AgentSmithers
Member
What is the name of your state (only U.S. law)? California
Once a Judgement is entered we have a 10% APR interest rate that gets applied to the unpaid amount. Does anyone know what CCP covers calculation of the APR? I even tried to find a legal guideline for credit card companies and on reflex, you would think the example they give on the court's website is valid, You take 10% of the total amount of the loan and break it down by 365 days and that's your interest rate per day. As I see that is a simple example, is that really truley correct? That would be to say that the interest rate does not change throughout the year as more and more intrest accruse while the Judgement remains unpaid. For example if the Interest from 1day get's rolled into the 10% APR for day two that would create a drasiticly large difference at the end of the year and may closly mimic the correct rate that Credit Card interest is charged? Maybe my question is at what Interval does the interest rate refresh at and does the CCP even cover's this topic?
-Agent
Once a Judgement is entered we have a 10% APR interest rate that gets applied to the unpaid amount. Does anyone know what CCP covers calculation of the APR? I even tried to find a legal guideline for credit card companies and on reflex, you would think the example they give on the court's website is valid, You take 10% of the total amount of the loan and break it down by 365 days and that's your interest rate per day. As I see that is a simple example, is that really truley correct? That would be to say that the interest rate does not change throughout the year as more and more intrest accruse while the Judgement remains unpaid. For example if the Interest from 1day get's rolled into the 10% APR for day two that would create a drasiticly large difference at the end of the year and may closly mimic the correct rate that Credit Card interest is charged? Maybe my question is at what Interval does the interest rate refresh at and does the CCP even cover's this topic?
-Agent
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