Q: How can I get a credit union to drop post judgment intrest?
I paid the principle , prejudgment interest court cost and attorney fees and now I have a garnishment for an additional $7,800.00
A: Talk to a debt defense atty. While it is late in the game, you never know...
A: Post judgment interest is usually at the rate of 7% per year. If this represents only one year of post judgment interest, your judgment was for $111,428 or so. I can see why the Credit Union sued you, it is a lot of money. On the other hand, if it was over multiple years that you kept and used the money that you owed the Credit Union, their attorneys probably don't look on you favorably, even with all you paid off. If you have the ability to pay some of this debt, then you should contact them and negotiate a reduction for an immediate pay off. The interest will continue to accumulate interest, so you could be paying $546 per year to continue to have this debt hanging over you.
Justia disclaimers below, incorporated herein.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.