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How much $$$ can a collection agency add to an account?


KCG116
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This is a huge issue/question for all of us that seems to be ongoing...

In the past I was told the agency could only collect the charged-off amount and no more.

(Even though they all magically pull numbers out of the air).

I spoke to an attorney last night. I told him that I have a few collections with random numbers attached to them.

He asked me what the interest rate was on my credit cards when I defaulted...

HUH?

Are they actually legally allowed to keep that ridiculous rate going AFTER a charge-off?

No other lawyer has brought this up to me.

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This is a huge issue/question for all of us that seems to be ongoing...

In the past I was told the agency could only collect the charged-off amount and no more.

(Even though they all magically pull numbers out of the air).

I spoke to an attorney last night. I told him that I have a few collections with random numbers attached to them.

He asked me what the interest rate was on my credit cards when I defaulted...

HUH?

Are they actually legally allowed to keep that ridiculous rate going AFTER a charge-off?

No other lawyer has brought this up to me.

You know, this is almost a duplicate of your other post.

In general (and I stress the word general here); a creditor (not the CA) can add whatever amount of interest/fees allowed either by the contract you signed (whether actively or passively) and/or what you state allows on such debts.

The balance on a defaulted Credit Cards can rise at what will seem like an exponential rate.

Credit Cards are a real blessing arent' they? :)

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