Can the Purchaser of Credit Card Debt Add Interest
My question involves collection proceedings in the State of: FLorida
Due to sivorce and one salary I could no longer make payments on credit cards. I payed off and settled all but one. The raised interest till it reached 16000.00. Eventually they closed and wrote off the account, no more interest added. They sold the account to another collector. No interest added. It was sold to two different collectors with no interest added. It has now been sold to a 4th collector. They say that with interest added I now owe 25,500.00 Can they add interest to a closed account. Also if they keep selling the account then is there no statute of limitations??:confused:
Re: Can a 4th Purchaser of a Closed Credit Card Debt Start Adding Interest After 5 Ye
Writing off the account is for tax purposes and does not affect your contract or the interest rate associated with it.
Re: Can a 4th Purchaser of a Closed Credit Card Debt Start Adding Interest After 5 Ye
Then they can keep adding forever and ever?
Re: Can a 4th Purchaser of a Closed Credit Card Debt Start Adding Interest After 5 Ye
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Quoting
malrific
Then they can keep adding forever and ever?
If you do not pay it, sure. Would you loan someone money for free? Not a very good business practice.
Re: Can a 4th Purchaser of a Closed Credit Card Debt Start Adding Interest After 5 Ye
Quote:
Quoting
malrific
They say that with interest added I now owe 25,500.00 Can they add interest to a closed account.
Your interest obligation is a matter of contract. The fact that prior collectors didn't pursue interest suggests that you missed an opportunity, not that the new owner of the debt cannot go after all of the money that you owe.
Quote:
Quoting malrific
Also if they keep selling the account then is there no statute of limitations??:confused:
Assignment of the debt doesn't affect the statute of limitations. From the time frame you give, it sounds like the limitations period is either about to run or has run.