How much will collection agency add to my balance in charges/fees?
Date: Sat, 02/14/2009 - 20:10
Submitted by scarecrowwinces
on
Sat, 02/14/2009 - 20:10
Total Replies: 1
I have about $100K in credit card debt that I am trying to settle.
If I let these all go to a collection agency, how much will the agency add in fees? should I expect that the balance I owe now will increase substantially, and then I will have to negotiate those fees off the settlement too?
If I let these all go to a collection agency, how much will the agency add in fees? should I expect that the balance I owe now will increase substantially, and then I will have to negotiate those fees off the settlement too?
Under Section 808 Unfair Practices of the Fair Debt Collection P
Under Section 808 Unfair Practices of the Fair Debt Collection Practices Act under the Consumer Credit Protection Act, federal law prohibits a debt collector from collecting any amount (including any interest, fees, charges, or expense incidental to the principal obligation) unless such amount is expressly authorized by the agreement creating the debt or permitted by law.
If a debt collection agency owns your account, and you did not expressly enter an agreement to pay interest and fees to that collection agency, than they cannot charge you anymore than what the already existing balance is.
