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What is the maximum interest rate a collection agency can collect.? I was being charged 57 1/2 % interest.

Waxahachie, TX |

I renegged on a loan and it was sent to Arrow Financial services for collection. The original loan was set at 28 %. I was paying $91.00 a month to the original loan. Then we made a deal with Arrow to pay $140.00 a month. We paid this for 11 months and the amount was going up not down. We called them and one of their people said they were charging us 57 1/2 % interest. Is this legal?

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Filed under: Bankruptcy
Attorney answers 1

Posted

These comments are made for educational purposes only and do not constitute legal advice. No attorney-client relationship exists between us.

I've seen some really high interest rates, but this is breath-taking! Please call me for a free consultatin regarding this matter.