Deadbeat wants to resolve 10 year old debt

[Tomstrees]

Someone from PA ripped me off on a $3500 transaction 10 years ago; I had a lawyer file suit and we got a judgment for the matter then in 2009.

I had lawyers send him demand letters periodically which he ignored. I was collecting my share of $50 a month he was paying a couple years ago after paying for a skip trace then he stopped making payments.

He came into money after a relative died this year and wants to make restitution.

Should this be the $3600 including court costs at the PA law's rule of 6% interest a year? How about legal costs, etc. should I be able to collect on those?

Thanks for any help on this!

 

[adjusterjack]

The amount of the judgment, filing and process service fees, post judgment interest, any fees and costs you incurred attempting to collect.

That total less what he has already paid is what you are entitled to. But you'll have to recomputed the interest for each time he made a payment.

 

[Tomstrees]

He paid $50 about 5 or 6 times two years ago. I assume that his default on payments then incurs additional legal issues. A rough estimate of interest on the $3600 at 6% for ten years looks like around $5500 with the payments deducted.

How about the $600 lawyer fee to get the judgment should I get that too and is there interest on that owed?

Advice I have gotten from a couple friends was to settle for $5K or so just to get closure but I prefer the legally right thing.

 

[quincy]

.. How about the $600 lawyer fee to get the judgment should I get that too and is there interest on that owed?

Advice I have gotten from a couple friends was to settle for $5K or so just to get closure but I prefer the legally right thing.

There is nothing legally "wrong" with settling for less than what you are owed. I personally think the advice from your friends is good advice.

Whatever amount you figure out is owed, or however much you are willing to settle for, be sure to record with the court a "satisfaction of judgment" once you come to an agreement and are paid what is agreed.

 

[Tomstrees]

There should be no rush to settlement as the guy had called wanting to make restitution with or without his lawyer and had reached out to the lawyer I had hired who no longer was hired by me.

 

[quincy]

There should be no rush to settlement as the guy had called wanting to make restitution with or without his lawyer and had reached out to the lawyer I had hired who no longer was hired by me.

You might feel there is no rush to settle but right now you have a judgment debtor who has money enough to pay you. There is no telling how long the money he inherited will last.

What you decide to do is ultimately up to you.

Good luck.

 

[PayrollHRGuy]

There should be no rush to settlement as the guy had called wanting to make restitution with or without his lawyer and had reached out to the lawyer I had hired who no longer was hired by me.

Let's say he owes you $5000, all in. He has come across $3500 and wants to get this off his back so he makes you this offer. If you don't accept he may well decide to hell with it and spend the $3500 on booze and blow.

 

[Zigner]

Let's say he owes you $5000, all in. He has come across $3500 and wants to get this off his back so he makes you this offer. If you don't accept he may well decide to hell with it and spend the $3500 on booze and blow.

...don't forget the hookers.

 

[Tomstrees]

I know the guy, he is on disability; he was a tax agent and had some issues with exposing himself and apparently lost that job.

Fear based rash decisions are just that--designed to intimidate. I will not be intimidated.

 

[quincy]

I know the guy, he is on disability; he was a tax agent and had some issues with exposing himself and apparently lost that job.

Fear based rash decisions are just that--designed to intimidate. I will not be intimidated.

More power to you, then.

You have waited 10 years to collect on your judgment (I hope you took steps to renew the judgment). You certainly do not seem to be in any hurry to collect.

 

[PayrollHRGuy]

...don't forget the hookers.

Actually, that is what almost went into the second position but I'd was concerned I would be pelted with rocks and garbage.

 

[FarmerJ]

LOL not hookers but rug makers and crochet artisans ~

 

[quincy]

LOL not hookers but rug makers and crochet artisans ~

Haha. That is one way to avoid forum censors.