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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Legal
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Experience:  Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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I have recently learned while in process of buying a home,

Resolved Question:

I have recently learned while in process of buying a home, that I have a judgment in my credit history dating back to 2005 from a Discover Card that my daughter has while she was in college and failed to pay and failed to notify me of the balance. The judgement according the to court record that i obtained online is for 14775 USD. I also contacted the attorney that handled the judgement to pay the amount, nad I was informed that the amount is now 22500USD. How can this be? Please advise >> thanks
Submitted: 2 years ago.
Category: Legal
Expert:  Dimitry K., Esq. replied 2 years ago.
Thank you for your question.

It is very possible that the judgment increased. There are two ways this can legally happened. First of all depending on the state there is a 10-12% interest levied on the debt, and in the case of Mississippi if that is where the case originated, the judge is free to set a "reasonable" interest rate as he sees fit. Therefore you would need to find out what the interest is, and if it was about 10%, then the amount it grew by is about right (since interest becomes part of the principal and then is also subsequently charged interest). The other way this legally can take place is if the other side was actively trying to find you, place a lien, or seek out a judgment, all those fees and costs are added to your judgment since they were incurred while reasonably trying to pay the debt.

Here is the Mississippi law below:

SEC. 75-17-7. Interest on judgments and decrees.

All judgments or decrees founded on any sale or contract shall bear interest at the same rate as the contract evidencing the debt on which the judgment or decree was rendered. All other judgments or decrees shall bear interest at a per annum rate set by the judge hearing the complaint from a date determined by such judge to be fair but in no event prior to the filing of the complaint.

SOURCES: Codes, Hutchinson's 1848, ch. 47, art. 2 (3), ch. 54, art. 2 (38); 1857, ch. 50, arts. 1, 3, ch. 62, art. 100; 1871, Secs. 1269, 2279, 2281; 1880, Secs. 1141, 1143, 1958; 1892, Sec. 2350; 1906, Sec. 2680; Hemingway's 1917, Sec. 2078; 1930, Sec. 1949; 1942, Sec. 39; Laws, 1975, ch. 336, Sec. 1; 1989, ch. 311, Sec. 5, eff from and after July 1, 1989.

 

 

Good luck.

Dimitry K., Esq., Attorney
Category: Legal
Satisfied Customers: 37670
Experience: Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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