Judgement Post Interest and Fees

[dktaprinss]

What is the name of your state?CA
I have a judgement that already includes Interest and I'm disputing with the CA. My judgement amount has been fufilled. The CA says i still have to pay the Post Judgement Interest. Which is like 1600.00. What are post judgement fees? Is this allowed? The CA says I'm paying $4.00 a day interest. Help!!

 

[Debt Guy]

Yes. Judgments accure interest until paid.

Here is what I found for California:

STATE: CALIFORNIA †

INTEREST RATE

Legal: 10%

Judgment: 10% (Unless otherwise contracted)

You should ask the holder of the judgment for an accounting of the original amount, all payments made and all interest accruals. This will allow you to determine if the amount is correct.

But, yes, you owe the interest and it is legally collectible.

 

[madog31]

In California, When I paid principle down to Zero, I was done

I had a situation in California where I owed a Calif Collection Comapny nearly $4500. I told them I could pay $100 a month which I did. I noticed each and everymonth the interst kept going up, but my principle balance was going down $100 a month. I was getting frustrated becasue I was getting no where, when I talk to a friend in the financial industry. He told me that by law, once the principle balance is paid, you are not legally bound to pay any interest. this is why almost evey loan has you pay the interest first.

When I sent the payment that brought my principle balance down to zero, I included a note on that check and staement saying my records show my principle balance is paid in full with this payment and I would be sending nomore money. I never heard another word from them. My statement said I owed about $2900 in interest.

 

[Ladynred]

And one of these days the judgment creditor is going to be knocking on your door looking for that $2900 in interest. It isn't an arbitrary addition of interest, nor is a judgment anything like a loan, it is STATUTORY INTEREST, specified in your state's laws.

 

[dktaprinss]

Thank you for your responses! I asked for an accounting and this is what i received.
Principle: 3798.82, which includes my interest from Beneficial
Atty: 317.92
Court: 215.00
Interest: 1092.18 (Beneficial)
Judgement Interest: 177.98
My question now is, Are they are allowed to tack on another interest amount on top of the Principle (which includes Benefical's Interest) and then also add the Judgement Interest? It doesn't seem right to me.

 

[dktaprinss]

Sorry Debt Guy.. I don't mean to sound like a Dufus.. But what is the Legal 10%?

 

[hbreen]

When a judgment is handed down by the judge, it starts accruing interest at the rate of 10% per year. Each day you don't pay tacks on more interest. Get a copy of the judgment for the amount that was awarded to beneficial and then you can figure out the interest that should have accumulated. I don't know if they can continue to accrue interest on the amount outside of the judgment amount (meaning, I don't know if they can keep counting interest on the loan and interest on the judgment), you would have to check on the laws in your area.

Hope that helps