New York debt from 2002 old credit card debt was 4.000.00 now judgment froze bank account -8.000.00 can the debt be doubled

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Originally Posted by okletsgo

can the debt be doubled

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Hello ok:

With interest, late payment fees, over limit penalties, legal fees and court costs, you betcha.

excon

Or tripled. Interest compounds over time. Attorneys don't work for free. Courts charge fees too.

The good news is that its likely the creditor bought the debt for pennies on the dollar and those legal fees are charged by in house counsel. So they may be willing to accept a lower lump sum settlement. However, now that they have a judgement, their incentive to do so is lessened.

Yes, I am surprised it if only doubles. Just attorney fees can add up to that much, and with court costs of a judgement.

Hello again, ok:

What we didn't say, is what you can do about it. IF you can scrape together, say the original $4 grand in cash, I'll bet you can settle for that.

Otherwise, the fees and interest just keep coming and the pain doesn't go away.

excon

Thanks guys peace