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โˆ™ 2006-04-05 00:05:34
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Q: Can a collection agency increase interest on a charged off account?
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Can a collection agency charge interest of 1030 to a charge off account that has been paid down to 700 from 4514 but you missed two months?

The collection company has probably charged interest sincethe day they received the account. The interest rate can differ from state to state on a charged off account. So yes, they can but that amount is not just for two months. You need to ask for a total breakdown on the account and see if the interest charged is correct.

Can a collection agency charge fees or interest in new jersey?

Collection agencies can't add charges. Fees and interest charged to your account are per the terms of your contract with the creditor.

When a credit card account has been charged off can the collection agency charge you additional fees and interest?

It would depend on the state laws that are apply to collection agencies and collection procedures. In many states they can add fees incurred for the collection of a debt and interest on the amount of the debt itself.

What is bank account interest?

interest charged to bank accounts

Can a company who bought a charged off account try to collect interest on the account?

Yes, interest and fees are still charged when an account is sent to collections or purchased by a third pary collector.

Can you be charged interest on medical bills by a collection agency?

Yes, unfortunately a collection agency can charge interest and other fees when they obtain a debt.

Can a collection account be both charged off and past due?


Bank account debt collection?

I have a charged off account at the bank of 146.00 how do I pay that off when I'm unemployed I have a charged off account at the bank of 146.00 how do I pay that off when I'm unemployed

How does settling a charged off account affect your credit?

It shows as a paid collection. Still a negative thing but shows you did settle account.

Determine the amount of interest charged on S Carter's account during the second month S Carter's account?


If something has been sent to collection can the collection agency charge you interest?

If the original creditor charged interest then the collection agency will continue to accrue interest at either your states legal rate or whatever you agreed to in the original contract until the debt is either paid or sold to another collection agency or placed with an attorneys firm for legal litigation.

How many points can one expect to be taken off of their score for a collection account that was charged off?

It varies, but can be a lot.

Can interest be charged on child support interest?

No... this is illegal..(Federal) intrest can be charged on owed interest.

What does -- the process of deferring interest as an asset rather than an expense -- mean in WikiAnswers' answer to Capitalization of Interest?

Interest charged is normally an expense - in that it is a deduction from an account. Deferring payment of the interest, means the money that would have been paid is still in the account - making it an asset.

Why does banks focus on current accounts?

It is because,that is the only account they can use to generate fast money.not like saving account that they will be paying interest,you as a customer,will be charged some interest for helping you keeping your money safe.

What is the true annual rate of interest charged?

The true annual rate of charged interest is called the annual percentage yield. It is the interest charged and compounded against.

If you close a credit card does the APR go to zero?

No, the applicable interest and fees will still be charged until the balance of the account is paid.

Can a sold credit card account be collected on if the account is reported as charged off with a zero balance?

It may be zeroed out w/ the orig company because they sold it to the collection people. DO NOT PAY COLLECTION AGENCIES ANYTHING!! google "fair credit act". lots of info

What percentage of loan is charged as interest?

It varies ... loans for different items are charged at varied interest rates.

Can interest be charged on interest on income tax?


Where can one obtain a free overdraft?

Most banks offer free overdraft protection on your checking account. There is no charge for having it however if you do overdraw your account you will be charged interest on the amount that you have overdrawn.

If an account balance is being charged 1 percent interest per week is this the same thing as saying 52 percent per year. What is the equation for finding the true annual rate of interest?

No if the account earns interest daily, it's earning interest on interest essentially. So if you have $100 and you earn 1% interest, you would have $101 dollars the next day and earn 1.01 dollars in interest, and so on.

Can interest be charged on interest?

Interest is usually not charged on interest and is called capitalizing interest. On some occassions banks may roll interest on a note and thus charge interest on the interest, but this is not advisable and is only done in certain situations that demand that it be done.

What does zero percent interest means?

There is no interest being charged.

If an account was charged off can you still be hounded to pay by collection agencys?

Yes, Charged off accounts are sold many times for collection .It also depends on many things as to what can be done . One is the statute of limitation for the state its in.There is a wealth of inf. on the PC about debt collections and may laws that apply.