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30 day loan 11 yrs. overdue


NYZ24
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I live in NYS. I defaulted on this loan 7/94. It went to a judgement with 16% interest yearly. I agreed to pay 25 a month in 1995. I had closed the business this debt was associated with and at the time trying to pay everything off. The debt went from 2,227 to 4,152. The attorney states their client will settle for 1,932.44. I have already paid 2,052 into this. Any advice?

I don't believe this to be fair. I have until the 25th of this month. :cry:

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Judgments have to be renewed every so often in order to be valid. Make sure they renewed the judgment before you pay anything at all. Otherwise, they're allowed to add interest until the cows come home. If it's in the court order, it's legal. And no, it's NOT fair.

Good luck. :wink:

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I'd take their offer. Business debt isn't subject to FDCPA rules so they can harass you until the galaxy collapses. The only good thing is that this probably shouldn't be on your credit report, unless you personally guaranteed the loan.

SoL on judgments in NY is 20 years by the way...non-renewable.

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