I defaulted on a bank loan and it's now with a collection agency. A bank official has told me that the debt is continuously accruing interest. Is that possible?

1 Answers
0 votes
Vote up!
Vote down!

Yes, they can do this legally. Collection agencies often add up interest and other fees on the debt you owe. This is just a typical stunt of most collection agencies to make some extra money.  Make them an offer, but know the procedure first as it is very complicated.

Ask Question

Waterfall approach to debt free ™

Legal debt relief methodology that works based on your financial conditions. Learn more »

Last Updated on: Fri, 8 Jun 2018

BBB-A--Rating TrustLink logo TrustLink logo