The Mississippi Agreement and Assignment of Judgment for Collection to Collection Agency is a legally binding document that outlines the transfer of a judgment to a collection agency for collection purposes. It specifies the terms and conditions under which a judgment creditor (the party owed the debt) assigns their right to collect the judgment to a collection agency (the assignee). In Mississippi, there are various types of Agreement and Assignment of Judgment for Collection documents that may be used, including: 1. Default Judgment Assignment: This type of agreement is used when a judgment has been entered against a debtor who failed to respond or defend the original lawsuit. The default judgment assigns the right to collect the debt to a collection agency. 2. Small Claims Judgment Assignment: When a judgment has been obtained in a small claims court against a debtor, this agreement is used to assign the judgment to a collection agency for collection purposes. 3. Civil Judgment Assignment: In cases where a judgment has been obtained in a civil court, the Civil Judgment Assignment allows the original judgment creditor to assign the right to collect the judgment to a collection agency. The Mississippi Agreement and Assignment of Judgment for Collection to Collection Agency typically includes the following key sections: 1. Parties Involved: This section identifies the parties to the agreement, including the judgment creditor (assignor) and the collection agency (assignee). 2. Judgment Details: Here, the specifics of the judgment are outlined, including the case number, court name, date of judgment, and the amount owed by the debtor. 3. Assignment of Judgment: This section clearly states the assignment of the judgment from the assignor to the assignee. It specifies that the assignor transfers all rights, title, and interest in the judgment, including the right to enforce and collect the debt. 4. Compensation and Fees: The agreement specifies how the collection agency will be compensated, whether it is through a percentage of the collected amount, a flat fee, or other agreed-upon terms. 5. Duration and Termination: This section outlines the duration of the assignment, including any termination conditions or events that may trigger the termination of the agreement. 6. Representations and Warranties: Both parties provide assurances that they have the legal authority to enter into the agreement, and that all provided information is accurate to the best of their knowledge. 7. Governing Law: The agreement will specify that it is governed by the laws of the state of Mississippi. It is important to note that this description serves as a general overview of the Mississippi Agreement and Assignment of Judgment for Collection to Collection Agency. It is always advisable to consult with a legal professional to ensure compliance with Mississippi laws and to address any specific circumstances related to the judgment or assignment process.
Mississippi Agreement and Assignment of Judgment for Collection to Collection Agency
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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 you're able to do so, pay the original creditor before your debt goes to collections. Having a debt sent to collections will damage your credit score and may limit your options for repayment. In most cases, the original creditor will offer better repayment options than a debt collector will.
The creditor will sell your debt to a collection agency for less than face value, and the collection agency will then try to collect the full debt from you. If you owe a debt, act quickly ? preferably before it's sent to a collection agency.
Both the original creditor and collection agency will be listed on your credit reports. That's strike number two against you. It's frustrating, but it's not illegal.
Mississippi law limits the amount of money that your creditors can take from your wages to pay a debt. Under federal and Mississippi law, most creditors with judgments can take up to 25% of your wages. Mississippi law prevents creditors from garnishing wages for the first 30 days after a court orders a garnishment.
Paying is often a good idea, not only because you presumably owe the debt they're seeking or even because it will get the bill collectors off your back. There's a chance, if no guarantee, that paying off an account in collections could benefit your credit score.