Re: To Linda (renew judgement in NY State)

Posted by Linda on October 28, 2001 at 09:38:36:

In Reply to: To Linda (renew judgement in NY State) posted by jp on October 28, 2001 at 00:23:55:

I don't know if they have to notify you or not. They can renew the judgment once the 10 yrs is up, because that's the way New York wrote the law. :) I really don't have an explanation, except, if the 10 yrs passes and they haven't collected on it, and they do not renew it, then you got away with not paying. If they do renew it, they want to keep trying to get it. But the 10 SOL on judgments does not prevent them from renewing the judgment.

You are getting two different time limit rules mixed together. There is a statute of limitations on a judgment (the 10 years) and a 7 year time limit for how long a credit bureau can report a debt. Then there is a third time limit in your case - the time limit on how long a credit bureau can report an unpaid judgment. That will start over if they renew the judgment.

So, if your report shows an unpaid judgment after 7 yrs, that is allowed. If it shows a collection agency entry, that is not allowed. The distinction is really irrelevant, if the judgment is there, the damage is done to your credit.

Your options are kinda limited - 1) gamble that they will not renew the judgment (be prepared to live with bad credit for a long time if they do, whether you pay them or not), 2) pay them now, 3) get a lawyer.

considering that you currently have credit cards, if you have any balances, and you care about your credit now, pay it and get rid of them, or sue them. If you have big balances on your cards, you will be in big trouble. Some cards can go to 30% and more APR if this shows up on your reports.

If you pay it, get a deal in writing FIRST that they will not put anything on your report, and that this is paid in full, nothing will be sold to another collection agency. I always recommend that you have legal represntation if at all possible, because it can be tricky.

Linda

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