Debt collector interest charges
Date: Fri, 03/26/2010 - 00:17
Hi Diane, As you are skeptical about the amounts, I would sug
Hi Diane,
As you are skeptical about the amounts, I would suggest you to send a debt validation letter to the collection agency. After you get the report, you'll be able to evaluate your debt and chalk out plans accordingly.
Debt interest charges
Thanks for the reply,
Didn't think I need a Validation letter since I know I was responsible for the original amounts when I quit paying on them. I put 5000+ because I don't have the exact amount in front of me right now. I am wondering if the CA can charge this interest and if so am I responsible for it? The CA keeps sending settlement letters for like 40% or payoff in monthly pymts over one year or $ 50.00 a month. The CA reads they would stop the interest then. Just wondering that if it gets up to 20000 before I can start paying am I going to have to pay all of that. Would take a long time @ 50.00-100.00 a month. Maybe would be better to let SOL run out. In Texas it is four years.
Quote:Originally Posted by AnonymousThanks for the reply,
Quote:
Originally Posted by Anonymous Thanks for the reply, Didn't think I need a Validation letter since I know I was responsible for the original amounts when I quit paying on them. I put 5000+ because I don't have the exact amount in front of me right now. I am wondering if the CA can charge this interest and if so am I responsible for it? The CA keeps sending settlement letters for like 40% or payoff in monthly pymts over one year or $ 50.00 a month. The CA reads they would stop the interest then. Just wondering that if it gets up to 20000 before I can start paying am I going to have to pay all of that. Would take a long time @ 50.00-100.00 a month. Maybe would be better to let SOL run out. In Texas it is four years. |
In some states the CAs can add fees incurred for the collection of a debt and interest on the amount of the debt itself. But it should be endorsed by the agreement or permitted by the state law.
According to Section-808 of Unfair Practices of the Fair Debt Collection Practices Act (FDCPA), the collection of interest, late fee, charges and certain other expenses by a collection agency is prohibited without written authorization or agreement.
The collection agency can't take any legal action against you after the expiry of the SOL, but the account still remains collectible.
Ok...(here ya go!!LOL) I was sent a letter, on a debt (for a Uti
Ok...(here ya go!!LOL) I was sent a letter, on a debt (for a Utility..) that was more than 10 years old. It was in BOTH my husband (then) and my name. The CA has tacted on %. How can you do that to a Utility bill..and a very old one, at that? Anyway...I called up the CA and told him about the SOL in the state of PA. he told me, "there was no such thing in 'my' state."..what!!?? Of course there is!! The SOL, in PA, is 4 years. I just hung up on him. The bill isn't even on my CR.
Quote:Originally Posted by Diane JacksonI have (2) credit card d
Quote:
Originally Posted by Diane Jackson I have (2) credit card debts that defaulted in Feb. of 2007. The collection agency is adding interest that has raised one from 5000+ to > than 9000 now and the other from 9000+ to > than 15000 now. Can they do this? I will soon be able to pay monthly to take care of these but don't want to pay all that interest. Is this possible? |
Do you recall the when the last payment was made on these accounts? Is Feb. 2007 when you made the last payment or when it was charged off?