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unbelievable interest
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Posted by JC
(209.62.200.146) on June 10, 2002 at 23:31:57:
In 1994 I obtained a student loan, in 1998 it went into collections. Here is the kicker....the original loan was for $5,699.00 I just got a letter today from ACS Inc.(who apparently purchased the loan from my original creditor California Higher Ed Loan Auth.) anyway, this company now claims I owe them 9,037.07 + future accuring interest, late charges and "other charges" they state in the letter that no matter when I actually pay what they are currently demanding,it will not actually be the current amount due them as my interest is accuring daily. Is this legal????
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