A loan company had a judgment against me 13 years ago. The 10 year statute of limitations ran on the judgment and they did not renew it. I wanted to settle it with them for what I actually owed on the principal and the contracted interest, which was 5%. They wanted 10% interest because they say that's what Calif. Law requires on a judgment and even had an attorney contact me about it. My argument is that since the statute ran on the judgment, they are out of luck on judgment interest of 10%. They forfeited the judgment and the mandatory 10% interest by not renewing it. Does anyone know if I have a legal leg to stand on?

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Originally Posted by mosmama

They forfeited the judgment and the mandatory 10% interest by not renewing it.

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Hello mos:

I agree. That's a pretty good legal leg too.

Write them a letter. Send it certified, return receipt requested. Remind them that they let the judgment expire. Tell them that if they try to fool your bank or your payroll department with an expired judgment, you'll sue them.

excon

Yep, by not renewing the judgement they have no legal grounds to collect from you. So tell them to accept what you are willing to pay or not get anything at all.