Interest on collection accounts?
Why is the collection agency making payment on my account, they are also charging me interest? They are making the same monthly payment amount each month. They have been doing this for the past 18 month< approx. I have not had any contact with them for the past 11 months.
Reply from DebtCollectionAnswers.com:
We don't really understand what you are saying here when you say the collection account is making monthly payments on your account.
But as to your question about interest, in most cases it is legal for a collection agency to assess interest on a delinquent account. How much they can charge is a matter of the contract and state law.
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