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Is this legal?

Discussion in 'Credit Talk' started by init2winit, Jul 28, 2007.

  1. Jul 28, 2007 #1
    init2winit

    init2winit Well-Known Member

    Is it legal for a CA to continue to charge interest after they charge off an account?
     
  3. Jul 29, 2007 #2
    bizwiz41

    bizwiz41 Well-Known Member

    Charging interest (by a CA) is legal; the CA does not "charge off" the account, that is done by the Original Creditor (OC). The CA is limited by the usary laws of interest.
     
  4. Jul 29, 2007 #3
    cajun1969

    cajun1969 Well-Known Member

    If the debt they bought allows for interest and fees,they can add it.Some states require a company to be licensed before they could legally add interest.You would have to check your state laws.
     
  5. Jul 29, 2007 #4
    apexcrsrv

    apexcrsrv Well-Known Member

    Bear in mind that usury can only be asserted defensively as an offset as well.
     

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