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Re: A Question of Usury


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Posted by LadynRed (68.32.101.73) on January 17, 2004 at 10:40:23:

In Reply to: A Question of Usury posted by attorney2k on January 16, 2004 at 21:38:22:

Not that its necessarily needed, here, but I'll put in my 2 cents :)

My understanding of this rip-off goes along with what Judgmental stated. The rights to continue to collect these outrageous rates, and more, are in the terms of the original credit card agreement. Its all in the assignment clauses. So, even though a CA is not a Federally chartered bank, they got the rights and protections to use the abominable rates in the agreement.

The FDCPA does state that no fees or interest can be charged if they are NOT in the original agreement.




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