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Rasmussen0613 · Dec 20, 2012, 02:19 PM

My husband has a Judgement against him from a bank for $10225. He called to settle or make payment arrangements and they sent him to an attorney it was handed over to. The lawyer told him they stopped trying to collect on it in 2010. They said we could call back the bank and see if they want to reopen it? Sounds kind of dumb to do that. But the judgement is not due to fall off until Sept of 2014, but there is no one collecting on it or reporting as in collections either. What should we do?

tickle · Dec 20, 2012, 03:29 PM

How old is the debt. Statute of Limitations in most areas, US and Canada on unsecured debt is about six years. Meaning after six years they can't collect, so no, not dumb.

Hard to say what to do seeing you have already contacted and asked about payment; now the statute starts all over again. So, basically, you are stuck.

Fr_Chuck · Dec 20, 2012, 03:37 PM

If they have the judgement, the SOL does not apply, only the date the judgement will end.

Starting to pay it now, could actually be the wrong thing, since the judgement will also fall off record if not renewed. So if you start paying, it will be renewed.

Opinion, don't pay unless they contact you, let judgement run out, and if they don't renew, no legal reason to pay debt.

If you wish to pay for moral reasons, just start mailing bank a check with the loan account on it, each month,

dontknownuthin · Dec 20, 2012, 03:40 PM

If they are no longer pursuing it and it will fall off his credit in a year, I'd let it go. If you need to clean up the credit prior to that, pursue it but even if it's satisfied the fact that there was a judgment will still be on his record until the same date so I don't know how much it would help him. Kind of like when you pay a credit card late, the late payment stays on your credit record even after you get caught up. If he can make a lump sum payment for the full amount, they might agree to take it off his credit rating, but it's hard to say whether they'd be willing to do that or not.

Rasmussen0613 · Dec 20, 2012, 04:50 PM

Because of the Judgment we are pursuing to see what to do now. We want to be able to purchase a house next year and this will hold us back if still there. Showing to come off 9/2014, but our luck will renew or something and have to deal with this again. Don't want to pay someone else's mortgage for the rest of our lives, so going to do whatever to get this finally off his credit. We planned on trying to settle if they will or pay in full, so we are going to move forward to get this done and over with once and for all. Looks like they actually did a charge off back in 2010, but never reported any update to the court, but have a guy looking into for us.

Thank you all for your help!

fredg · Dec 20, 2012, 05:52 PM

You have two choices. Either just forget about it, because the lawyer it was turned over to, said they have dropped it.
Or, get yourself another lawyer, to check on everything for you. This will, of course, cost you money.
I would just let it ride, because it does sound like it has been dropped. I am 70 yrs. Old, and have heard of this happening before. I am not a lawyer. I do wish you the best.

ScottGem · Dec 21, 2012, 04:06 AM

Originally Posted by Rasmussen0613

We want to be able to purchase a house next year and this will hold us back if still there. Showing to come off 9/2014, but our luck will renew or something and have to deal with this again.

When was the judgement first awarded? ANY question on law needs to include your general locale as laws vary by area.

While it takes a long time for a judgment to expire and they can be renewed, depending on local laws, there may be a time when it will expire and no longer be collectible. Also the length of time could affect your ability to get a mortgage.

Rasmussen0613 · Dec 21, 2012, 08:01 AM

Originally Posted by ScottGem

When was the judgement first awarded? ANY question on law needs to include your general locale as laws vary by area.

While it takes a long time for a judgment to expire and they can be renewed, depending on local laws, there may be a time when it will expire and no longer be collectible. Also the length of time could affect your ability to get a mortgage.

The Judgment was from Illinois and filed in 2007.. I found an old credit report from 4/2010 and at that time the credit report said it had a 0 balance / charge off under the creditor's name. And now it's not even on his report at all except for the judment under the public records section.

ScottGem · Dec 21, 2012, 08:06 AM

Then judgement is not likely to expire before 2014 and may be longer and may be renewed.

Rasmussen0613 · Dec 21, 2012, 08:09 AM

Originally Posted by ScottGem

Then judgement is not likely to expire before 2014 and may be longer and may be renewed.

That's what we think will happen. We have decided to work with the creditor and get this dealt with now and not "wait and see". It's been long enough.

ScottGem · Dec 21, 2012, 08:32 AM

The problem you have is the judgment is not likely to come off your report, but it should be listed as satisfied.