Re: questions for computerguy

Posted by Drew (24.59.27.46) on December 17, 2003 at 11:45:35:

In Reply to: questions for computerguy posted by shermanhater on December 17, 2003 at 10:36:43:

I am going to take a gamble here on this one since there are so many conflicting laws on this one.

From my understanding, they can charge you at the default interest rate that is specified in your contract until the chargeoff. Once an account is charged off, depending on state banking laws, there is a limit on how much interest you can be charged. Each state has specific laws in place. If your contract specifies that you have to pay legal fees and collection fees, then generally you do unless the state laws state differently.

The entire situation can become really complicated because when you sign for a contract, the contract is usually made according to the rules of that state, but these things can change if you move to another state where collection fees are prohibited.

I would say see an attorney who specializes in consumer law and see what the state laws are regarding your situation.

In some states, they can charge you the full interest rate plus lawyer fees and collection costs and much more whereas other states, they can charge you even less.

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