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How a $260 debt grew to $5,818

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Updated: June 30, 2010 - 7:53 AM

HOW A $260 DEBT GREW TO $5,818

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vespa50spJun. 30, 10 8:34 AM

This is just plain nuts. There should be a limit on the amount of fees and interests that can accumulate on small debt.

sasommerJun. 30, 10 9:09 AM

How are these judgments obtained? Is there a court proceeding that the respondent is not going to? There is a 6 year statute of limitations on debt in Minnesota. If you go before a judge and argue the statute, case closed. Collectors can continue to try to collect after the 6 years, but can not obtain a judgment except by default. Ignoring the lawsuits seems to be these people's biggest mistake.

judgingyouJul. 13, 10 2:18 PM

We don't know if the $270 debt was paid off on the co signed amount as the "victim" alleges. But at 30 + % interest it doesn't take long for debts to double and double again and again. Don't agree to these penalties and interest!!! Don't co-sign if you don't understand the financial ramifications! Also, it says the Messerli firm repaid the garnished amount which I believe means they have given up on collecting the debt.