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DON'T BE HAMMERED BY YOUR DEBT

DON'T BE HAMMERED BY YOUR DEBT

Friday, August 25, 2006

QUICK INTEREST CALCULATOR

Sometimes the simplest tools can be the most useful. This is a link to a free post-judgment interest calculator: http://www.nationaljudgment.net/intcalc.htm . While designed as a post-judgment interest calculator, it can be utilized to calculate the interest on any debt by merely inserting the date the debt was incurred and the interest rate applicable and hitting the calculate button. I use this tool almost daily to calculate interest on judgments to provide debtors with a complete payoff. Post-judgment interest should never be ignored as an important tool to maximize the value of the debt collected. Post-judgment interest can also be a valuable negotiation tool if you are looking for a bargaining chip to give up to a debtor. A debtor who has to pay the full amount of the principal of the debt, filing fees, service of process fees and attorney's fees will feel vindicated if you can give him an exact dollar and cents figure for the amount of post-judgment interest that you are agreeing to waive in exchange for immediate full payment.

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6 comments:

Anonymous said...

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Vash

Anonymous said...

There is a debt collection technique I'm puzzled about. There is a guardianship proceeding going on regarding my mother, and I have a temporary power of attorney to pay her bills (which are legion) in the meantime. One collection agency I'd not heard of before called and offered up front to settle the debt for 75%. Great!

I said I could have them a check within a week as I'm opening a new account to let the old one settle since noone really knows what's out there pending.

What I thought was weird was - they wouldn't put the offer in writing, whether by fax, mail, or whatever, even with an expiration date on it. Why on God's green earth would I enter into a transaction that could then be disclaimed and the rest of the debt sold to another collector? I also need it to be in writing so I can demonstrate to the court what I have done with my mother's money and why.

The collector kept demanding the (non-existent) account number and eventually got so frustrated he hung up on me. I called his supervisor to complain about how rude he was and to inform them that since Mom's disability income is not subject to attachment anyway it's really in their best interest to be a little nicer. He got frustrated and hung up on me too.

What is it with these people? I'm willing to send them good money - just put the offer in writing.

What logic am I missing here?

. said...

i can't understand that post-judgment interest rate calculator. i have a judgment from the year 2000. starting from the date it was entered until today, the rate changes every year. i understand it's a simple interest, but i don't think that calculator is set up to use different % for each year. it doubled the amount of interest compared to what i had one collection attorney calculate using his software.

also, i don't know if for each year i have to use the initial judgment amount or (judgement + previous year %) x current year %.

can interest be applied in the beginning of the year or is there a certain time frame when it can be added to the judgment?

not clear on calculations either. if it's a simple interest, why do i have to enter number of days? it's not compounded daily.

Anonymous said...

keep quoting these dead white guys for a reason. We seem to be repeating some particularly nasty history, right now.

Darren Chaker said...

Like your website and post judgment calculator. Good to know various interest rates.

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