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?
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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 12 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.
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