Expert: Kathleen Eads - 9/11/2007

Question
is a judgement on a bad credit card in michigan renewable.
If so is there any way to work something out with the creditor for a smaller payment.  original debt was $1700 now it is up to $5500.

Answer
Judgments in Michigan are renewable.  I've included links to that statute of limitations on judgments and another link for state collection laws.  

http://www.cardreport.com/laws/judgement-sol.html

http://www.carreonandassociates.com/articles/collectionlaws.htm#Michigan

You can always contact the creditor to see if they will take a compromise on the balance, but keep in mind, as long as they have secured their position with the judgment, they really don't have to take anything less than what is owed.  They've placed themselves in a priority position (that they can even renew).  There is no incentive for them to compromise the balance or take smaller payments.  Also, if they take a settlement or payments, remember, it will change from JUDGMENT to PAID JUDGMENT on your credit.  It's there to stay for a while, adn time may be your only friend.  

It's worth a try, and I hope you get it worked out,
Kathleen Eads