efish Posted March 2, 2005 Report Posted March 2, 2005 Once an account (OC) has passed the SOL is it still legal to keep accruing interest to the charged off amount??
codename_fortyseven Posted March 2, 2005 Report Posted March 2, 2005 I guess they could keep adding interest, since you technically owe them money, but they have no possible way to get it since it is past the SOL. Why worry about it?
efish Posted March 2, 2005 Author Report Posted March 2, 2005 I'm worried about it because if it is illegal, it is a violation and that could be used as leverage to get it off my report, not to mention it is now over 10K and creditors don't look kindly at that. Makes it hard to get credit if I don't worry about it.
Champion80 Posted March 2, 2005 Report Posted March 2, 2005 So you have already done the DV process, did they report the debt as disputed on your CR?I do not know if they have signed paperwork for your debt, but if you file a police report and send an affi-davit to the company claiming identity theft, they can no long report the debt...just a thought.
wert Posted March 3, 2005 Report Posted March 3, 2005 They can double it, triple it, add all the interest they want after the SOL. SOL is only for the legality of collecting the debt. SOL is different from the seven years they keep something on your report.
ggluvbug Posted March 3, 2005 Report Posted March 3, 2005 capital one has been doing it to me since my account was charged off in 2000. everything i have read seems to indicate that they can. especially if it is in the fine print of a contract. i don't have any of that info anymore, so i have no idea how to even begin to fight it. it does seem to be legal though.
DocDon Posted March 3, 2005 Report Posted March 3, 2005 Correct me if I'm wrong, but wouldn't state usury law still apply regardless if the debt is SOL or not?.... meaning they can't simply add whatever interest they feel like imposing?
ggluvbug Posted March 3, 2005 Report Posted March 3, 2005 here is some more info on the subject:http://debt-consolidation-credit-repair-service.com/phpBB2/viewtopic.php?t=23293&highlight=
wert Posted March 3, 2005 Report Posted March 3, 2005 Doc-Wait...I think you are implying that they (CAs) may care about the law!!!What they do and what is legal is two entirely different things!! We live inside the law, the CAs live on the fringe...
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