CA CHARGING 12% INTEREST ON CO

[Anonymous]

My wife and I are in the process of buying a house in the next 30 days and trying to boost credit score up QUICK.. I called LVNV FUNDING today, hoping for a PFD and the lady was....HORRIBLE...she kept rushing me off the phone...every time I said something her response was "IS THERE ANYTHING ELSE I CAN HELP YOU WITH"...she didn't want to hear it... The collection is from 2005 and for $930...which the are charging a 12% interest on...it was $836 from HSBC/BEST BUY...she strongly went against the PFD...saying they will only update it to PIF...I kinda figured that... But even when I asked if I decided to do a settlement...what would it be....she agreed to 50%...being paid in 30 days...which is good...I just DID NOT like her attitude... I think maybe because I called at 5:55 and maybe they closed at 6:00 and she was rushing to go home...IDK...oh well.... I don't know what else to do for a quick boost... We paid the cards down to 33% UTI...PFD on collection with RJM Aquisitions...PIF SPRINT collection with DIVERSIFIED ADJUSTMENT...we are just trying to wait for my FATHER'S JUDGMENT to come off...every time he gets a judgment it goes my credit report...last year his bankruptcy went on my credit report...and I had to FIGHT to get it deleted... EQUIFAX..denied the dispute from the BOA mortgage company for the JUDGMENT...because they said it was not a valid letter...but it was the letter to my father from the court with his SSN on it...and I sent my SS Card for verification... TROUBLES OF BEING A JUNIOR.....

[llecs]

They can often charge more or up to the default rate listed in the CC's T&C. Some states though can limit the rate at which they charge. Here in VA, for example, that rate is 18%.

[Anonymous]

What state are you in?

[Anonymous]

TEXAS...but originally from Louisiana...moved here 6 months ago....

[Anonymous]

STATE: TEXAS

INTEREST RATE*

• Legal: 6% with agreement can charge up to 18%. w/o agreement - statutory interest of 6% begins to run 30th day after becoming due
• Judgment: 10%

STATUTE OF LIMITATIONS (IN YEARS)

• Open Acct.: 4
• Written Contract: 4
• Domestic Judgment: 10 (Renewable)
• Foreign Judgment: 10 (Renewable)

BAD CHECK LAWS (CIVIL PENALTY)
N/A

GENERAL GARNISHMENT EXEMPTIONS
100% of Wages

COLLECTION AGENCY BOND & LICENSE

• Bond: Yes
• License: No
• Fee: No

Always consult counsel to charge interest - Texas has very onerous usury laws & penalties.

=============================================================

STATE: LOUISIANA †

INTEREST RATE

• Legal: 9.75%
• Judgment: 9.75%

STATUTE OF LIMITATIONS (IN YEARS)

• Open Acct.: 3
• Written Contract: 10
• Promissory Notes: 5
• Domestic Judgment: 10
• Foreign Judgment: 10

BAD CHECK LAWS (CIVIL PENALTY)
After 30 day written demand (certified or registered), twice check amount. Attorney fees & court costs

GENERAL GARNISHMENT EXEMPTIONS
75% disposable earnings per work week, but not less than 30 x fed. min. hourly wage.

COLLECTION AGENCY BOND & LICENSE

• Bond: Yes - $10,000
• License: Yes
• Fee:
  • $200 Initial
  • $200 Investigation
  • $200 Renewal
  • $100 Branch
  • $100 Branch Renewal

[Anonymous]

I'm sorry...but I'm kinda new to the credit repair thing...I HAVE NO IDEA WHAT THIS MEANS???????? SORRY!!!!! Can someone explain please?

[Anonymous]

From the way I understand it, 9.75% is the max that a CA can charge in interest in LA. In Texas, it is 6%, unless there is an agreement and then up to 18%.

However, I haven't dealt with this..........this is just information I found online.......you might want to double check........check state website and with state attorney general.