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Interest keeps mounting,10% per annum not what I thought!
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Posted by deluxejo
(63.155.232.23) on June 30, 2003 at 18:14:39:
I wrote about the settlement my husband did in court with Cap One Collection lawyer,and how we agreed on $150.00 a month payments on the balance + 10% interest per annum. Well,not being an accountant I did not know that there was several ways they could do the interest,I assumed that per annum met once a year,and thats why we settled the way we did. They are doing the interest by the week and it looks like we will never get the balance paid off! They sent me a letter twice this month showing two different balances,with the second one showing a balance $10.00 higher than the first. Keep in mind we only made one payment in June,but the balances changed. Im not sure if there is anything we can do since this was settled in court,but I would like to take it back to court and let the magistrate know that when we settled we thought they were only going to take 10% interest a year on the balance. Any thoughts? Also anyone who goes to court on these things,try not to allow any interest with your payments,because it will take forever to get it paid off. Live and learn I guess while they seem to be getting a geck of alot of our money.
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