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Can a collection agency still add interest to a charge off?
Jessicaanne
Yes, as well as any subsequent legal fees.
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∙ 18y ago
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If a credit card does a charge-off and sends it to a collection agency can the original creditor still try to collect?
yes
Can the bill collector who bought the bad credit card charge interest over the interest that has already accumulated before?
Collection agencies can only charge interest if you agreed to it in your original contract. If they actually bought the debt they shouldn't be able to charge any additional interest on it since you did not sign a contract with them allowing them to do so. Please keep in mind that not all collection agencies buy debt. Some are still collecting on behalf of the original creditor which means interest and fees could continue to accrue.
Can a creditor still charge interest rates if they are garnishing your wages?
If you have a garishee against your salary can the creditor still charge interest. Thanks Theo
Can a credit card company still send you monthly bills and charge you finance charges on your account if they sent it to a collection agency?
YES, it stops collecting intrest when it goes to collections. at that point they have transfered your debt. It then becomes someone elses problem. But they stop collection intrest.
If a collection agency goes bankrupt how does someone find out who owns the debt?
Even if the collection company goes bankrupt, you still owe the bank whatever money you borrowed from them. The bank hires the collection company to get that money, so you still owe them
What does charge off of debt do for card holder?
You will still owe the money, plus interest and lots of collection charges. A collection agency will hound you for payment and you will have a hard time getting another credit card or any kind of loan.
If a credit card does a charge-off and sends it to a collection agency can the original creditor still try to collect?
yes
If a company is no longer operating what will happen if you dispute a charge off that is with a collection agency?
Whether the company is opertaing or not, does not make any difference. Proof of your account is still there.
Can the bill collector who bought the bad credit card charge interest over the interest that has already accumulated before?
Collection agencies can only charge interest if you agreed to it in your original contract. If they actually bought the debt they shouldn't be able to charge any additional interest on it since you did not sign a contract with them allowing them to do so. Please keep in mind that not all collection agencies buy debt. Some are still collecting on behalf of the original creditor which means interest and fees could continue to accrue.
Can a creditor still charge interest rates if they are garnishing your wages?
If you have a garishee against your salary can the creditor still charge interest. Thanks Theo
You owe 690.00 to a food vendor should you pay a collection agency?
No pay the vendor. If you pay the collection agency they will extract a fee from the payment and you will still owe the vendor
When you are making payments to a collection agency can they still sue you?
Yes, if the payments being rendered are not in accordance with the financial agreement. It is, however, unlikely that they would take such action as it would not be in anyone's best interest.
What are charge offs?
Charge offs are accounts that have been written off by the creditor as uncollectable. The debt owed is still valid and can be collected on either by the original creditor or by a collection agency. You can only erase charge offs by disputing them to the credit bureaus or negotiating the removal by the original creditor.
Can a collection agency put a lien on your house because of a charge off?
In general, a charge off alone does not give a collection agency the right to place a lien on your house. However, if the debt is taken to court and a judgment is obtained against you, then the collection agency may be able to place a lien on your property as a way to secure payment. Each state's laws regarding liens and debt collection can vary, so it's important to consult with a legal professional for advice specific to your situation.
If you are making sporadic payments to a collection agency and they cash them can they still sue the cosigner?
Unless you have a specific repayment plan that the collection agency agreed to, there is no legal reason that cannot sue the cosigner.
If a creditor uses a collection agency to collect on a debt do you still have to receive some kind of statement?
No. The collection agency will validate the amount for you if need be, but the creditor no longer owes you the courtesy of a statement.
Do you still need to pay a company if you are paying a collection agency for the charged off debt?
No, as they are the legal agent of the original Creditor and the arrangements made with the collection agency are binding on the original Creditor.
