Re: ??? on Charge-off Interest Rates

Posted by catballou (4.14.164.171) on May 26, 2004 at 21:45:36:

In Reply to: ??? on Charge-off Interest Rates posted by JerNTN on May 26, 2004 at 16:34:51:

jer, this is exactly what i am working on learning for texas. it is murky to me. assigned, they can continue to charge the same as before, as the OC still owns it and we agreed to it. . mine are like 28% now. sold, i think, may be a diff story and i am trying to find out. i cant read law for crap nor found it yet, but in texas they can only charge like 8% or something on certain things. so far, no one has answered me and i think it depends on what state your in and their own usury laws. it continues to accrue, yes, and its the same they charged you at CO. they will charge whatever was written in your fine print--default rate--look at your bill. im not sure sold matters but seems to me it does as i dont have a contract with the new owner. assigned also means the OC must bring suit.

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