I have a charge on my credit report for a credit card with Nations Bank. It was for 1000.00, unpaid. It is now reported as charge off on my report but is with a CA. I received a letter from the CA and they have charged my over 1500.00 in interest on each month that I havent paid. Can a collection agency charge interest? And...how would I go about getting a charge off removed. Would I contact Nations directly?
they'll usually "settle" for the original amount. I think they just use interest as leverage for getting the whole amount.
I just couldn't believe they would do that. I guess I'll just send a validation letter maybe that will change their tune.
Sam, You're missing one important point - Nations Bank is no longer in business. They were bought out by Bank of America two years ago. Have you tried disputing the debt through the credit bureaus first? BofA probably doesn't have the original contract and we all know the CA doesn't. Dani PS Was the debt sold to BofA or was the debt already charged off before NationsBank was purchased?
Sam, I would assume they saved all their files. What I would count on is that they do not know where they are... BTW, I worked for NBK before the merger.
