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My son has a judgement with a finance company. They are harassing

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My son has a judgement with a finance company. They are harassing him even though he is making his payments every month and they are charging him high interest on his payments. What is the legal limit for interest and how does he stop the harassment?
Submitted: 2 years ago.
Category: Business Law
Expert:  MShore Law replied 2 years ago.
Thank you for the post, I am happy to assist you by answering your questions. What is the nature of the debt giving rise to the judgment, and was the judgment entered in MI?
Customer: replied 2 years ago.


My son had an accident and this is the balance of what was owed because he did not have gap insurance. The company got a judgement against him for the balance due. He has been paying them $50.00 a month on this judgement and has been paying for well over a year. The last payment made they charged 30.91 in interest and 19.09 went to the principal. The judgement was made in a court in Grand Rapids, MI.

Expert:  MShore Law replied 2 years ago.
Thank you Linda, when was the judgment entered?
Customer: replied 2 years ago.


On 4/29/2011.The statutory rate on this was 13% from 2/17/2011 to 4/18/2011, if that helps any.

Expert:  MShore Law replied 2 years ago.
Thank you Linda, you are referring to MCLS §(NNN) NNN-NNNN 13% is the maximum interest, and in order to stop the harassment he should issue a cease and desist letter to the creditor advising that so long as he complies with the terms of the repayment agreement he does not expect such harassment or any contact from the creditor. He should send his letter via certified mail, and threaten to file for an injunction should the harassment persist. Please let me know if you need additional guidance.
Customer: replied 2 years ago.

Can my son ask for a balance on how much he owes and how they are calculating the interest? I am not an expert on interest but it seems they are charging interest on each payment and it amounts to a lot of money going to interest and not much going on the principal to get this paid down.

Expert:  MShore Law replied 2 years ago.
Yes, at any time he can request an accounting statement to show the balance and how his payments are being applied to the principal. The 13% is annual.
MShore Law, Attorney
Category: Business Law
Satisfied Customers: 25285
Experience: Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
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