It doesn't matter anyway.
Only the principle is what is placed on your credit.
If your nice to your agent, they may agree to remove all interest for you and will still count as a payment in full.
It's up to them whether or not they want to though.

lol... just putting my 2%'s in :)

just adding 2%s worth... oyyy

Lord, love a duck!

Ray

hmmm...
2% per day simple interest is different than 2% compounding interest

2% simple interest would mean that it's taking 2% of the principal only each day and not compounding the interest.

is the item below 2% simple or compounding interest?

Good math, collection agency No. 17!

Ashcroft University, I presume.

Ray

It's 24% per month.
Not 2% per day.

ya, it seems a little far fetched myself thats why i checked out the facts on the code for it. i personaly found it funny that she couldn't verify it , even right after saying it

You don't have to tell them it is being recorded. A tape recording is permissible in court so long as one party to the conversation knows it is being recorded... it is not necessary for both parties to know it.

In essence, you can record your own conversation and take to court, but you cannot record somebody else's.

If you need confirmation, take in the statements they send, but I doubt they are actually charging 2 percent per day.

next time she calls i will get her to mail me it in writing for my 'information', probley be easyer. i'm still new to it all. whats this i hear on the boards about writing them a letter to stop and what might they do in retaliation?

Haha the math part is based on simple interest, but when it is compounded daily.

1.02^365 = 1377 it means when she said 2% per day, the annual percentage is 137700% LOL

Yeah really, make her confirm and send a letter about it. Or you can simply tape the conversation but you have to let her know beforehand that you are recording it.