usurious late fees
Category: Business and Money > Consulting
Asked by: nanito-ga
List Price: $50.00
19 Mar 2006 23:03 PST
Expires: 19 Apr 2006 00:03 PDT
Question ID: 709444
A billing company I contract with is chargin me 10% MONTHLY fees on unpaid balances. Is it legal?
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Re: usurious late fees
From: jack_of_few_trades-ga on 20 Mar 2006 06:00 PST
Unfortunately the usury limits are very complicated and often do not apply to all lenders. Here is a site that seems to be up to date on the limits for every state: http://www.lectlaw.com/files/ban02.htm If there is any way to borrow the money from another source to pay off this insanely high interest account you have, do it. They are likely within their legal limits, but obviously not within any moral limits.
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