LisaL Posted May 21, 2009 Report Share Posted May 21, 2009 Hello! Please help. I have a debt from 2006. Cap one hired a CA to collect. The original debt was around $6,000. The letter from the CA states the amount owed is over $9,000! I sent a letter requesting validation of the debt, I actually obtained the letter from this site (thank you!)The first offer from the CA was $7,000. 88-)LOL I said no way. I am waiting to see if they respond to my vaildation request. Can Capital One legally charge so much interest???!! Also if they do not respond to the validation request within 30 days....am I off the hook??Any information is greatly appreciated. Link to comment Share on other sites More sharing options...
shadokeeper Posted May 21, 2009 Report Share Posted May 21, 2009 You are not off the hook untill the SOL in your state runs out then you can still get letters and phone calls they just can not sue you untill you send a C&D letter... If they do nto respond to your DV it is only the beginning of your journey! Read Read Read look for newbe sections and read that. I am not sure on the amount they can legaly charge you but i am sure there are CA fees and interest added on... Have you tried to contact Capital one? see if they will recall the debt... Was the debt sold or just placed for collection? Link to comment Share on other sites More sharing options...
mathis9394 Posted May 21, 2009 Report Share Posted May 21, 2009 Crap one will keep adding interest until the debt is paid in full or settled. We were able to settle with their CA...but we figured we settled all the interest and not the actual debt. Keep working at it and hopefully a better offer will come your way..good luck! Link to comment Share on other sites More sharing options...
Templar Posted May 22, 2009 Report Share Posted May 22, 2009 Many outfits attempt to charge a default rate of up to 33%, but I believe the max allowed by law in NYS is 25%. I would check with NYS General Business Law and file a complaint with the AG’s office [can be done online website]. Violations to NYS Business Law are misdemeanors.If it was me, I’d refuse the pay such usury rates. If forced to pay I’d want a judge tell me so, not some robber baron. I’m the first to admit my way of doing things isn’t everybody’s way. However, it comes to the point where you have to do battle. The fact these folks dropped 23% to settle is telling.Good luck. Link to comment Share on other sites More sharing options...
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