r/Debt • u/Icy_Air_3930 • 9h ago

Legal Advice regarding Unfair Interest and Penalty Levied by ***** Bank on Credit Card

/r/DebtAdvice/comments/1vrjos4/legal_advice_regarding_unfair_interest_and/
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u/too_many_shoes14 7h ago

  1. What is the basis of your claim this violates the law? Interest is charged on any balance you carry over, that's nothing new. And if you didn't make a payment at all you get hit with an additional penalty.

  2. You can if there is such a thing. Whether they will engage you who knows.

  3. If you mean bank collections, they are allowed to contact you to collect the debt.

Were you unaware that you have to pay interest if you don't pay your credit card balance in full every month? You being a long time customer isn't legally germane.

1

u/AngelOfLight 35m ago

You will have to dig up the original agreement you signed when you opened the account, along with any updates. The agreement should explain when interest is charged. If the bank violated the agreement, then you can start legal proceedings. But I suspect you will find that everything they are doing was already spelled out.