Court paperwork for a court appearance for an old debt
Date: Thu, 01/18/2007 - 20:34
Without knowing how long "extremely old" is, it is hard to calcu
Without knowing how long "extremely old" is, it is hard to calculate the interest. Most bad debt buyers can charge between 5-12% apr, depending on state laws. 12% of $700 = $84 X 8 years = $672 in interest, if the debt is 8 years old. Interest doesn't stop just because you don't want to pay it.
If they have served you, the only way to keep it from going to a trial is to settle with Asset Acceptance before the trial date.
If the debt is past SOL, they may not win. But chances are they wouldn't have filed a suit knowing the SOL has passed. Call them, and maybe they will knock off some interest for you.
If you can find out how old is this debt, probably you can use y
If you can find out how old is this debt, probably you can use your legal rights in terms of the SOL. Collector can add a collection fee if it is already mentioned in the contract signed with the original creditor. Every state has a maximum amount for the collectors to charge. Check the terms you signed in the contract and get more info from the attorney general's office.
