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  1. #1
    Join Date
    Jul 2006
    Posts
    3

    Default Fraternity Debt

    I ran into some financial turbulence January of 2005, when I had to stop paying my fraternity dues and assessments. I was unable to pay these charges for a couple months. I had a dispute with the fraternity treasurer of an unrelated manner, and As of May 2005 I had an account balance of $169.00; at this point they began charging me a 10% compounded late fee every MONTH! Still, I lacked the funds, so this went on until May of 2006. Now they have turned my account over to a collection agency, with a Balance of $3775.57. Without the late fees, My account totals $1501.57 I was informed of a usury law, and have tried to do research for the state of Florida, which has led me to this forum. This is an exorbitant amount of late fee charges, and this is something I've put off long enough. What do I have on my side??

  2. #2
    Join Date
    Jul 2006
    Posts
    5,437

    Default Re: Fraternity Debt

    Quote Quoting RustyGarcia
    I ran into some financial turbulence January of 2005, when I had to stop paying my fraternity dues and assessments. I was unable to pay these charges for a couple months. I had a dispute with the fraternity treasurer of an unrelated manner, and As of May 2005 I had an account balance of $169.00; at this point they began charging me a 10% compounded late fee every MONTH! Still, I lacked the funds, so this went on until May of 2006. Now they have turned my account over to a collection agency, with a Balance of $3775.57. Without the late fees, My account totals $1501.57 I was informed of a usury law, and have tried to do research for the state of Florida, which has led me to this forum. This is an exorbitant amount of late fee charges, and this is something I've put off long enough. What do I have on my side??
    Tell them to sue you in court; the judge should laugh them all the way back to the beer keg.

  3. #3
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Fraternity Debt

    You admit that you owe $167, so consider tendering payment of that amount as satisfaction in full of their claim. If this is on your credit report, you should exercise your rights under the FDCPA to object to the incorrect report.

  4. #4
    Join Date
    Jul 2006
    Posts
    3

    Default Fraternity Debt revised Q?

    After the Bal. of $169 they continued to add fraternity dues, and assesments totalling $1501.57, the remaining sum of the $3775.57 were the 10% monthly late fees..(60% of the debt, in just 1 yr.) how much of the late fees,if any should i expect to pay? ??

  5. #5
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Florida Usury Law

    None? With a couple of exceptions which don't appear relevant, Florida law provides,
    Quote Quoting Florida Statutes, Section 687.03 - Penalty for usury; not to apply in certain situations.
    Any person, or any agent, officer, or other representative of any person, willfully violating the provisions of s. 687.03 shall forfeit the entire interest so charged, or contracted to be charged or reserved, and only the actual principal sum of such usurious contract can be enforced in any court in this state, either at law or in equity; and when said usurious interest is taken or reserved, or has been paid, then and in that event the person who has taken or reserved, or has been paid, either directly or indirectly, such usurious interest shall forfeit to the party from whom such usurious interest has been reserved, taken, or exacted in any way double the amount of interest so reserved, taken, or exacted.
    Beyond that, do they actually have it in their written contract with you that there is a 10% monthly late fee, which is compounded?

  6. #6
    Join Date
    Jul 2006
    Posts
    3

    Default Re: Florida Usury Law

    Quote Quoting aaron
    Beyond that, do they actually have it in their written contract with you that there is a 10% monthly late fee, which is compounded?
    No, that kind of stipulation is not in the contract. The contract is simply an agreement to pay all fraternity dues, and assesments(assesments being the remaining portion of the mortgage on the house, after dues are collected, distributed evenly to out of house brothers.)
    Thanks alot for your help guys. I'll be sure
    to refer you to any of my friends in need!

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