your LOC rate is probably much lower than the judgment. They'll have per diem costs set out in the judgment and the balance will legitimately go up daily as set out in the judgment unfortunately. Paying off with your LOC is actually not a terrible idea if you want to pay this off. Don't pay the full balance though, no matter what. Make an offer for something like 40% and negotiate from there. With a judgment you'll likely end up somewhere around 50-60%, but you definitely want to get rid of those per diem costs with the judgment. If you need help dealing with the law firm holding the judgment, just let me know. I do this daily.

I have contacted them and I have informed that I would like to come to an agreement with them but...the interest charges are just to much...fyi

Thanks Footloose...appreciate the feedback

Judgement has been defaulted from an NSF cheque...I had called them to tell them the funds were not available but it was ignored.

So...they have all my information in regards to LOC limits/Bank Account info etc.

They want me to use my LOC to cover the debt but I'm not going todo that...what are my options?

Judgments issued in Ontario after December 31, 2003 have no limitation period for the creditor to obtain an enforcement order such as the seizure of bank accounts, the garnishment of wages or the registration of a lien on real property that you own.

And as long as the judgment remains outstanding, interest will continue to accrue.

There is really no incentive for a creditor to negotiate a settlement on a judgment knowing that there is no limitation period to enforce the judgment.

BTW..................You did not respond to TJ's question as to whether this judgment was a Default Judgment, meaning it was issued by the clerk of the court because you failed to issue a Defence when you alledgedly were served with a Statement of Claim or was this judgment issued by a judge at a trial?

If you believe that this judgment is correct and that you did, in fact, default on this debt, then I would suggest that you take immediate steps to prevent CRS or the creditor from seeking an enforcement order to garnish your wages or registering a lien against your house. You can do this by contacting CRS or possibly the creditor and negotiate a repayment schedule that you can afford. You might also attempt to negotiate the freezing of the interest.

If you continue to ignore this debt, you can be sure that either CRS or the creditor will definitely seek an enforcement order. If a lien is placed on your house, it will be impossible to refinance or remortgage your house or even sell your house until the lien is satisfied. This could cause you serious financial problems down the road and you will want to avoid this from happening.

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Educating one Consumer at a time

Im in Ontario...

judgement was dated 2009

they say i owe alot more because of interest/court fees...how can I fight this? or negotiate with these guys?

I would be interested to know if this was a relatively new Default judgment or as a result of an actual court case.

What is the date of the judgment and in which province was it issued?

Under no circumstances can a creditor or a collection agency or a debt buyer withdraw funds from your line of credit but they can secure a lien against your property.

If a lien is registered against your property, then that lien must be paid before you can remortgage or sell the property.

As long as the judgment remains unpaid, interest will continue to accumulate.

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Educating one Consumer at a time

Need some advice on what they can and cant do -

debt over 10 years
they have a judgment against me
the amount has nearly tripled
they are threating to take a lein against my house or take the money from my credit line

what todo?

any help would be appreciated

thanks