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Is this even legal?
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Posted by PleaseHelp
(68.62.59.64) on May 25, 2004 at 19:07:35:
Is it legal for a CA to keep adding interest to an account if they do not send you a statement letting you know that balance is going to increase? I have a charge off account that was sold when the balance was $2800 from the original debtor. It's been a couple years and I now contacted the CA and they told me the balance is now over $4000 due to interest. I heard that companies cannot charge you additional interest without sending a letter or statement informing you that your balance has changed. Anyone know if this is true? I live in Michigan, I dont know if laws are different for each state.
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