Legal Question in Credit and Debt Law in Massachusetts
bad creit card
i had a credit card company bring me to court for not making any payments for 4 years it caught up with me my card was 300 balance went to court the judge said i had to pay 2000 back been paying 150 amonth back year and a half later thry say i still owe 1550 how is that
Asked on 4/01/08, 3:39 pm
1 Answer from Attorneys
JOHN TATOIAN
LAW OFFICE OF JOHN A. TATOIAN ESQ.*Licensed Only in Massachusetts
Re: bad creit card
Without knowing the exact numbers, it's impossible to verify if the court's calculations are in fact correct. Keep in mind that you must calculate not only the prejudgment interest on the credit card's principal balance ( there are 3 different methods credit card companies use to calculate your balance due), but also the post judgment statutory interest which, pursuant to Massachusetts law, accrues at 12% per annum.
Answered on 4/02/08, 10:18 pm