Pay Finance Charges on a debt 14 years old?
Evidently my wife didn't tell a city she was moving in that she moved 14 years ago. They say she owed city vehicle taxes. Now, the city hired a collection agency to try to get the debt and interest on it. We heard nothing about this for the past 14 years. Had no idea there was outstanding debt because nobody contacted us. Upon hearing about this, we paid the principal, but we are questioning the finance charges. The finance charges are three times what the principal was. Had they contacted us 12, 10, 8, even 5 years ago, the finance charges wouldn't have been as much. Would it be worthwhile to take this to a lawyer or should I just pay it. Don't want it to negatively impact our credit rating, but it seems like they waited too long to contact us and let the finance charges inflate. Total about is under $700. Could a lawyer help or would it even be worth it?
Answers:
If the amount is less than $700, hiring an attorney would cost you more than simply paying the bill. Whether you can negotiate any reduction undoubtedlly depends on the policy of the city agency.
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