?
Does it need to be PIF or can I get a lower deal?
Am I paying the original $1621 or the total of $3040?
Is it worth it at this point?

BUMP!

Anonymous · ‎02-18-2016

I have a little experience with Judgements. Just settled 2 over the last two weeks. My wife had a Cap1 Judgement from 2009 as well. Last week the judgement attorney sent her a letter offering a 50% reduction and payable over six months. With judgement interest the total was 3300$. They offered 1650$ interest free for 6 months. We agreed to it and they sent the agreement in writing and we will make the first payment tomorrow.

The second judgement I had from 2008. With post interest the balance is 25K. I offered 13,200$ payable at 550$ a month for 24 months and they agreed beginning March 15. No additional interest! (They forgave11,800$)

So yes, you can settle judgements. I think the older they are the better deal you COULD make. But keep in mind, they can tell you to pound sand and give you NO deal. It's a judgement and they will eventually collect. And with interest it will continue to grow. They can levy accounts, garnish your wages, attach any and all personal property. You will never be able to get a mortgage until satisfied. It can haunt you for years and years and then be renewed to haunt you till you die.

These fell off our reports sometime ago. The Judgements and CO's. But you have to get them taken care of whether they are on your reports or not.

Anonymous · ‎02-18-2016

@Anonymous wrote:
I have a little experience with Judgements. Just settled 2 over the last two weeks. My wife had a Cap1 Judgement from 2009 as well. Last week the judgement attorney sent her a letter offering a 50% reduction and payable over six months. With judgement interest the total was 3300$. They offered 1650$ interest free for 6 months. We agreed to it and they sent the agreement in writing and we will make the first payment tomorrow.

The second judgement I had from 2008. With post interest the balance is 25K. I offered 13,200$ payable at 550$ a month for 24 months and they agreed beginning March 15. No additional interest! (They forgave11,800$)

So yes, you can settle judgements. I think the older they are the better deal you COULD make. But keep in mind, they can tell you to pound sand and give you NO deal. It's a judgement and they will eventually collect. And with interest it will continue to grow. They can levy accounts, garnish your wages, attach any and all personal property. You will never be able to get a mortgage until satisfied. It can haunt you for years and years and then be renewed to haunt you till you die.

These fell off our reports sometime ago. The Judgements and CO's. But you have to get them taken care of whether they are on your reports or not.

It shoulkd be noted that there is a great deal of variance among state laws regarding this. Some states are more debtor friendly, while others are much more creditor friendly. Arizona for instance, only has a 5 year enforcement period, then it has to be renewed, while Wisconsin has a twenty year enforcement period, which can be renewed. Some states limit the number of times it can be renewed. One should always research the state laws on this....

Anonymous · ‎02-18-2016

I have had a total of 4 judgements so I have some experience.

I have a satisfied judgement from CapOne, also from a 2009 CO (sounds like a lot of us had issues back then). My orignal amount owed was $500. The judgement was filed for $1600+. It got the the point where my wages were garnished and it was paid that way and eventually the attorney refunded me $600 of the amount that was garnished, I still don't know why. The CO fell of my reports ages ago and the judgement will fall of in June of next year. Just this week I am working on sending a GW letter to the attorney who filed it to see if they will file a motion to have it removed from my reports. It is my understanding that the attorney is the only one who can do this. Well, I think you could file a similar motion yourself but it has better odds of actually being approved by the judge if the attorney does it.

I'm pretty sure that an unsatsified judgement has next to no shot of being removed if it's actually yours. So, you would need to start there if you really want to deal with paying it. If not, it will fall off your reports after 7 years but, if unsatisfied, it can be reinstated for some time after that. For my state, it's 20 years -- yikes.

I have a Citibank judgement that is set to fall off next year that, after it was filed, nothing ever happened with it. No wage garnishment, nothing. It's for $9k. Everthing fell off my reports (except the actual judgement) and I never heard anything else about it. I am just going to let it age off and hope against hope that it never pops up on anyone's radar again.

I also have another Cap One charge off that never ended up in a judgement and it is set to fall of in August of this year. It was originally $500 and the CO amount shows $2,203!!!! I had thought about paying them but I refuse to pay that much when it is almost 5 times my original balance. They are crazy if they think I am paying that. Anyway. I have no idea why one account got a judgement and another one didn't.

I also just got finished paying a judgement filed by LVNV on behalf of Citibank for $14,500. This is NOT the same account as above, this is a different account. This one will stay on my credit until 2021. I plan on writing a GW letter to that attorney also, as soon as everything updates to show it satisifed.

The moral of this story is, DO NOT let your debts get to the point where a judgement is filed, lol. I realize sometimes it is unavoidable because you just don't have the money to settle but I know now that a collection is MUCH easier to deal with than a public record / judgement. If only I had found this site back in 2009, I would have had so much more knowledge. Instead I spent years just ingnoring my the situation because I truly thought there was nothing I could do but wait it all out and that is, by far, the worst thing someone can do.

Anonymous · ‎02-18-2016

Thanks to all for the replies.

I was a high end superintendent in the construstion industry. I actually lost my job at the end of '07 while working for a developer as a field issue specialist. I spent the next 2yrs thinking things would turn around but they never did. I put out over 700 resumes over that period with 0 job offers. While chasing a job traveling all over the country I spent all of my savings, depleted my 401k and IRA and ended up flat broke.

Not excuses it's just the way it turned out.

Things have still not rebounded to the same level of financial stability I had back then but I want to get this monkey off my back. As some have said, I kind of stuck my head in the sand for a few years with respect to my credit since I was unable to do anything about it. It's a different story now and I need to address this 1 item.

I still need to know if I have a good chance of getting the judgement/public record eliminated from all 3 CRA's???

SInce it's still a Cap1 CO and not passed on to a CA how should I attack it?

Do I need to address the judgement with the attorney or directly with Cap1?

How would I find the attorney if I need to go that route?

Anonymous · ‎02-18-2016

I think it really depends on where you are in the process. Have you already missed the court date? It's probably too late to deal directly with Cap One at this point but I am not 100% sure.

Finding the attorney -- their name is located somewhere on the judgement iteself. If you were served (which you sould have been), find that document and you will see their information. If you were not ever served, that's a whole different story and you might have some legal recourse to get it vacated. Others would have to weight in on that as I don't have all the info about how that works.

Contact the attorney and see about settling. Getting the judgement removed from your credit is a totally different animal and MUCH more difficult to accomplish. Yes, you can talk to the attorney and see if they would be willing to file a motion to vacate it once it's paid but they DO NOT have to do this and I hear a lot of them just flat out say no. If they won't do it, you could try to file yourself (once satisfied). Different states have different rules about situations that allow judgements to be vacated. You need to look up rule 60b, Relief from Judgemnt or Order, and this gives the situaitons for your state that allow a judgement to be vacated. If applicable, one will state "if the judgement has been satisfied". Even then, a judge does not have to grant a motion to vacate. It's basically a crap shoot, at least from the way I understand it and has a much better chance of being approved if the attorney will do it.

That's the extent of my knowledge about it, just from reading posts on these forums. Hopefully someone who knows a lot more will post some information for you.

RobertEG · ‎02-18-2016

Pay for deletion requests/offers are made to the party who reported the derogatory information.

Public record information is not "reported" by a furnisher, it finds its way into consumer credit files by way of searches of public record information conducted by the CRAs.

Thus, there is no furnisher to make a PFD offer.

Removal of public record information is pursued by getting the public record itself vacated by the party who recored the public record, which in the case of a civil judgment is the court.

The attorney of the prevailing judgment creditor is the representative of that party. Many attorneys consider it a conflcit of their representational responsibility to their client to initiate any motions for relief on behalf of their former adversary. I would not be surprised if they decline.