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

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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If you made ANY payments on this it re-sets the clock. I THINK!

I didn't make any payments. And the clerk at the court told me it had expired. I'm just wondering if they can collect the 10% judgment interest legally.

They cannot collect anything since the SOL has expired.

1. You can offer what ever you like to settle this matter, but they don't haveto accept it.

2. Since the SOL has expired they cannot sue you again and you don't have to pay.