Account Balance increasing despite payments
Date: Thu, 03/07/2013 - 16:35
Account Balance increasing despite payments
We are trying to settle some old repo accounts and in researching and preparing I noticed that one account with has a balance that seems to increase exponentially rather than decreasing. The original judgement that they got was for about 9k. My wages were garnished for a while to the tune of about 5k. Instead of a 4k plus judgment interest balance, they are reporting that I owe close to 13k! From 11/11 to 01/12 they increased the balance by over $2000! There is no explanation for this increase. In other months they are tacking on $123 a month.
Has anyone else seen anything like this? What can I do if it is determined that they are charging interest beyond what is allowed by law? (Judgement interest in the state where they got the judgement is only 6% annually.)
Has anyone else seen anything like this? What can I do if it is determined that they are charging interest beyond what is allowed by law? (Judgement interest in the state where they got the judgement is only 6% annually.)
Nope. I checked the code.
Nope. I checked the code. Interest is 6% per annum. I'm going to call the court tomorrow and talk to them about it.
Judgment interest might or
Judgment interest might or might not apply and in some states, the original rate of interest specified in your contract becomes applicable. Would that explain anything?
