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Need advice re: 6 yr old unpaid default judgment.

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kstmommy
New Contributor

Re: Need advice re: 6 yr old unpaid default judgment.

I've gotten myself in a complete panicky mess with this judgment. Anxiety kicked in, and so did the tears. So, being the mommas girl I am, I called my mom and she does vaguely remember past conversations about fighting with Gateway. The judgment is likely mine. UGH

 

I did some soul searching and more research and decided I better just try and settle it. I want to buy a house in the somewhat near future, and quite frankly, I cannot mentally handle having the stress of this hanging over my head. I have new credit cards, bank accounts, etc and I know they're watching me, at least as of March. I need to fix this, for my own sanity.

 

My parents are likely going to loan me the funds to settle it. The worst case scenario is the maximum amount: $1691.75 + $145 cost + 8% interest for the last 6 years, is about $2700ish. When I got 1000% confirmation my parents will loan me the maximum amount owed, then I'll call the law firm and ask what we can do to settle it. Maybe I'll be lucky and they'll offer me a decent settlement to fully satisfy. If they don't, I'd like to at least try and offer them one. I have NO idea what amount is acceptable. I thought about 60% of the whole total, which is approx $1500. Is that too much? I've never negotiated anything like this before, so I don't have a clue.

 

Thoughts?

Message 11 of 12
guiness56
Epic Contributor

Re: Need advice re: 6 yr old unpaid default judgment.


@coterotie wrote:

@guiness56 wrote:

Actually, written contracts have a 10 year SOL.  Judgments have a 20 year and if not collected on are considered expired.


 

Looks like it is 10 years before 1982 and 6 years after for the contract SOL.  Judgement is 20 but doesn't look like it can be renewed.  Motion to vacate appears to be the best option other than letting the sleeping dog lie.

 

 

IC 34-11-2-11
Written contract actions
    
Sec. 11. An action upon contracts in writing other than those for the payment of money, and including all mortgages other than chattel mortgages, deeds of trust, judgments of courts of record, and for the recovery of the possession of real estate, must be commenced within ten (10) years after the cause of action accrues.
However, an action upon contracts in writing other than those for the payment of money entered into before September 1, 1982, not including chattel mortgages, deeds of trust, judgments of courts of record, or for the recovery of the possession of real estate, must be commenced within twenty (20) years after the cause of action accrues.

 

Message 12 of 12
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