Legal Question in Criminal Law in New York
Restitution Payments after Probation Ends?
I received a sentence of 27 months for wire fraud, which I completed while making my minimum restitution payments. I owed $80,300 when I went in to prison. Since I got out in October of 2006, I have been making the payments of $150 that I am required to make per month. However, because the interest rate is 3.35%, the amount that I owe is now $84,320. I can keep paying the $150 per month that the court requires, but the amount will keep going up! Is there any way that the restitution will go away after the remaining 2 years on my probation ends in 2010? Otherwise, I will keep paying the $150 per month, but according to my calculations, I will end up with a balance of well over $100,000 within a decade! Anything I can do?
2 Answers from Attorneys
Re: Restitution Payments after Probation Ends?
You will never get it paid back at this rate. You need to pay more than 150 every month. By my calculations...the interest is about $225/mo so you need to pay at least that amount plus something towards the principal.
Go on line and find an amortization calculator and plug in the numbers to see how much you need to pay to get this paid off with even pymts every month. I used 80,300 X 3.35% X 15 years and got aprox $568/mo.
So, it would take 15 yrs of paying 568/mo to be paid off. Of course you could pay more toward principal as you go along and cut down the amount of years.
Re: Restitution Payments after Probation Ends?
You will never get it paid back at this rate. You need to pay more than 150 every month. By my calculations...the interest is about $225/mo so you need to pay at least that amount plus something towards the principal.
Go on line and find an amortization calculator and plug in the numbers to see how much you need to pay to get this paid off with even pymts every month. I used 80,300 X 3.35% X 15 years and got aprox $568/mo.
So, it would take 15 yrs of paying 568/mo to be paid off. Of course you could pay more toward principal as you go along and cut down the amount of years.
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