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Can a third party collection company win a judgment legally after the the sol is up?
Wiki User
∙ 13y ago
Yes, under the right circumstances even a debt that is generally considered out of statues can have a legal action and judgment obtained.
The general way that most firms accomplish this is by doing everything legally required to notify the debtor of the suit and they fail to appear in court which awards a default judgment to the plaintiff. As it is not the responsibility of the courts to make an argument on behalf of a party to the matter. However, you can challenge a default judgment and its best to do so under a failure to service, but understand if they law firm can prove they did what was "legally required to notify the parties to the matter" then the point of the limitations is moot since you failed to appear to make that argument.
There are a few other ways to bring the paper back to life in court, the favorite I saw before was the accidental misapplied small payment made to the account prior to the suit being filed. The best soultion is to be responsible and always pay your bills.
Wiki User
∙ 13y ago
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How do you sell a judgment?
You can contact a 3rd party company. They will then either purchase the judgment from you, paying you a percentage of the amount owed on the judgment and they then become the owner of the judgment. OR you can contact a collection agency and they will attempt to collect on the judgment and will take a percentage of what they collect, IF they collect anything. Most collection agencies seem to take months upon months before they collect anything and sometimes even tell you "Sorry, we couldn't collect for you." A good way to get an idea of the process is to go to Google, type "judgment buyer" in the search field. You will get alot of companies. Read through the websites carefully and find out their procedures. I just used floridajudgmentbuyer.com and had no problem at all. But, that's just my experience. Good Luck!
What is the difference between a judgment and a lien on your credit report?
A judgment on your credit report conveys the decision of a court concerning a lawsuit. Amounts owed to the creditor are described in the judgment. A lien on a credit report expresses the legal right of one party to keep possession of property belonging to another party.
Can spouses be held finanancely responsible for other spouses judgment?
Only those listed in the judgment can be held accountable. If the creditor motions for the court to hold another party responsible, and sufficient reason is given, say the other party has possession of property that is security against the debt, then it is possible. At that point the other party can be added to the judgment and help responsible.
Can 3rd party credit card collector garnish wages?
If the collector sues the debtor and is awarded a judgment the judgment can be executed as a wage garnishment.
What can credit card companies get when they sue you?
Being in the collections business, I will guarantee you that people get sued by credit card companies everyday. What can they get? That depends on what state you live in and what the laws of that state permit. I know for a fact that in many cases the defendant can be assessed with attorney's fees, court costs, interest - nasty stuff that could have been avoided if it never went to court. If you want to know what can happen but don't start asking, you will run out of time. Waiting could be it's own answer.The last posting was probably written by a bill collector. The chances that a credit card company will sue you is very very slim. If the credit card company sells your debt to a Collection Company the Collection Company cannot legally sue you in most states. The big question is" How long can you put up with harassing phone calls and letters?? If it doesn't bother you, don't worry about it.Sorry, but the above entry is not quite correct. Credit card debt is considered unsecured debt. That does not mean that the issuer or the third party purchaser cannot take legal action to recover monies owed. It is true that the CC company itself seldom sues but sells the account to a collection agency. Collectors do sue for any amount they can get because that is how they make money. All states allow lawsuits for defaulted debts. The issue is not if a person can be sued but what property real or personal can be seized for the repayment of the debt. That matter is where state laws differ in what can be taken, how it can be taken and what the amount can be. For example, garnishment laws differ state-to-state.
What happens after a judgment is entered against you in small claims regarding a rental property?
The prevailing party (judgment creditor) may collect on the judgment. You may be summoned to court to tell about your assets, garnishment may be started, or other lawful means of collection may be used, at the judgment creditor's discretion.
How do you sell a judgment?
You can contact a 3rd party company. They will then either purchase the judgment from you, paying you a percentage of the amount owed on the judgment and they then become the owner of the judgment. OR you can contact a collection agency and they will attempt to collect on the judgment and will take a percentage of what they collect, IF they collect anything. Most collection agencies seem to take months upon months before they collect anything and sometimes even tell you "Sorry, we couldn't collect for you." A good way to get an idea of the process is to go to Google, type "judgment buyer" in the search field. You will get alot of companies. Read through the websites carefully and find out their procedures. I just used floridajudgmentbuyer.com and had no problem at all. But, that's just my experience. Good Luck!
Do you have to give your birthday to collection agencies?
No. You are not legally required to give any personal information to a collection agency. It is never wise to allow a third party collector access to your personal financial information, especially bank accounts. Some collectors will try to intimidate you into doing so, however you are not legally required to do that either. And you shouldn't.
What is memorandum of judgment?
Memorandum of judgment is a brief summary or outline of a judgment which specifies the name of the court that entered the judgment, date, amount, name of the party in whose favor and name of the party against whom entered.
What if your cousin tells you that his trucking company has resorted to arbitration with the truckers' union. what does this mean?
that a third party will impose a legally binding decision
What is a first party Collection agency?
That's the original creditor's "in house" collection department. They are NOT subject to the FDCPA as are 3rd party collection agencys.
If I sign an acknowledgement of assignment of judgment am I giving up my right to collect?
If you are the 'creditor' of judgment and you sign for a third party to collect, then YES, your right to collect is given up. Because once that is signed you just signed over your judgment over to the third party, and it is considered THEIR judgment now. BUT you will still get your money judgment from the third party.
Judgment Assignment?
Judgment Assignment(Download)________________, referred to as JUDGMENT HOLDER, and _________________, referred to as ASSIGNEE, agree:On ________________________, JUDGMENT HOLDER recovered a judgment against _________________, in the _________________, case number __________________, in the original principal amount of $_____ (__________________ & ___/100 dollars).JUDGMENT HOLDER assigns said judgment to ASSIGNEE without recourse or guarantee of payment.JUDGMENT HOLDER agrees to execute any further documents which may be required to perfect this assignment.Dated: ______________________________________________________________ Judgment Holder_______________________________________________ Assigneecc Party against whom the Judgment is heldJudgment AssignmentReview ListThis review list is provided to inform you about this document in question and assist you in its preparation. We recommend you copy the party whom the judgment is held against to help promote collection. This is a strictly tactical decision based on the strategy worked out between the Judgment holder and the new Assignee.1. Make multiple copies for your records.
Is a court appointed party who conducts a private trial and renders a judgment?
A ___________ is a court-appointed party who conducts a private trial and renders a judgment
How do you sell a car that is still financed to a provate party?
Legally you can't ! The car belongs to the finance company until it's paid off !
What does it mean when your credit report states that you have a paid closed collection account on you credit report?
The original account with a normal credit company went to a third party collection agency. Only after it went to the collection agency was the debt paid and then the account closed.
When was The Garden Party - short story collection - created?
The Garden Party - short story collection - was created in 1922.
