i had my car impounded. after one month i received a bill saying that i was being sent to collections. when i contacted the collection company, they told me that the amount which was of $1300 had gone up to $2300. they were arguing that they had it over interest of a 20%. i dont know is it possible that collection companies charge a fixed interest based on the original amount.?
2007-03-13 12:42:42 · 5 answers · asked by alvatok 2 in Business & Finance ➔ Credit
Yes they can - there are some limits, but in general they are allowed to charge some pretty ugly fees and interest. Remember tho - this could be negotiable. If they think you will walk then they may be willing to cut a deal to get paid today - but fat chance if they still have your car...
2007-03-13 12:48:41 · answer #1 · answered by sdmike 5 · 1⤊ 0⤋
Yes they probably are allowed an interest fee but most states regulate the percentage. I would call the Better Business Bureau and ask them to start with, they may or may not know but at least they can direct you to your states entity that regulates those fees.
2007-03-13 13:03:22 · answer #2 · answered by Cher 4 · 1⤊ 0⤋
confident... your credit is undesirable no count no count if or not you pay off the debt you owe. it fairly is undesirable because you stopped making your common money and fell in the back of and allowed to permit it pass this some distance. while will they end including expenditures and previous due consequences? while they think of it's time to default the account and swap it over to their series corporation so as that they are able to characteristic their expenditures to the stability, etc. The stability will improve and improve... because of the fact all of us that takes over the account will upload their expenditures to it. it would pass to courtroom sometime and then they gets a judgment to garnish your wages. by employing that element you will owe many cases the unique quantity because of the fact now they get to characteristic the lawyer expenditures and courtroom expenditures to the entire project because you likely won't take place in courtroom to ask the decide for a sensible value plan. meaning for some destiny years you will not have the capacity to get yet another credit card or finance a vehicle purchase. start up saving your money... you will would desire to get used to pay for stuff with funds and sustain for larger purchases.
2016-12-19 04:50:29 · answer #3 · answered by ? 3 · 0⤊ 0⤋
Check your local laws reguarding this query. From state to state, many business and operations are allowed to charge a fee, along with interest.
2007-03-13 12:49:03 · answer #4 · answered by HotInTX 5 · 1⤊ 0⤋
yes they do
2007-03-13 13:16:22 · answer #5 · answered by Sandra B 1 · 0⤊ 0⤋