Report: #258721

Complaint Review: P. Scott Lowery

  • Submitted: Wed, July 04, 2007
  • Updated: Fri, July 06, 2007
  • Reported By: Houston Texas
  • P. Scott Lowery
    4500 Cherry Chreek Drive South Suite 700
    Denver, Colorado

P. Scott Lowery purchased account from MBNA charging consumer 14%interest on account. Denver Colorado

*Consumer Suggestion: Don, "post charge off" interest of 14%-20% is ILLEGAL!

*Consumer Suggestion: Adding interest

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In February 2003. my MBNA account was written off as a bad debt. In an attempt to continue to pay on the account I was informed by a representive of MBNA that they no longer had the account. At that time the account was seriously past due. I was a business owner and the business was unsuccessful. Only one income was coming in for about six months. I was later contacted by P.Scott Lowery law firm and was told they would be collecting on the account. I set up payment arrangements with them.

The earliest date I have on record was 2-12-04. Persons whom I delt with were Tiffany Webber, Mr. Flemings, Mr. Oliver, Mr. Hooks, Amanda and Devon Fitch I requested that Tiffany Webber and Amanda not contact me anymore due to their rudeness over the phone. They both continued to call until I was able to speak with a supervisior.

I have been making monthly payments of $50-100 a month since that time and three years later my balance is around $5,000 more.

After a representive called my home, she managed to get my cell number from my daughter. She called me on my cell phone which angered me. I was asked by this individual if I wanted to settle my account. I have kept copies of the letters that the frim has sent me but none of the letters have a balance due. I preceeded to ask her what was the balance and it occured to me tht the balancing is increasing instead of decreasing. I was told by a representive on 7-3-07 that the account was acruding interest at 14%. Is this legal? Please give me any legal advice you can.

Houston, Texas
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This report was posted on Ripoff Report on 07/04/2007 09:12 PM and is a permanent record located here: The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Suggestion

Don, "post charge off" interest of 14%-20% is ILLEGAL!

AUTHOR: Steve - (U.S.A.)


Post charge off interest is regulated by both state and federal laws. At last I checked the federal law only allowed 8% interest, and some states restrict it to around 6%.

Any collection agency charging interest as stated by the OP on a post charge off debt is breaking the law.

Only the amount that was in default including interest and fees at time of charge off can be collected without approval of the court.

Been there. Done that.
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#2 Consumer Suggestion

Adding interest

AUTHOR: Don - (U.S.A.)

A collector can legally add interest to a debt if state law allows this, and the cardholder agreement allows it. A collector can not add interest at their whim, only if you agreed to it in the past (like when you signed the card). As for the interest rate, 14% seems fairly low. As a collector, I routinely see them at 20% or more.
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