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    pastor1189's Avatar
    pastor1189 Posts: 1,538, Reputation: 3
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    #1

    Jul 18, 2014, 06:29 AM
    Judgement
    Judgment:

    This is something I didn’t know? A judgment was placed
    In 1995 against a girl who had an accident in Florida. The judge’s
    Judgment was for $13,000 that the auto insurance didn’t cover. The judge also added” Post Judgment Interest”
    Some months she paid more than what was necessary. In 2014
    She owed $16,000.” If you pay more than the minimum each month, the amount owed can go up, and it’s legal.
    This I didn't know about judgments
    J_9's Avatar
    J_9 Posts: 40,298, Reputation: 5646
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    #2

    Jul 18, 2014, 06:30 AM
    Pastor, what is your question?

    There was interest added to the judgment. Interest adds up.

    "Some months she paid more than was necessary," but I'm betting more months she paid the minimum or less.
    pastor1189's Avatar
    pastor1189 Posts: 1,538, Reputation: 3
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    #3

    Jul 18, 2014, 07:01 AM
    You pay more, but they still charge you more interest. Have you heard of that before?
    J_9's Avatar
    J_9 Posts: 40,298, Reputation: 5646
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    #4

    Jul 18, 2014, 07:08 AM
    Many times you have to specify that you want the overpayment paid towards the principle otherwise it is paid towards the interest. Interest compounds on the principle, so you want to pay the principle down first.
    pastor1189's Avatar
    pastor1189 Posts: 1,538, Reputation: 3
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    #5

    Jul 18, 2014, 08:02 AM
    Oh I see, like a mortgage payment
    J_9's Avatar
    J_9 Posts: 40,298, Reputation: 5646
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    #6

    Jul 18, 2014, 03:18 PM
    Quote Originally Posted by pastor1189 View Post
    Oh I see, like a mortgage payment
    Or a car payment. Anything that has interest really.
    joypulv's Avatar
    joypulv Posts: 21,591, Reputation: 2941
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    #7

    Jul 18, 2014, 03:29 PM
    Paying just the minimum, like with credit cards, is a disaster, as this was. 19 years and she owes more than she started with. The sad part is that interest rates have gone way down. If she had a negotiator, I'll bet she could knock a lot of that 16K down. Provided she has records and really did make monthly payments, on time, all those years.
    pastor1189's Avatar
    pastor1189 Posts: 1,538, Reputation: 3
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    #8

    Jul 19, 2014, 03:54 AM
    Thank folks. Poor girl. She has a beauty salon today. But the attorney told her
    To declare bankruptcy to get out of this problem, going back to when she was a teenager.
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #9

    Aug 19, 2014, 07:34 AM
    Quote Originally Posted by pastor1189
    ... Some months she paid more than what was necessary. ...
    No amount is "necessary". A judgment doesn't require the judgment debtor to pay anything on the judgment. Of course, if she paid less than the interest which accrued in that month, the total would go up.

    Quote Originally Posted by J 9
    ... Interest compounds on the principle, so you want to pay the principle down first. ...
    Incorrect. Judgments bear simple interest. And the word you want to use is "principal".
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