What to do about high interest that’s being charged on a judgement?
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What to do about high interest that’s being charged on a judgement?
I have a judgement against me from a local court for collection of a debt for X amount of dollars. I have been paying on it for 3.5 years now. According to my calculations the amount owed should be approximately 1/2 of the original judgment but it is not. Can the people holding the judgment charge me 12% interest against a set amount from the court?
Asked on September 27, 2012 under Bankruptcy Law, Massachusetts
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Under the laws of all states in this country an unpaid judgment bears interest at the legal rate set forth by each state's statutes on the subject. In California the allowable rate is 10% per annum.
I suggest that you consult with a consumer law attorney to see if the 12% per annum that you are being assessed on the unpaid judgment is allowable or not under the laws of your state.
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