Unfortunately, several years ago I defaulted on a credit card through Capital One and the account was eventually charged off and the debt sold to NCO Financial. At the time the account was charged off the balance was approximately $800, however, NCO has been adding 22% interest to the charged off balance they purchased and currently they state that owe NCO over $1800.
How can this be legal? Can someone please explain this to me or point me in the right direction where I can find out about collection practices on charged off accounts?
