When you have a judgement from an auto loan(Ford Motor Credit), can they also have a "running tab" more than the judgement, i.e- Judgement amount 18,000.00 and the same company joined with a collection agency for 28,000.00 and 4.75 a day interest! I was under the impression once they have a judgement that is it. Please advise
this site should help you: http://www.creditscore.pro
Judgments have a statutory interest rate. Check your state: http://www.bcsalliance.com/statute_of_limitations_on_debt.html. You also might have legal fees tacked onto the original debt. But the longer you wait, the more interest will accrue.
I have had personal experience with the exact same problem. Yes they can also have a "running tab" it really depends on their policy of how much to charge you.
First thing (I wish i knew before) is to sign up and gather information from other competitors.,
Signup to both
http://cityauto.notlong.com (City Auto Loans) as well as http://swiftautoloans.notlong.com (Swift auto loans)
Takes 5 minutes at most:
From there you will review similar policies regarding the situation you are now in. Next step after signing up and getting the information from those loan agencies is to get legal help from a local lawyer. Tell them your situation and provide them from the details of the Judgment amounts as well as the competitors Judements/policy. Once the lawyer gets involved they will put a cap on the Judgment amount.
Hope this helps!