Allowable Interest on Bad Debt

[claymca]

I have a judgment against me from asset acceptance for and old Citibank credit card. The Card had actually dropped off of my credit report when I recieved the summons. I know it may be too late.

My concern is the amount the judgment was for. The orginal debt was for 744.00. The judgement was for something like 2500.00. Current settlement is for 1400.00. The account and judgment was orginated in Ohio. What are my options?

[willingtocope]

Its probably too late to matter, but, you might try to have the judgement vacated. Here's an interesting article about the cleveland courts...

http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=230316&highlight=cleveland+plain+dealer+discover+card

[claymca]

Thanks that helps a little. What reason I would use to have it vacated. Had some say that is was like raceteering. 744 to 2500 would mean that assest acceptance would make 336% profit . I think. But any more suggestions is helpful.

[willingtocope]

Well, the bad news is that the lawyers can charge whatever is allowed for in the original agreement, and, the amount of interest on the judgement amount itself can be set by state law.

You said the judgment was originated in Ohio...are you now in another state? Has the judgement be transferred?

[claymca]

I now live in indiana and the judgement has not been transferred. I thought the SOL in OH on open ended credit was forever. No SOL for open ended credit. It just seems like having to pay that much interest is breaing the law somewhere.

Assest acceptance acutally bought the debt after the tradeline had dropped off of my credit report. That is hold the account is. Make it so bad I actually had a another citibank card prior to the judgment.