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What A Confession Of Judgement Is & Why You Should Never Sign One To Get A Business Loan

    Chris Motola
  • 2 comments
  • Updated on:
Advertiser Disclosure: Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity.
Chris Motola

Chris Motola

Expert Analyst & Reviewer at Merchant Maverick
An expert in personal and business loans and financial health, Chris Motola has been writing about small business finance and payments for over 5 years. He has been cited in various industry publications, including Forbes Advisor, GoBankingRates, and Medium. Chris is a graduate of the University of Central Florida.
Chris Motola
View Chris Motola's professional experience on LinkedIn.
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2 Comments

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    Angie Soli

    This was somewhat helpful but I’m still stuck.
    I signed one of these not realizing what it was. The collection agency told me if I did not sign it I was allowing them to by pass a settlement and just garnish my wages. I made payments faithfully and my initial debt went from $3,335.20 to about $200 something.
    I thought I had made a payment last month and it turns out I hadn’t. So now my case has defaulted. Today I received a “Confession of Judgment” letter in the mail asking for the original sum of $3,335.20 PLUS $834 for attorney fees AND $74 for court fees. I wanna cry, I gave the collection agency all I could and now feel as if there is nothing I can do but give them more of what little I have. :'(

      This comment refers to an earlier version of this post and may be outdated.

      Jessica Dinsmore

      Hi Angie,

      We are really sorry to hear this! Unfortunately, we feel like this is outside of our expertise, and we’d suggest you contact a lawyer. We truly wish you all the best.

        This comment refers to an earlier version of this post and may be outdated.

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      Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.

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