sold debt interest?

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lily

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Post by lily » Mon Mar 17, 2008 11:39 pm
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When a bank sells a debt,the new company states that they charge interest on the outstanding amount? Is it the same as the origional credit card or can they just decide on what amount of interest they can charge?
Last edited by lily on Mon Mar 17, 2008 11:40 pm, edited 1 time in total.
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MelanieGiles

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Post by MelanieGiles » Tue Mar 18, 2008 12:17 am
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Lily

They buy the debt under the same terms as the seller who sold it - so contractual interest is chargeable unless there is a change of contratual terms which has to be agreed by both sides.
Regards, Melanie Giles, Insolvency Practitioner
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lily

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Post by lily » Tue Mar 18, 2008 12:58 am
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Thanks Melanie
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