Results 1 to 5 of 5
  1. #1
    Join Date
    Nov 2013
    Posts
    2

    Default 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??

  2. #2
    Join Date
    Sep 2011
    Location
    OH10
    Posts
    17,019

    Default 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.

  3. #3
    Join Date
    Nov 2013
    Posts
    2

    Default 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?

  4. #4
    Join Date
    Sep 2011
    Location
    OH10
    Posts
    17,019

    Default Re: Can a 4th Purchaser of a Closed Credit Card Debt Start Adding Interest After 5 Ye

    Quote Quoting malrific
    View Post
    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.

  5. #5
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Can a 4th Purchaser of a Closed Credit Card Debt Start Adding Interest After 5 Ye

    Quote Quoting malrific
    View Post
    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??
    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.

    1. Sponsored Links
       

Similar Threads

  1. Retailers: Credit Card Interest Rates
    By napamac in forum Consumer Law
    Replies: 2
    Last Post: 01-02-2010, 08:03 PM
  2. Debt Collectors: How Do I Reduce the Credit Card Interest Being Sued for
    By emcesol in forum Debts and Collections
    Replies: 1
    Last Post: 01-07-2009, 02:18 PM
  3. Debt Collectors: Unexpected Interest on Medical Credit Card
    By trinigirl in forum Debts and Collections
    Replies: 5
    Last Post: 10-24-2008, 05:02 AM
  4. Debt Collectors: Possible New Law For Credit Card Interest Rates
    By gavenv in forum Debts and Collections
    Replies: 1
    Last Post: 11-05-2007, 12:29 PM
  5. Debt Collectors: Credit Card Interest Rates
    By Strider in forum Debts and Collections
    Replies: 4
    Last Post: 10-17-2007, 01:45 PM
 
 
Sponsored Links

Legal Help, Information and Resources