Bloomington, IL asked in Collections for Illinois

Q: Judgement vs collections question

Defaulted on a bank line of credit. They won a judgement. They are trying to collect in court but they sold the debt to a collection company. Is it legal to double dip?

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1 Lawyer Answer
Bryan R. Bagdady
Bryan R. Bagdady
  • Collections Lawyer
  • Oakbrook Terrace, IL
  • Licensed in Illinois

A: Selling a judgment is not double dipping. During a post judgment proceeding you will be entitled to a credit for payments you made toward the judgment. From your question it does not appear that you have made any such payments. By selling the judgment the judgment creditor has simply transferred its interest in a legal asset.

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