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is it legal for a garnishment collector to have been paid the amount owed in full, which was already twice the original amount due to interest to deny my settlment offer for which is only more interest left on the owed account?
Wiki User
∙ 14y ago
You should refer to the judgement against you to determine what the Judge determined regarding interest. In terms of your garnishment, this is the only document that matters. If you feel you have been garnished too much you should contact an attorney.
Wiki User
∙ 14y ago
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Can a debt collector garnish wages if they are not the original creditor?
Yes. If they sue the debtor and win a judgment the creditor or collector can execute the judgment in accordance with the laws of the debtor's state. Texas, Pennsylvania, South Carolina and North Carolina are the only US states that do not allow wage garnishment for creditor debt.
Why are collector cars sold with bald tires?
Collector cars with all original parts are highly desirable.
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.
How is interest different from compound interest?
Simple interest is interest paid on the original principle only, Compound interest is the interest earned not only on the original principal, but also on all interests earned previously.
Can a debt collector charge you more than your original debt in Texas?
Only if interest is provided for in the instrument creating the debt. If the creditor tries to charge interest to which a debtor did not agree, then that constitutes usury and can, in some instances, wipe out the debt altogether. In some states, the creditor may be entitled to collection costs. ==Additional Information== If the debt collector is collecting on a money judgment rendered by a court post judgment interest accrues and can considerably increase the amount of the debt.
What is the difference between a replica and an original 9mm gun?
A collector would want the original. Sometimes (Most) the original is worth more than the replica.
What is interest paid on the original principal plus any interest that has been left in the account?
Campound interest
Interest calculated not only on the original principle but also on the interest already accumulated is called?
The answer is compound interest
How do you know whether a maths question is asking you to work out compound or simple interest?
For the second (and subsequent) periods, if the interest is to be calculated for the original sum PLUS the interest earned so far then it is compound interest. If only the original amount earns interest in all periods then it is simple interest.
How do you get the sheriff to lower your garnishment if it does not leave you enough money to live on.?
The sheriff is not the person that the debtor needs to contact. The debtor must send their response to the court that issued the garnishment order. In many cases the judge will amend a garnishment amount if the debtor qualifies as "head of household" and can prove the original percentage constitutes a hardship to the family. Bear in mind that under federal law the first $154.50 (based on weekly pay) is exempt from garnishment.
What is the principal of a compound interest?
Adding the interest to the original deposit accelerates the deposited value.
Is there statute of limitations on the amount that can be added to an outstanding debt by the collections attorney?
States establish laws that regulate the percentage of interest that can be charged on a judgment, but the interest on the debt will continue to accrue until the debt is paid. Attorneys do not receive the money awarded in a judgment, they are a contracted or contingency legal representative of the original creditor or third party collector.
