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I have an american express card that is in collections. Its been in collections since May 2007. They are still charging me interest and all of these late fees. Are they allowed to do this.
I have an american express card that is in collections. Its been in collections since May 2007. They are still charging me interest and all of these late fees. Are they allowed to do this.
You borrowed the money under a contract. Until you pay the money back the contract continues. Contract calls for interest/fees. If they didn't do this they would be a charity and giving someone money without an expectation that it not be paid would be called a grant.
Yes they can and if you haven't made a payment since may the account will probably charge off sometimes this month.
Depending on the balance and a review of your credit report the account will either be turned over to a collection agency or reviewed for litigation
If your credit report shows that you are paying other cards and have property the chances are it will be sent for litigation this will increase the balance even more with the lawyers fees should they be awarded judgment.
I know thats more info than you asked for but it is always good to see the whole picture
But once it has been sent to court and your wages are being garnished, can they still charge interest and late fees? I've been paying 1/4 of my wages for 2 1/2 years and now owe more than when I started. The debt is almost 10 years old but it was filed in court 2 months prior to the statute of limitations.
If you pay late, then yes, they can charge late fees.
If you carry a balance, then yes, they can charge interest.
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