Hi all,
I was doing some research and think I might have found an error with a judgment I paid back in 2010, from a case in 2009. The amount that I owed was $650 and this was entered against me on 12/22/2009. I paid $907 on 4/19/2010 with this break down: $650 for the amount, $102 in court costs, and $155 in interest (it was at %6). I used a few online interest calculators, and I think I paid way too much in interest. Could someone with more experience please confirm this? If so, do you think this is grounds for vacating a judgement? I live in Virginia if it helps at all.
Thanks!
Starting Scores (10/18/2013): EX: 603 | EQ: 572 | TU: 659
Based on the virginia code:
The judgment rate of interest shall be an annual rate of six percent, except that a money judgment entered in an action arising from a contract shall carry interest at the rate lawfully charged on such contract, or at six percent annually, whichever is higher.
There was no interest rate specified on the original contract - court records also show 6% from DOJ.
Also if it helps, this case was a simple contract dispute with another party. I provided services, they weren't happy, I sued for the money I thought they owed, the sued for their deposit, I lost, they won, I paid them back. Who knew it was going to cause my credit so much pain.