Legal Question in Credit and Debt Law in New York
I was sued by a company that buy's bad debts. The debt itself is more than 15 years old. A garnishment was issued and income execution done. I made the final payment on what I thought was a $8,000 debt only to be told I owe a additional $4,000 in interest. How long will interest accrue? Will this debt ever be paid off? Is there a way to find out what rate is being used? They said interest accrued from 1/28/05
1 Answer from Attorneys
From what you have written, a judgment was entered against you. Interest accrues on judgments at the rate of 9% per year. If the judgment was obtained on default - i.e. you did not respond, you may be able to vacate the judgment. If more than 6 years elapsed from when payment was due, or from when the last payment was made, until the lawsuit was commenced, it would have been past the statute of limitations.
Please contact my office directly if you would like to discuss your situation further.
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