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Quick DCA question
crazyhaggid
Posts: 159 Forumite
A DCA has just told me they can charge 11% on my debt as this is less than the rate when I signed my original credit agreement. What laws govern their ability to charge interest and can I object to it?
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Comments
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They can only charge interest if in the terms of your credit agreement it said the interest was transferable to another party. If not, they can't charge any interest without court approval, and even that is just 8%.
If they are allowed to charge interest, they can do so by whatever terms are set in the agreement, be that a flat rate, variable or the same at time of transfer, they are bound by the agreement you signed.Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0
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