Re: Interest is illegal
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Posted by glitter
(24.21.88.161) on January 14, 2004 at 11:35:31:
In Reply to: Re: Interest is illegal posted by John on January 13, 2004 at 16:11:32:
"as permitted by law" is an important line. My state laws allow a CA to charge 12% interest even "in absence of agreement of other rate" Which apparently means if my agreement doesn't mention a "rate" and then it goes to collections the CA can add 12% interest. It sucks. I fought against it on four different accounts. And then when I complained to the AG she told me they could do it and gave me the state law that gave them the right.....
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