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As a company i would like to charges interest on all over due accounts. Can i add the interest to the balance and charge interest on the new balance the next 30 days? or can i only charge interest on the original balance?

Hi W Henry

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Sub: #1 posted on Mon, 06/06/2005 - 12:17

roxette roxette

(Posts: 4009 | Credits: )

Hello Henry,
Welcome to the forums.

As far as I know, for all the interest rates that you wish to levy, it must be clearly stated in the Loan Agreement. Anything that is not included in that agreement cannot be charged later on.

The interest that you will charge on the original loan amount should be specifically mentioned in the Loan Agreement. Further more, if you want to charge any extra interest on the balance or the over due amounts, the details of such charges should also be clearly written in the agreement.

Hope this answers your query.
Please feel free to return with more queries.


Sub: #2 posted on Tue, 06/07/2005 - 00:43

peter peter

(Posts: 285 | Credits: )

If i owe a credit collection debt, but spoke & made a deal with company I really owed the money too, do i still owe the interest to the credit collection debt?

Sub: #3 posted on Thu, 08/28/2008 - 14:59


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