Re: Cap One charged off & interest

Posted by Boadicea (167.127.24.25) on July 02, 2004 at 14:17:48:

In Reply to: Re: Cap One charged off & interest posted by CRS on July 02, 2004 at 14:03:11:

Ok..that's definitely not worth filing Bk for. :-)

Apparently they are charging you some ridiculously high interest rate after default. It may or may not be legal. I'm not sure what the usury rate is for TN, but my guess is it wouldn't be that high. Some states allow ORIGINAL CREDITORS to charge high rates if it's written in the agreement you signed, but some don't. But Cap1 can't make you pay a higher interest rate than the state allows.

But don't waste your breath arguing with Cap1 over it. Talk to a lawyer, and perhaps he or she can talk sense into them (if you decide to go that route). Otherwise, it might be best to try to stay very low-keyed.

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