Interest calcs on TN Judgment.. WhyChat ?
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Posted by LadynRed (199.91.33.254) on August 08, 2002 at 11:08:54:
Here's the scenario (and its not mine)
- Person signed a "consent to judgment' back in 1999.
- The judgment was for a total of $5524.00, and payments of 100/month starting 4/99.
- There is nothing in the judgment about added interest or at what rate (TN, MAX is 10%)
- After paying for over 3 years, the lawyer for the plaintiff is claiming that this person owed far more than the amount shown in the 'agreement letter' (she didn't realize it was a judgment then) because 'all the legal fees had not been added in', plus interest. Questions: 1) If the judgment states that it is for a set amount, how can this attorney add on MORE legal fees ??? Is this legit ?? 2) Interest rate and calculation - If the interest and a rate is not specifically stated in the judgment, is it automatically added and figured at the max of 10% ? How is it calculated ? Is it 10% of the outstanding balance per year or is it cmplicated like credit card calcs ?? 3) Is this person entitled to a complete accounting of the account from the attorney she's been paying and can she just write a letter and request this ? Does he have to furnish it ? Any light you can shed on this would be appreciated :) Thanks !
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