Collection Agency collecting on different amount than past due ?
Date: Tue, 07/20/2010 - 14:13
I heard that they must collect the same amount as the original balance and that balance may only change if the case goes to court with attorney fees.
Is this true ?
I have a collector collecting on balance that is extremely higher than original balance. I also know that the interest rate just doesn't add up.
some user card agreements have stipulations in them that show wh
some user card agreements have stipulations in them that show what costs will be charged as "attorney costs" once the account is placed with an attorney. thats the cost of allowing an account go to charge off.
by the way, that attorney cost is accrued once PLACED. thats before you even get sued. and that charge can be QUITE high in some instances.
I have an attorney office calling me on a debt amount provided b
I have an attorney office calling me on a debt amount provided by square two financial. B of A sold one of my card debt to square two financial who retained an attorney to collect the amount.
What I am confused about is the charge off amount is $2900. The attorney contacting me today is quoting principle balance of $3900. Where did the extract $1000 come from ? I asked. They said their not sure of the difference, they simply collect on amount given.
Can they do that ?
ben
Square Two Financial is the new name for the slimebag JDB known
Square Two Financial is the new name for the slimebag JDB known as CACH, CACV, or Collect America. Send them a DV letter and demand a full accounting of this alleged debt.
And, since this is an alleged BofA account, there is an arbiitration clause in the cardmember agreement. Arbitration has become a powerful weapon for the consumer recently. Read up about it at creditinfocenter and debtorboards. Elect arbitration in your DV letter.