Collections Law/legal term

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Expert: Michael Brotherton - 10/26/2007


Question
Does A "Final Judgement execution withheld" mean that there is not a judgement against me? I came to an agreement with the collection lawfirm and they informed me that I did not have to show up to court for the summons. I received the above mentioned letter(stip) in the mail  signed by the Judge.

Answer
I sounds like what is referred to as an "Agreed Judgment". IN many cases the attorney or creditor will withhold garnishment or other collection action (execution) as long as you pay according to the agreement. Once the debt is paid in full the case will be dismissed without the judgment ever being executed. This may help if you wish to have it removed from your credit and it shouldn't have any drastic affect on your credit scores. Make sure you get a copy of the Agreed Judgment and that it is written according to the terms agreed to.  

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Michael Brotherton

Expertise

Consumer/Debtor Rights Advocate. Mike Brotherton is a negotiator with over 30 years experience in consumer lending and collections. Mike has 30 years in the credit and collections industry as a former loan officer, debt collector and manager of two finance companies over several years. Mike is well versed in Loss Mitigation practices and the legal collection process. He has helped literally thousands of people over many years overcome serious financial problems such as foreclosure, creditor lawsuits and abuse by debt collectors. For more information about resolving your "financial emergency" visit www.financialemergency.com. FinancialEmergency.com is a consumer web site which actively promotes Fair Debt Collection Practices and other consumer protection laws. We teach DEBTOR RIGHTS and enforcement of those rights. The more informed you are of your rights and the credit collections practices of creditors the more peace you can have dealing with your FINANCIAL EMERGENCY. Most financial problems are fairly common and as such have some very common solutions. The key is understanding your rights in the collection process and how to enforce them if need be. Primary business- Debtor Rights Advocacy and Debt Mitigation relating to foreclosure, creditor lawsuits, and other serious financial problems. www.financialemergency.com (copy and paste in browser).

Experience

Over 40 years combined experience negotiating disputes and resolving financial issues related to consumer debt, corporate issues and mortgage modifications.

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