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Capquest Annual Statement


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I've just received the above for an old bank account that was possibly sold on...They are treating the account almost like a credit account, and are stating that interest is being charged at 12% and they are showing an interest charge being added each month...Are they allowed to do this?

 

Under what circumstances can a third party charge interest/whatever once the original agreement has been terminated and no new agreement has been agreed?

 

Many thanks

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