Ask Experts Questions for FREE Help !
Ask
    GOHEWITT's Avatar
    GOHEWITT Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Oct 28, 2011, 11:17 AM
    OWE $200 for collection
    Collection agency listed it as five collections at $40 DOLLARS IS THIS LEGAL FOR ONE BILL?
    Steph_Love's Avatar
    Steph_Love Posts: 16, Reputation: -1
    New Member
    		  
    #2

    Nov 7, 2011, 09:28 PM
    Yes it is. After a bank loan goes into default, the bank turns your file to a collection agency and they try to collect the money from you. Now depending on how long it's been in collections, a collection agent may offer you to pay a settlement or small payments. The collection agency then gives the money back to the bank and gets a percentage. Try not to miss payments on any debts, because it stays in your file for years and ruins your credit.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
    Uber Member
    		  
    #3

    Nov 8, 2011, 07:03 AM
    No, that's not legal. A collection agency cannot break the bill down ($400 for example divided by 10) and sue you 10 times for $40. They sue for the whole.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #4

    Nov 8, 2011, 08:32 AM
    It depends on exact what the credit report shows. It CAN be listed as separate late payments, but not as separate debts.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Running 100 amp service panal 200 ft away from main 200 amp service [ 4 Answers ]

I am looking to find out how big the wire needs to be to carry the load. This will be a 100 amp service coming from a 200 amp main . It will need to travel 200 to 250 ft underground to a barn. If some one could help me that would be great thaxs)))

What size wire to a 200 amp panel 200 feet away [ 4 Answers ]

What size wire and how much for a 200amp box 200 feet away? I have a 200amp panel on a pole and want to run another box some 200 feet away to a man cave. It will house a fridge, lights, a window ac, and TV stereo. No heat as it will be wood burning stove. Gas oven and cooktop, one big 1200 sq ft...

Received the collection letters from collection company after discharged from bankrup [ 2 Answers ]

I had discharged all my debs after my bankruptcy judgment. I received a collection letter and phone calls from a collection agency what should I do now ?

I owe taxes from 2006, I was self emplyed. How much do I owe now? [ 6 Answers ]

I did a little thing over 3 months of summer (I was 18) I was doing landscaping. I got a letter in the mail, saying I owed on the money I make. I have no idea how much I have to pay I am freaking out. I made 11735.50 in 2006, and In 2007 I worked off and on I made 23232.89. I was self...

View more questions Search