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Answered 2005-05-24 17:11:19

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

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Can a company who closes your account try to collect interest three years after closing the account?

Yes, if you still owed a balance at the time the account was closed. Just because a company closes an account does not mean that any balances that are owed to them disappear. If your account was closed and there was still a balance outstanding and you did not pay that balance, the company has every right to collect the balance and any interest outstanding.

Can a credit card company still continue to charge interest if the debt has been charged off?

Yes, a "charge off" does not indicate that the debt is no longer valid. The creditor has several options on how to collect monies owed after the account has been charged off.

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 you repossess a vehicle if it's been charged off on your credit?

Just because the company charged off the account, does not mean that they don't want to be paid...so if the car is still assessible...they can repo it. Charged off on your credit means that it is no longer an active paying account..the company took a loss for that amount. A different department, "Profit & Loss" will take over trying to collect any way possible. Sorry.

Can a credit card company reopen a charged off account?

No, a credit card company will not reopen a charged off account. They may choose to grant you a new line of credit, but this would be rare.

Can a collection agency issue a warrant for a payday loan check that went back?

If a Payday Loan company hires a collection agency to collect on your account they can send your account to an attorney to collect the amount of the loan and any NSF fees that you have accumulated. However, it is stated at the bottom of your contract that if you close your checking account that the loan is made from, that you can be charged with fraud.

Can a credit card company close your account charge it off and still continue to add late fees and interest to the account?

they can if it contains a balance. if they charged it off and gave you a zero balance and a pay off letter then they cannot. If they closed the account and reduced the amount you owe you are still responsible for the payments including late fees and interest.

Can a credit card company continue to charge interest on a charged off account?

Charged-off does not mean that you no longer owe the debt or the interest on it. It is an accounting entry that prevents the financial institution from overstating their profits by removing the interest on the debt from their income statement and removing the debt itself from the bank's assets. They still want to be repaid and have every right to collect the principal and interest. If you loaned your friend $50 last night and you were expecting to buy something in the near future, you would probably count that money when you figured out if you could afford it or not - that's an asset. But a year later when you don't know where your ex-friend moved to, you don't expect to ever see that $50 - that's a charged-off debt.

Can a credit card company keep adding interest on a closed account?

Yes, until the account balance is paid in full.

What is considered an active a collection account?

An active collection account is a debt that a company is attempting to collect. This continues until all avenues are exhausted.

How can you use interest in a sentence?

I have a particular interest in astrology. A company may try to interest its customers in online shopping. I receive very little interest on money in my checking account.

How long can a collection company try to collect on an account?

Until your state's statute of limitations runs out on that debt.

What is the difference between a service charge and a finance charge?

A service charge is typically a charge for a specific action that a company performs on an account or an order. A finance charge is an amount of interest that is charged on an amount of principal owed by a customer.

Can you earn interest from a credit card if you have a positive credit account and does the credit company have to pay you interest for borrowing your money?

You cannon earn interest from a credit card if you have a positive credit account. The bank will simply give you a refund if you have overpaid.

If you deposit a check in your checking account and it bounces does it affect you credit?

i dont think soo it starts affecting you if the company you gave the check to starts trying to collect from you then it might affect it. if your account got charged a issuffisiant funds fee and its negative and you dont take care of it it will go to collections and affect your credit as well.

How does my company collect past due account for services rendered?

You need to sue in court. The court depends on the amount of the loan.

What is the maximum interest rate a finance company can charge on a 2002 used car loan in Florida?

In Florida, the highest interest rate that may be charged by a finance company for loans under $500,000 is 18% per annum. Be cautious, however, because there are no limits on the amount of fees that may be charged for the application or origination of the loan.

Can you go to jail for closing your bank account on a payday loan company?

Can I be charged with bank fraud or any other criminal offense for closing an account on a payday loan?

Can you be charged 34.97 percent annual percentage rate?

Yes, if you agree to it. In order to be charged interest, you must be borrowing money, even on a credit card. If your credit card company is raising your interest rate to 34.97%, you are given the option to pay off your balance to avoid the interest rate. If you do not pay off the balance, you are, in essence, agreeing to pay the interest rate.

Which company offer the best cd interest rates?

The company which offers the best cd interest rate is constantly changing as banks and building societies try to out do one another. The best option would be to compare interest rates on the day of opening the account.

Can a credit card company raise your interest rate after you have closed an account?

If you still owe them money then they can change the interest rate, providing they are changing it for everyone and not as a penalty for leaving.

Where can a person find the highest CD interest rates?

To find the highest CD interest rates you can go to the cdrates.bankrate website. You can also contact the company or bank you have your account with.

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