Brief Intro, and a question
Date: Sun, 12/10/2006 - 12:11
Hello, all!
Me in brief: I was unemployed for about eighteen months (February '04 to August '05) with fairly predictable results. After finding a job last August and having spent several months taking care of food, clothing, and shelter, I began to look into how to handle the huge debt that I had accrued to provide for myself while I was out of work.
I have several accounts that are in collections, and one creditor who has a judgment against me, which I'll have paid off in a few more months. I've been spending the past several months studying various aspects of personal finance, such as how much money you should save, how much should be the most you pay for housing, and so on. I've also been studying the fdcpa and the FCRA so I can learn how to deal with all these jackals who are after me. I'm making pretty decent progress.
Question: is there anything in either the FCRA or the FDCPA that limits how long a creditor can keep charging interest and/or fees on an account that has been charged off? I've got some accounts that were charged off over a year ago and for which the creditor keeps increasing the balance. I know that the law mandates dates for last activity, removal from the credit report, and so on, but I don't know about interest and fees. Thanks.
Me in brief: I was unemployed for about eighteen months (February '04 to August '05) with fairly predictable results. After finding a job last August and having spent several months taking care of food, clothing, and shelter, I began to look into how to handle the huge debt that I had accrued to provide for myself while I was out of work.
I have several accounts that are in collections, and one creditor who has a judgment against me, which I'll have paid off in a few more months. I've been spending the past several months studying various aspects of personal finance, such as how much money you should save, how much should be the most you pay for housing, and so on. I've also been studying the fdcpa and the FCRA so I can learn how to deal with all these jackals who are after me. I'm making pretty decent progress.
Question: is there anything in either the FCRA or the FDCPA that limits how long a creditor can keep charging interest and/or fees on an account that has been charged off? I've got some accounts that were charged off over a year ago and for which the creditor keeps increasing the balance. I know that the law mandates dates for last activity, removal from the credit report, and so on, but I don't know about interest and fees. Thanks.
You will have to refer back to contracts and state laws in regua
You will have to refer back to contracts and state laws in reguards to intrest. Intrest can still continue to be added onto the account it just depends on where you live and what you signed.
State laws are different when it comes to interest rates. I wou
State laws are different when it comes to interest rates. I would look up your respective state law and then read over your contracts with each creditor