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Old 06-10-2018, 01:21 PM   #4907
Junior Member
Join Date: Jun 2018
Posts: 65
Not very understand this part "closed shop still can collect for 7 years?" Any further readings to support this?

The issue is how long can they continue to charge for the 4% additional late interest charges and $60 late fees per month. If monthly normal 4% + additional late interest of 4% + $60, easily within 12 months the oustanding amount will be doubled.

If after 120 days, never paid a single cent, they have to classified the loan as bad debt, then all of the interest and fees counting will be stopped, isn't this option is much better?
Compare to counselling which could easily need to pay double over 12 months?
Even bad debt they can still collect.. This is to protect the lml interest..usually they'll go for what your capital loan is with them with interest or not I'm not sure.. But they have 7 years to close all accounts.. Take ppl who r on bankrupt n under DRS.. That's y the 7 years
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