Is there some sort of statutory limit on late fees - or some place I can look to get some copy on this? I have a Long Distance account that I closed, then the company billed me for some BS charge of about $2. Next I'm getting late fees tacked on at a rate of about $20 a month (without my knowledge). Now I find a collection for $122 on my account - out of nowhere, with no knowledge to me, and I find out it essentially amounts to several "late charges" for an insignificant fee of $2. I know all the avenues I have to fight this based on evidence I have to prove ($2 was not valid charge, didn't notify me of add'l invoices, etc) - but I would love to have something statutory to refer to - much quicker and requires no proof by me. If there is a limit to late fees based on the percentage of the balance, I'm golden! Thanks in advance for any suggestion!
George- I know you are the most frequent poster on this forum and I have a great deal of respect for your advice. Despite this, I've noticed that quite frequently you reply to messages without reading them entirely, or with advice that misses the point. I don't mean this to come across negative because as I said, I respect you and think you're a great asset; but simply consider this as constructive criticism - because after all, the most difficult issue I have with navigating this forum, is making my way through all of the comments not directly related to creative suggestions intended to help people learn more. With that said, thank you for taking the time to reply, however, my post wasn't about a $2 late fee. If you re-read, you'll notice my point is relating to $20 late fees in response to a $2 balance. In short a $120 total late fee for a $2 charge I never made - or to be clear: 6,000% interest for 6 months (12,000% annualized). Further, I explained that I'm famliar with how to debate charges and instead, what I'm attempting to do is locate a statute (something related to / similar to TIL laws) that suggests it's not possible to charge someone a $120 late fee for a $2 charge. Certainly I will dispute the $2 charge, and thereby implicitly dispute the $120 late fees relating to it. Despite that, my question was simply - whether there is any type of statute, possibly part of a Truth In Lending Act, limiting late fees as they relate to the balance. I know I've read about something like this, but after searching the forum, couldn't find anything. Thank you for any suggestions, -Rusten
We understand your question Rusten. As often happens when litarrally everyone on the board draws a blank in the face of a question, even a damn good question, it's because we flat don't know, or the one or two who do know haven't seen your post yet. I do know what you mean tho. I too believe there is a limit to what they can charge, even with regard to late fees. There is a component called "pyramiding late fees", but this isn't it. If you paid the principal, ($2,00) and they charged late fees for not paying the late fees, that would be it. Not that I'm recommending you do so. Well ... that's the total of what I know about this carefully focused issue. My guess is Christine Baker probably does know what you need to figure out. Go over to Bayhouse.com and ask her. Don't forget to let us know whatcha find out. .
I hear ya. Fortunately I think I'm ahead of Christine on a couple favors, so perhaps this is a good way to use one of those .
Interesting issue! My reply is more of a way to get subscribed to the thread, since the button "Subscribe" at the top doesn't really work. Anyway, let me add to your question: is there a limit to charging late fees once you dispute a debt? I understand that if OC has sold your debt to CA, you have no account with them anymore and they cannot charge you late fees anymore. OTH, you don't have any written agreement with the CA regarding late fees, therefore they cannot charge you late fees either. But, what happens in case the OC acts as a debt collector?
George- I know you are the most frequent poster on this forum Rusten ============== Who's in second place? THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
