Legal Question in Credit and Debt Law in New Jersey
Interest Limits
I have a lawfirm contacting me that I owe $16,000 on an old credit card debt of $6,800 from 1998. I offered to settle for $6,000 but the law firm (Hayt Hayt and Landau) want the entire amount. Can the penalties and interest legally be over $10,000?
3 Answers from Attorneys
Re: Interest Limits
It is impossible to answer your question without more information.
More importantly, you will need to either fight them (which will be a lot more likely to succeed if you have a lawyer helping you), or get them to accept a payment plan that you can live with.
I am currently representing five or six people in similar situations. If you want me to help you, please contact my office.
Re: Interest Limits
It is important to know all the details of the debt particularly if the statute of limitations has expired before you acknowledge the debt. What state do you live? Are you judgment proof? You do need a lawyer for sure to examine the facts.
Re: Interest Limits
You may owe nothing. I suggest you contact an attorney ASAP.
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