Write off amount and past due amount

[caligal1214]

I am not sure if this question belongs here, but I will ask it anyway.

I have a TL from Cap One that says, $711 written off, $851 past due as of 3/07?

Can they continue to report once they have written it off?

Thanks for all the help!

[qtptute]

They can continue to report that they've written it off for the next 7 years.

[caligal1214]

Ok. I understand the 7 year rule, but can they increase the amount every month? Or can they ony report the amount they have written off?

[thomassl]

Ok. I understand the 7 year rule, but can they increase the amount every month? Or can they ony report the amount they have written off?

In some states, interest is permitted if it was called for in your written agreement between you and the original creditor.

[caligal1214]

So if they are allowed to report the increase in interest every month, when does DOLA start? It is the date they have written it off?

[secondchances]

In some states, interest is permitted if it was called for in your written agreement between you and the original creditor.

So how can a collection agency charge interest?

[rm2738]

CA's can charge interest in certain instances, especially if they have purchased the debt from the OC. When they purchase the debt, they are purchasing the rights to all contractual obligations between you and the OC. Just as when Cell phone companies buy each other out, your contracts are still fulfilled.