Legal Question in Credit and Debt Law in New Jersey
Judgement
I have been attempting to pay off a judgement, however the collection agency is saying I owe them about $700 dollars above the judgement amount entered by the judge. Am i legally bound to pay this amount or is the judgement satisfied once the amount entered by the judge is paid?
2 Answers from Attorneys
Re: Judgement
The creditor can be entitled to additional fees above the judgment amount such as acrued interest and constable fees (10% of the judgment) or sheriff fees. If the judgment is for a sizable amount, you may want to seek the advice of an attorney to determine whether all applicable federal and state laws have been complied with(such as the Fair Debt Collection Practices Act). You can reach me at 732-545-9292.
Re: Judgement
Judgments entered in this State (federal or Superior Court) legally accrue interest at a specified annual rate. This is likely where the additional sum is coming into play, though you should inquire and seek a breakdown or computation from the agency. Note that you also might be able to negotiate a settlement of judgment matter for less than what may still be owed, perhaps by immediately paying a portion of the actual balance in lump sum in exchange for a signed warrant to satisfy the judgment which should be filed with the court and a release. Feel free to contact me if you need assistance - (973) 664-1090.
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