I have a charged-off account. Are they able to charge interest on that? I have requested proof and the bank and the credit company has not provided me with proof. I have been with the same bank for over ten years and now this has come up.
Absolutely. While state laws dictate interest rates, it is likely that your loan contract includes a provision for post maturity interest. That interest will continue to accrue and be owed. It is not uncommon that the interest will be more than the principal after a couple of years. It obviously depends on the amount owed, the time the post maturity rate is in effect and what that rate is.
Some borrowers can negotiate with the lender and offer a lump sum payment that includes only a part of that interest. For the lump sum payment, the bank settles the account and will not collect the remainder.
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Absolutely. While state laws dictate interest rates, it is likely that your 