The collection agencies can
impose fees and interest rates on the original debt amount. However,
they can charge fees and interests only up to a certain limit. Not
beyond that. So, it is true that collection agencies can charge more
than the original amount.
The FDCPA laws specify how much fees and interest rates collection
agencies can charge. Collection agencies can't exceed the cap legally.
A debt collector may not use unfair or unconscionable means to
collect or attempt to collect any debt. Without limiting the general
application of the foregoing, the following conduct is a violation of
this section:
(1) The collection of any amount (including any interest, fee,
charge, or expense incidental to the principal obligation)
unless such amount is expressly authorized by the agreement
creating the debt or permitted by law.
Debt collection agencies
(Group-UCS) aren’t any different from the original creditor when it
comes to interest charges. They may only charge interest and fees as
they were outlined in the original contract. That’s a rule
specifically defined in the Fair Debt Collection Practices Act
(FDCPA).
The FDCPA laws specify how much fees and interest rates collection agencies can charge. Collection agencies can't exceed the cap legally.
Sub: #1 posted on Thu, 09/03/2020 - 21:56
(Posts: 398 | Credits: )
A debt collector may not use unfair or unconscionable means to collect or attempt to collect any debt. Without limiting the general application of the foregoing, the following conduct is a violation of this section:
(1) The collection of any amount (including any interest, fee, charge, or expense incidental to the principal obligation) unless such amount is expressly authorized by the agreement creating the debt or permitted by law.
Sub: #2 posted on Sat, 09/05/2020 - 17:00
(Posts: 18 | Credits: )
Sub: #3 posted on Wed, 09/09/2020 - 17:38