I was wondering if court orders to pay family debt take into consideration things like interest? I had to pay a certain

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Customer: I was wondering if court orders to pay family debt take into consideration things like interest? I had to pay a certain amount as part of a court order, and have paid the amount I'm responsible for, but the entire debt is not paid off.
JA: What province are you in? It matters because laws vary by location.
Customer: BC
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Customer: Searching online
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Customer: No
Answered by Ulysses101 in 13 mins 2 years ago
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Ulysses101, Expert

Hello, thank you for the question.

The court can take interest into account, and it will for somethings like a mortgage where the borrower is "locked in" at an interest rate and the rate of paying it off is fairly predictable.

Obviously, some things like credit card debt are harder to extrapolate. The interest rate is high. If it takes the borrower time to pay it off, then that's a lot of interest paid. If that estimated future amount is used to offset a support obligation for instance, then what happens if the borrower somehow is able to pay it all off? Or refinance the debt at a much lower interest rate? Or declares bankruptcy to get out of paying the debt altogether? You see why this is an unpredictable situation.

If the debt is in your name, then you'll be responsible for paying the whole thing to protect your credit rating and prevent the lender from coming after you. The lender doesn't care if there's a court order that says you only need to pay X of the debt. That order doesn't bind the lender.

If the debt is in your name and the order says that you're to pay X and someone else pay the rest, then you've done your part. If the other person doesn't do theirs, then you have to pay the debt and then go after that other person again for contempt of the order.

Does that make sense? If there's more details that you can give anonymously which would help me be more specific in my answer that would be fine too.

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Customer
Hi,Thank you for the answer.Basically the full situation is that the loan is in the other persons name and I have been making payments towards it. The court order states that claimant "will be responsible for paying xx,xxx in family debt by November 20th, 2020." I just ran all of the transactions I have paid in an excel sheet since the court order, and have found that I have paid a little bit over that amount. However, there is still money on the loan leftover. Based on what you have said, I have done my part, correct?
Customer
I should also mention that it was a personal credit line, not a credit card or mortgage
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Ulysses101, Expert

Yes, you have fulfilled the court order. You paid X dollars by the deadline. If the other party wants more from you, then either you agree to something on that issue or they'll have to take you back to court. However, I fail to see what they could seek from you since you've done what you were to do, and then some in fact.

If the loan isn't in your name, nor are you a guarantor or security to that contract, there's nothing that the holder of the loan can do about it either.

Anything else? If we're finished, may I have that rating please?

Customer
That's it, thank you!
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Ulysses101, Expert

Thanks for the rating, and good luck.

Ulysses

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