Question about Interest

Date: Sat, 09/29/2007 - 11:20

Submitted by goldenbast
on Sat, 09/29/2007 - 11:20

Posts: 2884 Credits: [Donate]

Total Replies: 10

I got my first response back! Aargon agency did what they usually do, they sent me a computer spit out of my account...no indication it is from the original creditor (I think). Anyhow before I blast them on that, my question is about interest.

Now, I know that they can try to collect the interest stated in the original contract (I still think this should be fightable as the contract was with so and so, not the CA so they shouldn't be able to charge the interest)

anyhow, what about something that never had a contract, like a medical bill? Where would I look up laws on how much a CA can legally charge in interest, if any?

Hey golden-what state are you in?

lrhall41

Submitted by volleyballmom on Sat, 09/29/2007 - 11:21

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Oh headslap heh heh. I'm in Texas.

Oh *headslap* heh heh. I'm in Texas.

lrhall41

Submitted by goldenbast on Sat, 09/29/2007 - 11:23

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STATE: TEXAS ??????? INTEREST RATE* Legal: 6% with

STATE: TEXAS ???????
INTEREST RATE*

Legal: 6% with agreement can charge up to 18%. w/o agreement - statutory interest of 6% begins to run 30th day after becoming due
Judgment: 10%
STATUTE OF LIMITATIONS (IN YEARS)

Open Acct.: 4
Written Contract: 4
Domestic Judgment: 10 (Renewable)
Foreign Judgment: 10 (Renewable)
BAD CHECK LAWS (CIVIL PENALTY)
N/A

GENERAL GARNISHMENT EXEMPTIONS
100% of Wages

COLLECTION AGENCY BOND & LICENSE

Bond: Yes
License: No
Fee: No

lrhall41

Submitted by volleyballmom on Sat, 09/29/2007 - 11:25

( Posts: 4143 | Credits: )

wow thanks! Ok..so according to them the original bill was for

wow thanks! Ok..so according to them the original bill was for 275.54 and now they are charging 404.15 so...they are trying to charge me around 45% interest?

How is interest calculated? Is it 6% of the original balance each year? Or is it just a straight 6% of the total?

Thanks VBmom!

lrhall41

Submitted by goldenbast on Sat, 09/29/2007 - 11:36

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Damn...sounds like it. WHere did they get that amount from??

Damn...sounds like it. WHere did they get that amount from??

Flat unless otherwise specified from what I looked at on some of the other state laws. I am going to PM you the site.

lrhall41

Submitted by volleyballmom on Sat, 09/29/2007 - 11:41

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Thank you!! WOW so these jerks are only supposed to be collectin

Thank you!! WOW so these jerks are only supposed to be collecting a total of $292.07!!! OMG they are -so- overcharging me!

Not to mention that it is past the SOL for them to be able to sue me hehehe.

Oh! Heh they are trying to charge on top of some other bogus CA. They got this account from a CA, who had a amount calculated with interest..so these scumbags added interest on top of that when they bought this debt. What scum sucking odor eaters!

lrhall41

Submitted by goldenbast on Sat, 09/29/2007 - 12:00

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Ok, since that site you gave me had a note about interest rates

Ok, since that site you gave me had a note about interest rates for Texas, I went and dug around till I found it in the finance code...apparently it is 6% a year. Just to clarify! :)

lrhall41

Submitted by goldenbast on Sat, 09/29/2007 - 12:17

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