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Hiya,
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Additional Details
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Kemikal | How can a $3,000 credit card become a $13,000 law suit? |
My boss had a credit card 4 years ago for $3,000 he didn't pay. Now he has a civil suit against him for $13,554.37- is it legal to do this? Isn't there some cap on how much interest they can charge? What should he do? |
 |
 
Studly
 |
Let me clue you in on something....I can guarantee many of those charges are illegal.
Again, pull up a chair and let Professor Studly educate you on how collection agencies work.
A collection agency can sue you for whatever amount they want to. They can pad the bill, inflate the penalties, tack on interest, and impose huge legal fees.
The problem is that unless you are there to dispute this and demand proof, they will get all of this money. And they count on the fact that most consumers are ignorant of their rights, and don't know the law.
For example...
...once a credit card debt has been charged off, they can't keep tacking on interest or monthly penalties.
...they can tack on "reasonable" legal fees. But how can they document $10,000 in legal fees? The court costs are a couple hundred dollars for filing and process serving. Lawyers charge $100-$125 an hour (NOT $150 an hour...you think they are actually that good?) It takes them maybe an hour to fill out and file the court papers, and another hour to show up in court and argue the case.
OK, we got at best $350 in legal charges....maybe 4 months worth of penalty fees and interest ($400-500 tops!). Where did the other $9000 come from?
That is what your boss needs to find out. Have him file a disclosure motion against this agency and demand validation of the debt. He wants all of the contracts, bills, receipts, and a complete accounting of how they calculated this amount.
Also have him remind them that it's a violation of the FDCA to demand money they are not legally owed, and file a counter motion for FDCA violations.
I guarantee this bill is heavily padded....they are hoping your boss doesn't show up in court to defend this, and they win by default.
I've seen this happen many times....you need to fight these idiots. |
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leonardhomes@sbcglobal.net
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He should pay his bills when they send hin one and this won't happen.If you just idnore them they don't go away. What did he think they would do just forget it. He will know next time |
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tudorjason (matt)
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I would say that it's all the interest, late fees, and legal fees that have incurred from it. Obviously, you're going to pay if you don't manage your money well. |
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Larry E
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They charge interest plus late fees. It doesn't take long to add up.He needs to try to negotiate with them but it will still be very costly. |
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Sherri C
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What state are you in? Is the civil suit being filed by the original creditor (the credit card company) or a collection agency? My guess it is probably a collection agency/junk debt buyer, who bought the charged-off debt for pennies on the dollar. These vultures tack on fees and interest and will usually attempt to "settle" for far less than the amount they claim is owed. The original creditor cannot charge over-limit fees after the debt is charged off.
He needs to talk to an attorney, but in the meantime, I suggest that he go to creditboards.com. He can find lots of good information there on how to defend this. |
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remowlms
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It is not just interest, there are fee's that have been adding to the total too (probably like $30 a month for every month it has been over limit). Yes, this is perfectly legal - your boss needs to negotiate with the company to get some of the fees and interest reduced and then pay it off. |
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Ted
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Yes, it is legal o do this. What is not legal is borrowing money and then ignoring the bills.
He is looking at 4 years of interest, possibly compounded (depending on state law). Every month he didn't pay, they added a late fee (guessing $30-50 each month). After these went over his limit he probably got and over limit fee (guessing $30-50 each month again) So, he may have accumulated $2500-4500 in fees, on which he may be paying interest. Plus, when he applied for the card, he agreed to reimburse the credit card company for collection expenses (it's in all the agreements). This will include court filing fees ($150-500 depending on jurisdiction) and lawyers' time at over $100 per hour.
He should do what he would expect his customers to do with his bills: pay up. |
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src50
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Why don't you let your boss worry about it? |
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kapn
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It happens cause your boss didn't pay his debts......interest and penalty smoked him.........he deserves this lesson......I hope you took notes...............sorry.........call the credit card company and ask for help.......... |
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Stormy D
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It happens because of legal fees |
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