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interest charged on purchased debt
sinkinfast
Posts: 4 Newbie
hi all, i am about to contact a company that has purchased my debt and charging interest. not only are they being difficult in accepting a repayment plan they are also charging interest. i am about to dispute the interest charged on my debt they bought, as i had not entered into an agreement with them, am i correct or is it legal for the company to charge interest, if you have any legal reference, please include in your reply. thanks
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It depends on the agreement you had with the original creditor - some agreements specifically allow a third party to charge interest if the debt is sold, but if its not mentioned in the agreement then they cannot.
What was the debt originally? have you got your copy of the agreement so you can check the wording?A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
ty for your reply Tixy unfortunately i do not have the original agreement, if the company that purchased my debt does not have my original agreement can they charge interest. is there any way i can challenge them legally?0
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you don't say what sort of debt it issinkinfast wrote: »ty for your reply Tixy unfortunately i do not have the original agreement, if the company that purchased my debt does not have my original agreement can they charge interest. is there any way i can challenge them legally?
isn't charging base rate interest (8%?) everyone's right (you included)?0 -
you don't say what sort of debt it is
isn't charging base rate interest (8%?) everyone's right (you included)?
If I remember correctly, only if a judgement has been obtained and there isn't/wasn't a contract specifying a different rate.Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
sinkinfast wrote: »ty for your reply Tixy unfortunately i do not have the original agreement, if the company that purchased my debt does not have my original agreement can they charge interest. is there any way i can challenge them legally?
Have you asked them for a copy?
http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=39_getting_information_about_your_credit_agreementFree/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0
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