Kentucky Agreement and Assignment of Judgment for Collection to Collection Agency
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How to fill out Agreement And Assignment Of Judgment For Collection To Collection Agency?
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FAQ
Even if a debt has passed into collections, you may still be able to pay your original creditor instead of the agency. Contact the creditor's customer service department. You may be able to explain your situation and negotiate a payment plan.
A collection lawsuit submits the issue to a judge who decides whether you owe money to the creditor and, if so, the exact amount due. A judgment is the court's final decision as to the outcome of litigation. This signals the end of the case and provides the last word on liability.
If the creditor wins in court and you can't pay what you owe, the creditor may try to take some of your income or property to pay the debt. This must be done through a legal process which will give you written notice and a chance to request a hearing before anything is taken.
And some states also allow judgment liens on the debtor's personal property -- things like jewelry, art, antiques, and other valuables. In Kentucky, a judgment lien can be attached to real estate only (i.e., a house or similar property interest).
A judgment lien is a court ruling that allows your creditor to come after your home, real estate land/property, and/or personal property (such as vehicles, appliances, and furniture) when you haven't paid your debt.
When a creditor or lender no longer wants to be responsible for attempting to collect your debt, they will sell your debt to a third party. When this occurs, a Notice of Assignment (NOA) is sent out to you. This should inform you of who is responsible for collecting the rest of your loan or debt.
For both open account and written contracts, the statute begins to run from the date of default. Kentucky Judgments (both domestic and foreign judgments domesticated in Kentucky) are valid for fifteen (15) years and can be renewed.
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