If I pay off adebt beforea garnishment starts, do I still have to pay the interest that it would accrue by the end of the garnishment?

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If I pay off adebt beforea garnishment starts, do I still have to pay the interest that it would accrue by the end of the garnishment?

Asked on August 25, 2010 under Bankruptcy Law, Virginia

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

No, you would not be required to pay what you do not owe.  You do not owe that money yet as the interest has yet to accrue.  If you are considering paying off the debt in full then I would consider negotiating the amount with the creditor.  It may not be easy if you are already at the garnishment stage (meaning that they have a judgement entered against you) but I would certainly try. Most creditors would rather have their money up front rather than to take it over time, especially in this economy.  Get some counseling help as well. There are many state agencies set up these days to help people in financial need with advice.  Start with your state Attorney General's office.  Good luck.


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