Legal Question in Credit and Debt Law in New York
Finance charges, interest charges on closed accounts
Closed account sent to attorneys office, finances and interests charges applied to debt daily at very high rate. Is this legal in NY state?
Asked on 3/21/06, 2:35 pm
1 Answer from Attorneys
Robert R. Groezinger
GroezingerLaw P.C.
Re: Finance charges, interest charges on closed accounts
The rate applied is probably the default rate in the contract, which canbe as high as 24.9%
the fact the the account is closed does not mean that the open balance does not continue to accrue charges.
Good Luck
RRG
Answered on 3/21/06, 3:03 pm
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