A debt collection agency bought my 5000 debt.The letter I received from the collection agency states that i owe 7000. 2000 in interest in a month?

Get Legal Help Today

 Secured with SHA-256 Encryption

A debt collection agency bought my 5000 debt.The letter I received from the collection agency states that i owe 7000. 2000 in interest in a month?

Asked on March 14, 2012 under Bankruptcy Law, Illinois

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Depending upon the age of the debt that you owe, the additional $2,000 could be accrued interest over the life of the debt owed. If there is a judgment against you, the $2,000 could be accrued interest, court costs and attorney's fees.

I suggest that you contact the debt collection agency and ask what the $2,000 above the $5,000 amount allegedly owed is for. Possibly you will get your answer to your question.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption