Palisades - Charging Interest??

Date: Fri, 07/28/2006 - 10:39

Submitted by anonymous
on Fri, 07/28/2006 - 10:39

Posts: 202330 Credits: [Donate]

Total Replies: 3

Can a collection agency charge interest on an account they have had for a while? The debt is genuine. I just called to settle with them, and they are tacking on an interest charge of close to $500. Can they do this?? They also said that in order to accept a settlement, they must run my credit report, and wanted to know if I was trying to get a mortgage, so they could try to remedy this without running my credit. HELP PLEASE!!

I have searched through the forums already and have not found an

I have searched through the forums already and have not found anything on this... Thanks again for your help!!

lrhall41

Submitted by on Fri, 07/28/2006 - 10:40

( Posts: | Credits: )

Just got another call from them. TOtal debt: 8000, my offer: 400

Just got another call from them. TOtal debt: 8000, my offer: 4000, their counter offer: 6396, my counter counter offer: 5500. This is such a game they play... ugh.

lrhall41

Submitted by on Fri, 07/28/2006 - 11:14

( Posts: | Credits: )

Check the original contract signed with the credit company. The

Check the original contract signed with the credit company. The collection fee must be mentioned in the contract if a delinquent account is sent to outside collections. Besides, all the CAs are bound to follow the legal charges put as per the state laws. All terms and conditions should be clearly put in the contract. If you do not agree with the charges, dispute in writing with the company. Which collection agency are you dealing with?

lrhall41

Submitted by ArDeN on Fri, 07/28/2006 - 15:44

( Posts: 496 | Credits: )