Can Interest Still Be Charged?
I moved to New Mexico from Colorado. I received a debt collection letter from a lawyer in Colorado with an old debt of mine from 2/2008 for $5558.37 from Citifinancial. Is it legal for them to still continue to accrue or collect interest after the debt has been sold to a collector?I have been trying to pay off all my $30,xxx debt for the last 3 years.
I cannot, with raising teenagers, rent, electric and personal items, besides groceries afford to pay anymore than 3 creditors at a time in the amounts $100-150 a piece. When I get done paying off one I start on another.
I will have 2 more paid off by Dec. 25th,2011. YIPPEE! I am plugging away, but don't feel that adding more interest all along,is fair and will never allow me to get it paid off. ugh.
I am willing to start paying on this as opposed to ever declaring bankruptcy, since I am of the mind that I made the debt, I need to pay it. But, I want to be able to legally ask them to stop the interest, is this allowable? And what do I need to send them>?