Need one answer for request for admission to file in the morning.

[three33]

Brunojdbkiller did a fantastic job of helping me earlier but I inadvertently left out one request for admission so he did not address it and i need to file my objection tomorrow. As touched on in my original post (Help, I answered my lawsuit incorrectly) this suit is in Louisiana, I'm not sure how napoleonic influenced civil procedure codes vary from other states.

Anyhow the request states:

Request for admission no. 2

Please admit that the total of pricipal, interest and late charges due on that credit card and/or line of credit is $3,164.00, which consists of the amount of $2,611.32 (the balance due at the time the indebtedness was purchased by plaintiff), plus interest from date of purchase of $552.68 to the date of this petition, interest therafter at the rate of 27.99 percent per annum until paid, less a credit for all sums paid by Defendant from date of purchase of the account by plaintiff to the present , and that you are liable as well for reasonable attorney's fee and all costs of this proceeding.

[racecar]

I have tried my best to wake up coltsfan1972 he wont answer.

[three33]

how about recovery attorney:-)

[unemployednomore]

Is there an objection regarding compound requests for admission?

In California there's the:

• Subparts, compound, conjunctive, or disjunctive:

“Objection. This interrogatory contains subparts, or a compound, conjunctive, or disjunctive ques*tion in violation of Code of Civil Procedure section 2030.060 subdivision (f).” "

Now, this is California code so it's not Louisiana - but I think "compound" requests can be objected to in many states.

And that is ONE HELL of a compound request.

Might be worth looking through the guidelines for Louisiana Civil Procedure to see about comparable objections to the above stated California one...

[three33]

Great minds think alike. Coltsfan brought up just that in the original thread, thanks.

[three33]

Racecar, I guess your apb worked

[nascar]

Request for admission no. 2

Please admit that the total of pricipal, interest and late charges due on that credit card and/or line of credit is $3,164.00, which consists of the amount of $2,611.32 (the balance due at the time the indebtedness was purchased by plaintiff), plus interest from date of purchase of $552.68 to the date of this petition, interest therafter at the rate of 27.99 percent per annum until paid, less a credit for all sums paid by Defendant from date of purchase of the account by plaintiff to the present , and that you are liable as well for reasonable attorney's fee and all costs of this proceeding.

DENIED.

(No need to turn something simple into something complicated )

[Oarman1954]

Welcome back Nascar !!!

[BrunoTheJDBkiller]

I believe I addressed part of this, I suggested questioning this 27% interest rate. I believe that once an account goes into default, it reverts to the state rate of 8-9 percent pre -post judgment rate..

[BV80]

I believe I addressed part of this, I suggested questioning this 27% interest rate. I believe that once an account goes into default, it reverts to the state rate of 8-9 percent pre -post judgment rate..

I disagree. A default causes your interest rate to go up.

Did you mean to say "charged off" instead of default? In that case, it would depend upon the cardmember agreement. If the agreement specifies a rate, that rate applies. If it doesn't, then the rate would probably be based upon state law.

[BrunoTheJDBkiller]

My understanding is that they can only charge these ridiculous interest rates while the account is active. These are permissible state rates per the National Bank Act. Once the account is in default (could be charged off) they cannot continue to apply these rates. Most states have a pre and post judgment interest rate. We need to resolve this. I haven't seen this in many complaints. If they could collect 27% interest after charging off the account, imagine the windfall. Talk about unjust enrichment and failure to mitigate.

[BV80]

My understanding is that they can only charge these ridiculous interest rates while the account is active. These are permissible state rates per the National Bank Act. Once the account is in default (could be charged off) they cannot continue to apply these rates. Most states have a pre and post judgment interest rate. We need to resolve this. I haven't seen this in many complaints. If they could collect 27% interest after charging off the account, imagine the windfall. Talk about unjust enrichment and failure to mitigate.

You have to read cardmember agreements. An account can be in default when you miss a payment or pay less than the minimum amount. They usually state that upon default, the interest rate goes up by a certain amount, but if you make the required payments for so many months after default, the interest could come back down again.

You're right that we need an answer regarding the interest rate after charge-off.

[BV80]

I just found this written today by momof5 in another thread:

"Rule of 72. 72 divided by interest rate = doubling point of balance. Most default rates are 29.9%. 72/29.9 = 2.408. So in 2.4 yrs the balance doubles. It doubles again in another 2.4 years. (double from the double....$2K bal will be $4K then $8K).

As another poster said, interest accrues even while in collections. You stated that this debt was defaulted 5 yrs ago. You are lucky is has only doubled....but, the balance is irrelevant if you have no intention of paying. I would look at your state's SOL. In FL, CC debt that is not a store card hits SOL at 5 yrs. At that point, one can rest easy....if they sue, they won't win.

In the meantime, you have 2 more years of reporting to wait out if you do nothing else."

http://www.creditinfocenter.com/forums/credit-repair/315977-ca-doubled-my-debt-how-do-they-get-away.html

[texasrocker]

Brunojdbkiller did a fantastic job of helping me earlier but I inadvertently left out one request for admission so he did not address it and i need to file my objection tomorrow. As touched on in my original post (Help, I answered my lawsuit incorrectly) this suit is in Louisiana, I'm not sure how napoleonic influenced civil procedure codes vary from other states.

Anyhow the request states:

Request for admission no. 2

Please admit that the total of pricipal, interest and late charges due on that credit card and/or line of credit is $3,164.00, which consists of the amount of $2,611.32 (the balance due at the time the indebtedness was purchased by plaintiff), plus interest from date of purchase of $552.68 to the date of this petition, interest therafter at the rate of 27.99 percent per annum until paid, less a credit for all sums paid by Defendant from date of purchase of the account by plaintiff to the present , and that you are liable as well for reasonable attorney's fee and all costs of this proceeding.

How about, "OBJECTION- Lacks foundation and calls for a legal conclusion."

Classic example of trying to trick you into inadvertently admitting that you had the account.