www.iva.co.uk

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?

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.

Thanks Melanie