I owe a credit card around $5900 which is with collection agency now. How much maximum they can dema

I owe original chase credit card $5900 in 2003. I went out of county for three years after 2003. During that period, this account was purchased by 2 collection agencies. The second one offered me a settlement for $2500. As I could not get that information that time, did not proceed with that option. Now I am back in country and this account was purchased by third collection agency. They now say that the total account balance with intrest is little over $10,000. They referred this account to their attorney for possible law suit. When I contacted the attorney, he is not accepting for any settlement less than $7500. I did not requested validation of debt as I know this is a valid one.

Is this amount $10,000 now with intrest is legal in NJ on an initial principal of $5900 from 2003? And is there any way that I can use offer from previous collection agency?Is $7500 a reasonable offer for settlement? He accepted to give me a letter in writing that the account is settled in full.

I owe a credit card around $5900 which is with collection agency now. How much maximum they can demand now?

They can ask for all it. Yes, you agreed to the terms, so it is legal. Visit an attorney so you don%26#039;t get into more trouble.

I owe a credit card around $5900 which is with collection agency now. How much maximum they can demand now?

Them late fees can pile up fast and % compounds on the total due .

Wait until you see the legal rates on payday loans !

%26gt;

I owe a credit card around $5900 which is with collection agency now. How much maximum they can demand now?

Don%26#039;t pay anything. Make them take you to court. If you don%26#039;t have the money, or assets, there%26#039;s not much they can do.

I owe a credit card around $5900 which is with collection agency now. How much maximum they can demand now?

You really need to talk to an attorney. Credit cards are unsecured debt. I think that you can pay it off around $6,500.00. They can demand all they want, demanding is not getting.

I owe a credit card around $5900 which is with collection agency now. How much maximum they can demand now?

im sure they can charge interest if they want. i dont think its right since they bought they account for pennies on the dollar. its not right they charge interest for money you didnt get from them. do not settle. your cr is already bad. youll reage the debt. see if they take you to court. if they sue show up and get a settlement on the principle balance. maybe only 50%. tell em to shove the interest. my guess is they wont even sue. it may be possible to request validation yet. try it. also check sol in nj.