I had an account with a jewlery store. It was charged off once and sent to a collection agency. It went to another agency. This agency has charged daily interest since recieving my account and a charge that was once 2,900 is 4,500. When I have talked to their representatives on the phone they have 'negotiated' the higher # back down to 2,900. Is this a scam for them to make me pay and think they are doing me a favor? Can a collection agency really charge this type of interest? Please help.
the collection agency can charge whatever the default rate on the contract that you signed for. and it will continue to accrue until you payoff the card or work a settlement with the agency.
