Do I have any legal recourse with excessive late fees?
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Do I have any legal recourse with excessive late fees?
A few years ago I bought a laptop on store credit. I’ve been paying on it the best I could, but two years ago when I graduated college I had to leave my job. In that time, I was being penalized late fees, even after I told them I couldn’t pay because I was unemployed. I now have a job and have been paying on time for a year but I realize my balance is almost three times the amount of the laptop due to late fees. Is there anything I can do? It seems almost usurious to pay $1500 back for a $600 laptop.
Asked on January 31, 2012 under Bankruptcy Law, Georgia
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Were late fees part of the purchase or financing agreement for the laptop? That is, somewhere in the paperwork which you signed and/or reviewed at or before the purchase, did it say that you could be charged late fees or interest if you paid late or defaulted? If the late fees were part of the agreement, you may be charged them, even if they are "excessive" by most standards. On the other hand, if the fees were not part of the agreement which you agreed to when purchasing, they might not be able to impose them after the fact.
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