Debt Collection Transfer Charge

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Debt Collection Transfer Charge

by Kermit
(Florida)

NCO Financial told me that my debt was transferred to them from AAFES and that they were allowed by law, US Code 3717 to charge a transfer fee of 25% on the debt.

I could not find this Code on line and want to know if this is true.

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Debt Collection Transfer Charge

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Nov 06, 2011

US Code 3717
by: Anonymous

http://www.law.cornell.edu/uscode/31/usc_sec_31_00003717----000-.html

This law specifically states monies owed to US government, not private debt. Private debt isn't even mentioned. Call a lawyer, the company's trying to screw you.

Mar 07, 2011

Transfer charge on collection account
by: DebtCollectionAnswers.com

Kermit,

We don't know what they are talking about. Typically the amount of interest that can be charged on a collection account is governed by the contract and state law.

The only US Code 3717 we are aware of has to do with the interest rate that may be charged if you owe the U.S. Government money.

This sounds fishy. We would encourage you to contact a consumer law attorney right away to discuss this. If the collection agency is making false or misleading statements, your attorney can tell you how to proceed.

We would strongly recommend you talk with a consumer law attorney with experience in debt collection cases. Find out how to get a FREE consultation with a consumer law attorney here. There is no fee unless you recover.

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Debt Collection Transfer Charge

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Debt Collection Transfer Charge