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    okletsgo's Avatar
    okletsgo Posts: 15, Reputation: 1
    New Member
    		  
    #1

    Jan 4, 2008, 07:47 AM
    Old credit card debt
    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
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Jan 4, 2008, 08:19 AM
    Quote Originally Posted by okletsgo
    can the debt be doubled
    Hello ok:

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

    excon
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Jan 4, 2008, 08:23 AM
    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.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #4

    Jan 4, 2008, 08:25 AM
    Yes, I am surprised it if only doubles. Just attorney fees can add up to that much, and with court costs of a judgement.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #5

    Jan 4, 2008, 08:27 AM
    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
    okletsgo's Avatar
    okletsgo Posts: 15, Reputation: 1
    New Member
    		  
    #6

    Jan 4, 2008, 10:07 AM
    Thanks guys peace
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