No, a debt collection company purchases a debt from a creditor. They can try to collect on that debt but may not charge interest on it as they have no contract with you outlining interest charges. If a company is attempting to do that, cite the Fair Debt Collection Practices Act, a federal law, and complain to the Federal trade Commission, which oversees debt collection practices.
Collection agencies can't add charges. Fees and interest charged to your account are per the terms of your contract with the creditor.
Yes.Collection agencies can add "administrative fees" and late-payment charges. It all depends on the agency of course...
Depends on the credit agreement, but generally interest does not have to stop being calculated.
Te balance owed on a defaulted account will continue to accrue interest and penalty charges until a settlement of some sort is made. The interest charges and any applicable fees are regulated by state law where the debtor resides or in some cases the state where the contract was made. Not to be overlooked is the fact that many of the amounts reported by collection agencies are based on incorrect and unenforceable interest and fees. Do not hesitate to request an accounting of these amounts. Do not expect cooperation without effort.
Yes, it is perfectly legal for a debt to be sold and for the debt to continue to accrue interest and penalty charges.
I would keep in mind the following rule: 1. Collection agencies lie. Having said that, pay your debts.
Can a collection agency file charges for a bad check
The phrase "SMS charges" refers to additional charges for text messages. If you don't have a messaging plan as part of your cell phone plan, you could be charged additional SMS charges.
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.
Yes. The new debt collector bought the entire debt, including interest that was added on. You will be responsible for the entire debt.
It holds for both static and moving charges. However, when charges move, there are additional forces, other than the coloumb force.It holds for both static and moving charges. However, when charges move, there are additional forces, other than the coloumb force.It holds for both static and moving charges. However, when charges move, there are additional forces, other than the coloumb force.It holds for both static and moving charges. However, when charges move, there are additional forces, other than the coloumb force.
Banks usually call these charges "fees".
If the amount due has lapsed to the next month without any payments being made, the CC company will add additional "penalties" that may appear as added interest, but in reality the fines are added to the principal amount owed.
Yes. And there can be, depending on what state you live in, criminal misdemeanor charges.
Yes, charges can be amended right up to your arraignment.
No it is a violation of the Fair Debt Collection Practices Act
As far as I am aware (and I am currently in this situation), no. However, a collection agency automatically adds on additional charges for debt collection. It may be worthy to note my situation here: I was sent to collections on an (illegitimate) unpaid move-out charge by Harvard House Apartments. What I noticed after checking my credit was that the bureau remarked this particular collection will be removed in Nov. 2010, which is only 2 years 8 months. I was researching the specifics that a move-out charge is associated with (oral, written, promissory contract, etc...) since they each have their own statute of limitations. During that research I came across the question this person asked and thought it might pertain. Hope it helps!
To accelerate a loan is to demand full and immediate payment of the entire unpaid balance of the loan, including principal, interest, late charges and collection costs (not just the delinquent portion).
Was there a special provision which stated all additional interest charges required to be paid when you bought the car? If not you don't pay the interest if you pay the loan off early.
Yes, they can. If you agreed to it in the contract you signed with the original creditor, they can charge interest, fees, whatever... per the FDCPA:Section 808. Unfair practices [15 USC 1692f]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.A common tactic by some collection agencies is to attempt interest charges when no agreement has been made. This is a violation of the FDCPA and the collection agency can be held liable in a court of law. Read your original contract (or cardmember agreement) to determine where you stand.
In many cases you would still be covered, but not usually for the amount by which your loan is in default and not for any additional charges and interest applicable to that default amount.
No indication of where this question comes from. You will have to check the laws in your state to determine if these charges are legal.