I have a creditor suing me. We have worked out a payment schedule to take care of the existing debt owed. How does a judgement passed on me affect me?

Where do you live / where is the judgement?

It will go on your credit. Depending on where you live the judgement can be attached to your assets (property, bank accounts, wages). Often new creditors won't grant you credit until the judgement is paid (especially for real estate.)

Did they already get a judgement, or are they threatening it?
If it happens get it paid ASAP and then follow up to MAKE SURE that they discharge it once it's paid. Save ALL paperwork!

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Originally Posted by legoman31

I have a creditor suing me. we have worked out a payment schedule to take care of the existing debt owed. how does a judgement passed on me affect me?

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It stays on your credit report and if you fail to comply with your agreement to pay the creditor doesn't have to get a Judgment - he just enforces the Judgment he already has.

If you have worked out an agreement to pay I trust it's in writing? If you read the other posts you will see the problems that these oral agreements following a Judgment can cause.

Also is the agreement in writing, if it is not in writing that agreement is really worthless and you can expect them to come after your money

You said they are 'suing" so they don't have a judgement yet, why are they going for a judgement if you have a written agreement in place.