I know that on a delinquint CC account, in order to continue to accrue interest/late fees you must receive a statement each month. I can't seem to find where in the FCBA it states that though. Also, after reading the 7.5 thread, i want some interpretation on something in regards to late fees. I will use myself as the example. my last payment to capital one was 4/04, yet late fees continued to accrue each month <<and probably still are>>. thanks to dial-up fever i can't load more than one page at a time, but i recall reading somewhere that you can be charged a late fee each time you are late. how does that apply to rolling lates? i never became current so how could i be late again when i was already late? does that make sense?
Christine Baker has done extraordinary work on this very issue, and with this very company, (C1). The letter of the law dictates that whenever there's a change in the amount a statement must be sent. However, C1 seems to be able to get away with it without incurring wrath from regulators. It's VERY unfortunate that the gov't (OCC especially) refuses to uphold law. Late fees can be assessed if a payment is late. I'm not sure if they can be assessed every month on a CO'd account, but I believe NOT. Over the limit fees (OL) however, cannot be "pyramided". You can't be charged a OL fee because a previous OL fee is what drove you over the limit in the first place. Be sure not to get crossed up between the OL Fees and Late Fees. C1, more than any of the others, seems to get away with murder. If an argument of "Not Mine" fails, turn immediately to arguing the amount. One of the most important sections of the FDCPA is: § 808. Unfair practices [15 USC 1692f] A debt collector may not use unfair or unconscionable means to collect or attempt to collect any debt. Without limiting the general application of the foregoing, the following conduct is a violation of this section: (1) The collection of any amount (including any interest, fee, charge, or expense incidental to the principal obligation) unless such amount is expressly authorized by the agreement creating the debt or permitted by law. Make them substantiate EVERY SINGLE PENNY.
Re: Re: Interpretation of FBCA Butch - you rock but i suspect you already knew that. i think you may be my new LB....
