Legal Question in Credit and Debt Law in Arizona
credit card debt question?
I was unable to pay my Chase bill in 2005. It was bought by Unifund. Each year they add on my credit report several thousands of dollars in fees. Is this legal? How would I even pay the old debt? Arrange payments with them or Chase? Do I ignore it? What can I do about the huge fees they add each year? I was stupid enough to give them $50 in 2007.
1 Answer from Attorneys
Re: credit card debt question?
Depending on the amount owed and the default interest rate, "several thousands of dollars in fees" may very well be illegal. Has there been any other debt collection activity other than listing it on your credit report. By ignoring it, someone will most like eventually sue you on the debt and then use that judgment to either put a lien on any property you own, levy your bank accounts, or garnish your wages. However, if Chase already sold off your account. it is unlikely they will accept payment of the debt, and you must be sure that before you make a payment to any debt collector that they do own the debt. Feel free to contact me directly if you have any further questions.
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