Collection Account with Rediculous Interest

[sivlercivic02cc]

What is the name of your state (only U.S. law)? Kentucky
Hi, this is my first post and I have a general question about the amount of interest that a collection agency has the right to charge. I have a magazine subscription that was setup and was to last five years in the amount of $875.00. I moved and of course never got the letter saying that this account could not be close or cancelled, so they stopped sending the magazines and sent the account to collection. I have now decided that I did get myself into this and am paying the principle off now which is now down to $775.00. My question is there is almost $600.00 in interest that has acrude and they said that they can work something out when I decide to pay the account off. So I am wondering what can they actually charge me, if anything? I just think that it is rediculous for me to have to pay that ammount of interest. Any help or advice is greatly appreciated.

[JETX]

Originally Posted by sivlercivic02cc

what can they actually charge me, if anything?

They can charge you whatever you agreed to in your subscription.... up to the maximum allowed by law in the state where you signed up (or the 'venue' state shown in the agreement).

[sivlercivic02cc]

I listened to the converation from when I signed up and they never said anything about any interest. There was no documention of interest. Actually the notice they send every month says that interest if added is a 10% per year on unpaid balance, but that is from the collection agency. I never agreed to any interest anywhere in the original agreement.

[Wirelessany1]

Originally Posted by sivlercivic02cc

I listened to the converation from when I signed up and they never said anything about any interest. There was no documention of interest. Actually the notice they send every month says that interest if added is a 10% per year on unpaid balance, but that is from the collection agency. I never agreed to any interest anywhere in the original agreement.

Your concurrence is not required. What makes you think you can owe a debt for any length of time and not be required to pay interest