Having a judgement -Still have yet to see the aftershocks

[merime]

I do not know when a credit score is supposed to sink and the roof falls in. I stopped paying my CC over 2 years ago. My credit is now just under 700 and that is with a judgement. I even applied for a parent plus loan for my sons college tuition and got the full amount with a super low APR. That is one loan I will be very happy to pay! i thought for sure my life was over, but now I am taking charge and its turning around. For all of those who are panic stricken - it is not the end of the world.

[DYLAN150]

merime: Not the end of the world, you are so right.

[treehugger1]

Merime, did you only default and receive a judgment on one credit card? Is your judgment being reported on your credit reports?

[merime]

I defaulted on too many to count. 1 judgement. I don't make that much and own nothing to take. I alsways pay important bills (utility, my own student loans, cell phone), so maybe that counts in credit karma. I got the judgement last January, so I would expect that and my defaults should have lowered my score by now. I have not really bothered to look at my credit report, because I did not need credit and assumed it would be lower than -100 LOL.

[DYLAN150]

Have you completed a debtors exam? Or did they just leave you alone after the judgment?

[DesdemonaB]

merime

That's great that your scores are still high and good luck to your son on his upcoming college studies. You are correct it is not the end of the world if you scores are high to begin with and it sounds as though you still have accounts in good standing and they out weigh the bad. Keeping up the good work.

But you will see the aftershocks, NC does not allow wage garnishment for creditor debt but that judgment can be executed as a bank account levy (including joint accounts), seizure and sale of non-exempt property belonging to the debtor, liens against real property. Don't be shocked when our bank account is frozen and if you try to sell your home but can't because there is a lien against it. Your creditor has 10 years to collect on that debt, it may not be impacting you right now but it's not going away any time soon.

Good luck with everything congrats on your son schooling you should be very proud, I am not looking forward to applying for those college loans I have 10 years to get my act together.

[merime]

Never had to do a debters exam. I do not own property anymore , so that is not a problem. As far as bank accounts there is only about $15.00 in my name. I have nothing to take and no garnishment.

[LadyInTheRed]

so maybe that counts in credit karma.

Do you mean "credit karma" in the generic sense or are you looking at creditkarma.com for your score? If the later, you may want to get your actual FICO score. It might be different.

[merime]

Never heard of creditkarma. I have no real reason to be concerned about a credit score. At this point there is nothing I can or want to do about it. I have learned from here and from life that it really does not matter anyway. Personally I think its all just a scare tactic.

[LadyInTheRed]

Never heard of creditkarma. I have no real reason to be concerned about a credit score. At this point there is nothing I can or want to do about it. I have learned from here and from life that it really does not matter anyway. Personally I think its all just a scare tactic.

Excellent attitude! I'm glad you're feeling more positive about your situation than you were before.

[merime]

Thank You!! I guess it takes a long time to get from panic to peace. When you start off just missing a payment is a big deal. After a while , you begin to understand the law. i think one of the most important things I learned is collections and lawsuits are business. The judge has seen cases like yours a million times. It is not personal.

[AngelinaCat]

Well, I hate to 'rain on your parade', but if you have a creditor that is mean enough to try to collect on his Judgment, then you have just entered 'Judgment Hell.

Most creditors, especially credit cards, will not go any further than just getting a Judgment against you. This can and will be a problem for you if you are wanting purchase a new home, or car. The creditor can come at you at any time, and execute levy on the Judgment. There are several legal steps involved, and you would be informed, so you will not be blindsided, but you and everyone else need to rethink your attitude about letting a Judgment 'just happen'.

The reason I say this? 'Hub and I DID it.

We executed a Judgment we had against the ex-husband of 'Hub's Mother, and the ex's live-in-girl friend that tried to steal Mother's Home and property after Ma died 1999.

Once we learned that these two 'demons' had interfered with the clear transfer of property from 'Ma" to ''Hub', which should have been a no-brainer, then we were on the hunt.

Eventually we were able to seize a vehicle from the female live-in, which I drove for four years as a 'Trophy'. This is NOT the same vehicle talked about in another thread.

We could have gone further, as seizing this car only cleared about $8.00 of a several thousand Judgment we had against these people. But we chose to let it alone after that. We were satisfied and had had 'our pound of flesh'.

So this is just a warning: DO NOT ASSUME A JUDGMENT IS HARMLESS. Trust me, you do NOT want one in your record.

You do NOT want to get someone like 'Hub and myself to be really p*****d at you.

[merime]

Thanks for the advice, but I am no longer worried. I do not plan on buying real estate as I now have a fully paid off house which is not in my name. I have no enemies and have made a lot of good friends on this journey. I already have the judgement , so it is too late to worry about it. It actually may have detoured other CC preditors. It did not effect my ability to get a student loan for my son at the lowest interest rate or buy a car and get a great deal. I know someday i will have to clear it up, but like others I will do it when I CAN and ON MY TERMS. I did not go into debt over Prada and I have no plans of dodging my responsibilities forever. Like the little old woman I once wrote about, I have found other ways to win in the wild west-while not doing anything immoral. It is just plain shocking to remember the days I lived in fear. The debt does not appear overnight, nor will it go away overnight.

[DYLAN150]

merime: The older that judgment gets, the less they will take to settle it.

[GIn]

Hi Merime. I'm living with a judgment or two as well. I don't understand why these creditors were willing to incur $20k in legal fees for a judgment against me that they have no chance of collecting on because a)I have no non-exempt assets and b)I can simply file BK and get rid of them and c)my house is underwater. I've delayed filing for two years now because I just didn't see the benefit. I'm considering filing at the end of the year as I'm tired of litigation and I want it to all go away, but like you it will be on my terms.