Re: charged-off account question

Posted by Will (210.117.67.218) on October 07, 2003 at 01:27:57:

In Reply to: charged-off account question posted by keepsaddingup on October 06, 2003 at 22:33:50:

Yes, a creditor can charge interest on charged off accounts, but only if it was stated in your original contract.

I’ve got a Citibank charge off (still owned by Citibank) for 16k that has increased to 24k in the course of two years. That corresponds to about 24% interest per year. There is NO way a charged off account can double in one year. That would be a 100% interest rate. If your account was bought, then the debt buyer is pulling a number out of the hat to pressure you into making a “fantastic” settlement. This is a total sham number they are pulling on you.

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