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Old 07-10-2018, 04:26 PM   #4910
Ray1969
Junior Member
 
Join Date: Jun 2018
Posts: 53
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?
Whatever situation or duration, total intetest late fees etc etc, i.e. total cost is cap at 100% of principle sum.

https://www.straitstimes.com/business/banking/new-curbs-on-moneylending-fees-interest-begin-today
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