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My company recently defaulted on a merchant cash advance

Customer Question
load that has a 48%...
My company recently defaulted on a merchant cash advance load that has a 48% interest rate. We signed a confession of judgement and a judgement has been filed. What can we do to contest this?
JA: Because laws vary from place to place, can you tell me what state this is in?
Customer: the lender is in NYS, our company is based in GA.
JA: Has anything been filed or reported?
Customer: notice of entry of judement was filed sept 1 2016
JA: Anything else you want the lawyer to know before I connect you?
Customer: Just that the interest rate on the load was 48% and the bank didnt show that on the confession of judgement
Submitted: 1 year ago.Category: Legal
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Answered in 9 hours by:
10/13/2016
Lawyer: Phillips Esq., Attorney-at-Law replied 1 year ago
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Legal
Satisfied Customers: 20,258
Experience: B.A.; M.B.A.; J.D.
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Hello: This isCustomer Welcome to JustAnswer! I am reviewing your post, and I will post my response very shortly. Thank you for your patience.

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Lawyer: Phillips Esq., Attorney-at-Law replied 1 year ago

Could you explain a little more?

Where was the lawsuit filed?

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Customer reply replied 1 year ago
The lawsuit was filed in New York.
Lawyer: Phillips Esq., Attorney-at-Law replied 1 year ago

Thank you for the information. Kindly give me a few minutes to review the information that you have provided and prepare my response.

Thank you for your patience.

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Lawyer: Phillips Esq., Attorney-at-Law replied 1 year ago

Your Question:

My company recently defaulted on a merchant cash advance load that has a 48% interest rate. We signed a confession of judgement and a judgement has been filed. What can we do to contest this?

Response: You need to file Motion to Vacate the Judgment. You need to tell the Court why you signed the Confession of Judgment and now asking the Court to Vacate it. You can obtain blank Motion forms at the Courthouse in the Clerk's office.

Goodluck with your case,

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Customer reply replied 1 year ago
I file that motion in Ny or my state l?
Lawyer: Phillips Esq., Attorney-at-Law replied 1 year ago

All filings will be done at the Court where the Confession of Judgment was submitted. So, you need to file the Motion to Vacate in New York.

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Phillips Esq.
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Legal
Satisfied Customers: 20,258
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Experience: B.A.; M.B.A.; J.D.

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