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Hello again! If needed to answer my question I am in Ohio
I have been looking in the various forums but couldn't quite find the question I have or perhaps I missed it. So, I have a collection that received a judgement. It is legit my debt that I ignored as I went through a divorce and just...anyhow. The collection company won a judgment on 5/9/2018 of $1,000 i & c. With the interest per the judgement at 4%.
Below is the copy paste of the judgment entry online
****Judgment to whom: CAVALRY SPV I, LLCJudgment Amount: $3,573.34Judgment Type: Default JudgmentCourt Costs: $0.00Other Costs: $0.00Interest Rate: 4Term: YearBegin Date: 5/9/2018End Date: Principal Sum Amount: $3,573.34Lump sum Amount: $0.00Action:ACCOUNT:RQ-$3573.34 I+C
There was a bank garnishment on 6/22/2018 for $1,011.09. Here is my question, should that have decreased my balance and the interest?
The original debt would have been .39 a day for about 44 days so that would be about 3573.34 + 17.23 balance at garnishment. Does the "new balance" of $2579.48 get the interest rate of 4% or .28 a day. Or does it stay at .39 a day regardless of what the balance totals?
I have had another bank garnishment on 8/16/21 that went through and I sent a few payments, then I noticed that my credit report was not reflecting anything at all. Now I am curious of the above question because the balance that they have for me makes no math sense regardless of how it was done. I have asked them to send me information on how the balance was figured but haven't gotten back to me and it has been a month. I was going to send a follow up letter but wondered if I should touch on any of the interest before I make a fool of myself.
Thank you!!
Trying to figure it all out. 2018 you had a wage garnishment set into place for $1000 plus interest. And is it paid yet? All these calculations per pennies a day is a bit confusing. After 3 yrs hope it's paid. Along with the other. So theres 2?
Interest is only charged on the outstanding balance not the original amount as the balance decreases and creditors have to update payments to reflect truth as to what is owed if they are reporting it to your CR. The interest rate on the judgment is set by the state that you live in.
Thank you! While my garnishments were years apart because I was irresponsible, the original amount has been the amount that has been accruing interest. I appreciate your help!
Just to clarify, it was one debt. I ignored it whichis why it is so drawn out. The pennies for the daily interest rate is because those pennies add up to hundereds when you blow it off for as long as I did. I appreciate your assistance