Summary
In Utah, loan interest rates are governed by contract law, with a default rate of 10% if unspecified. Post-judgment interest is 2% above the federal reserve rate. Recovery costs can include attorney fees and court costs, which may be negotiated or challenged if deemed excessive. To challenge, file a motion in court, provide evidence, and seek legal aid. Utah Legal Services can offer guidance. Prepare your motion by citing Utah Code Title 15 and contractual terms, and gather itemized invoices and expert opinions. Consider consulting local financial experts or attorneys for assistance.Full Conversation
Utah
In Utah, the legal maximum interest rate is determined by contract law, but if no rate is specified, it defaults to *% per annum.
- Usury Laws: Contracts can stipulate any agreed-upon rate; otherwise, the default is *%.
- Judgments: Post-judgment interest rate is *% above the federal reserve discount rate.
Do you have any specific questions about your loan judgment?
Extremely high recovery costs
Got it, it sounds like you're dealing with high recovery costs related to a loan judgment. Here are some general points about Utah's legal landscape in this area:
- Recovery Costs: These can include attorney fees, court costs, and other expenses.
- Negotiation: You may negotiate these costs with the creditor.
- Excessive Fees: If you believe the costs are excessively high, you can challenge them in court.
Would you like information on how to challenge these costs or on finding legal aid in Utah?
Yes
To challenge excessive recovery costs in Utah, consider these steps:
- File a Motion: Submit a motion to the court to review and potentially reduce the costs.
- Provide Evidence: Gather evidence showing why the costs are unreasonable.
- Legal Aid: Seek assistance from a legal aid organization for guidance.
Would you like details on legal aid organizations in Utah?
Yes
~Utah Legal Services~
Phone: (*) *-*
Address: * North * West, Salt Lake City, UT *
Website: www.utahlegalservices.org
Would you like to know the steps to file a motion to challenge the recovery costs or need more information on gathering evidence?
Yes
To file a motion to challenge recovery costs in Utah, follow these steps:
- Prepare Your Motion: Draft a motion explaining why the costs are unreasonable.
- File with Court: Submit your motion to the court where the judgment was issued.
- Notify Creditor: Provide the creditor with a copy of the motion.
- Attend Hearing: Be prepared to present your evidence in court.
Would you like more details on preparing your motion or tips on gathering evidence?
Yes
To prepare your motion and gather evidence effectively:
- Drafting Your Motion:
- Clearly state why the recovery costs are unreasonable.
- Cite any relevant laws or contractual terms.
- Gathering Evidence:
- Collect all invoices, receipts, and documentation of the costs.
- Obtain expert opinions if possible.
Would you like tips on citing laws or help in collecting specific types of evidence?
Yes
To cite relevant laws in your motion:
- Utah Code Title *: This governs interest rates and usury laws in Utah.
- Contractual Terms: Refer to any clauses in your loan agreement regarding recovery costs.
For collecting specific types of evidence:
- Invoices/Receipts: Ensure all are itemized and clearly show the services rendered.
- Expert Opinions: Seek opinions from financial experts or attorneys about the reasonableness of the costs.
Would you like assistance in finding experts or more tips on drafting your motion?
Yes
To assist you further, here are some tips on finding experts and drafting your motion:
- Finding Experts:
- Reach out to local financial consultants or attorneys who specialize in debt recovery.
- Contact professional associations for recommendations.
- Drafting Your Motion:
- Be clear and concise in your arguments.
- Attach all gathered evidence as exhibits.
- Use formal legal language and structure.
Would you like more tips on drafting your motion or assistance in contacting experts?
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