I bought a computer from Radio Shack a little about than ten years ago, the payments were being made on it as well as a few other items for a total cost of about $2300.
There were times that I did make some payments late because of the amount of debt I was in and unable to pay everything on time.
In the end of what should have been nearing the end of that relationship my statements indicated that I owed $3500, I had paid about $2900 on the $2300 that I owed. After inquiring what that was about, they (one of the representatives Citi Bank) said it was due to fines and fees for late payments. I could not and still do not understand how you can respond to someone having a problem paying a bill by compounding their dept. It is not an effective deterrent or punishment for someone having such a problem neither is it moral.
After trying to adjust and pay the bill I realized that I couldn't, I tried to get them to work something out with me but they had referred me to a collection agency that demanded that I paid what was owed (reduced but still much more than the original Purchase.) So I refused to pay and continue to do so until this be brought to court. I wanted to know if Loan sharking is legal and that this is what our soldier's sailors and air men/woman know that they are sacrificing their lives, time and youth to defend. From that time until now I have been passed off from one collector to the other.
I have learned this is the strategy of the predator lenders to force payment from people they have victimized, strangling their financial creditability until they have their ill-gotten gains. I wonder now if they will be one of the many ill responsible crooks going to Washington with their hands out needing their victims to bail them out. Like henchmen, collection agencies can also sell debts indefinitely and continue reporting you to credit reporting agencies indefinitely. Debt is a financial enterprise.
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