Judgement - SL

[tbunny]

I have a judgment filed for a perkin loans for $1200 on 04/01 on my credit report...I disputed this but it is remaining. It is valid....And, how many points is this affecting me???

 

Question - Can I negotiate a settlement /removal from CR with the lawyer? Or will it stay on the CR for 7 years?

[LynnInMN]

You wont removal from your CR. It is possible they might settle but I wouldnt bet on it. I know our legal department never did. By filing the judgement, they really have no incentive do so. Ask.

[slave]

How does one end up with a judgement on a student loan? Is there a court hearing first before a judgement

can be issued. Also, I thought a judgement can last 10 years and can be issued over and over again.

Edited January 12, 2006 by slave

[LynnInMN]

How does one end up with a judgement on a student loan? Is there a court hearing first before a judgement

can be issued. Also, I thought a judgement can last 10 years and can be issued over and over again.

 

 

A lot of times, judgements will be taken out of government insured loans after the CR reporting cycle has ended. It is generally more than 8 years or more after a default. It is more common with high balance loans or with people who are self employed. It gives them even more power. CSAC used to tell of us of judgements on the $100k plus balances of doctors, and lawyers.