- Jurisdiction
- Tennessee
I received a subpoena last month for a debt account I thought was past the statute of limitations (last payment in middle of 2018) This particular debt was a payday loan at 24%
It turns out that they got a judgement on it in in the end of 2018. I may have been served but that time in my life I was experiencing and was trying to recover from circumstances that most would consider traumatic. (I do have legal documentation, police reports, PTSD diagnoses of these circumstances) would not have even been able to entertain the idea of dealing with it properly. I could have filed bankruptcy at any time during most of the years in between, but most of my debts that I failed to pay just charged off and many of the banks went under, so it didn't seem like it would make sense by the time I recovered enough to consider issues tertiary to survival.
In any case, I was not aware of the judgement (I would think someone would have been required to send me the court order.) I complied with the subpoena (which was to get my bank account records and such so they could pursue garnishment) and the lawyer tried to make a settlement offer. The balance he presented me with included the judgement amount ($2k) plus a bunch of fees and accrued interest at 24%. For a initial balance that was $1k... they want something like $6k.
I offered to settle for the amount that would include the judgement plus post judgement interest (about 7%) but they declined. The lawyer said he would take it to the client but he wasn't authorized to settle for less than 75%. So, here's my questions - Is it even legal for the creditor to sit on a judgement with no notification, incorrect information sent to credit bureaus, and just let the interest accrue for 7 years? What kinds of justification/evidence would I need to succeed at a motion to vacate?
It turns out that they got a judgement on it in in the end of 2018. I may have been served but that time in my life I was experiencing and was trying to recover from circumstances that most would consider traumatic. (I do have legal documentation, police reports, PTSD diagnoses of these circumstances) would not have even been able to entertain the idea of dealing with it properly. I could have filed bankruptcy at any time during most of the years in between, but most of my debts that I failed to pay just charged off and many of the banks went under, so it didn't seem like it would make sense by the time I recovered enough to consider issues tertiary to survival.
In any case, I was not aware of the judgement (I would think someone would have been required to send me the court order.) I complied with the subpoena (which was to get my bank account records and such so they could pursue garnishment) and the lawyer tried to make a settlement offer. The balance he presented me with included the judgement amount ($2k) plus a bunch of fees and accrued interest at 24%. For a initial balance that was $1k... they want something like $6k.
I offered to settle for the amount that would include the judgement plus post judgement interest (about 7%) but they declined. The lawyer said he would take it to the client but he wasn't authorized to settle for less than 75%. So, here's my questions - Is it even legal for the creditor to sit on a judgement with no notification, incorrect information sent to credit bureaus, and just let the interest accrue for 7 years? What kinds of justification/evidence would I need to succeed at a motion to vacate?
