Common Q & A about Adding Fees to Consumer Debts - MP3 - 3/15
Common Questions and Answers about Adding Fees to Consumer Debts Recorded: March 10, 2015
The concept is tempting-adding interest, collection fees or other costs to consumer debts. Before adding such costs to debts, debt collectors must review the terms of the agreement creating the debt and understand relevant federal and state laws.
The teleseminar will take a practical look at common questions from debt collectors about adding fees to consumer debts, including:
- Can I charge a consumer interest and collection fees?
- Can I charge a consumer a transaction fee?
- What's a reasonable fee?
- How much interest can I charge?
- Can I charge a collection fee that is greater than my contingency fee?
- Do I need to review state law if my contract allows fees?
This seminar will provide listeners:
- An overview of the federal and state laws governing the collection of fees such as interest, collection fees, and transaction fees.
- Relevant court decisions and enforcement actions.
- Insight into common questions.
Whether you are currently adding fees to debts, considering doing so, or looking to review your current policies and practices, this teleseminar has something for you.
Kim Rath, Director of Compliance, ACA International, Minneapolis, Minn.