Legal Question in Credit and Debt Law in New York

5 years after collection

I got a collection notice, About 5 years after I had a judgement. I wrote a note to the original creditor stating that can I settle for a lessor amount and that I am will to pay back $200 a month on a $4,000 loan. Was this a smart move? If not, please give me a step by step approach about what I can do now, because the letter came from a colletion agency, and I am extremely afraid that the collection ageny will stop my checking acount and start to garnish wages.

Thank you!


Asked on 5/27/04, 4:29 am

1 Answer from Attorneys
Guy Lewit Guy Mitchell Lewit, Esq.

Re: 5 years after collection

THe creditor has that right (to garnish, etc,) I suggest you start sending money to pay off the judgemnt TO THE CREDITOR directly and bypass the agency. Send MONEY ORDERS not checks...so they don't get wind of your accounts...make sure you know that interest is accruing on the judgment at 9% per year...so its probably alot more than you think...good luck

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Answered on 5/27/04, 2:07 pm


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