if i owe money to friends or family are they allowed to add interest to the amount even if they don't work as a debt collector or banker?

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  • 1 month ago

    I don’t know the legal answer for sure, but I don’t think there’s any legally binding rule that says you can request interest on money that you previously did not state you expected interest on. If you’re asking etiquette, it is bad etiquette for them to ask but you should at least consider their request. In the future, be VERY sure what the terms are from the start, or else use a bank.

    • Eric1 month agoReport

      thank you if anything I never signed anything from when i asked for the loan the person just told me to may it back there was no talk of interest ever.

  • 1 month ago

    Pay them in comic books, since you DID post this to Comics & Animation, as opposed to Personal Finace, where it belonged.

    • Eric1 month agoReport

      sorry i meant to say wasn't asked not was asked.

  • John
    Lv 7
    1 month ago

    if it was part of the agreement when you first borrowed the money yes, but otherwise i don't think so. when you take out a loan from the bank, the interest rate is part of the contract you sign. they don't just add interest randomly

    • Eric1 month agoReport

      I never signed anything nor was i told about interest so if anything you might be right.

  • 1 month ago

    No not really my friend I never would.

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  • Sparky
    Lv 5
    1 month ago

    Not really.

    But if you haven't paid off the debt in a reasonable amount of time, or as promised, I can understand why they may want to.

    • Eric1 month agoReport

      ok thank you I was just wondering because i hear a lot of things.

  • 1 month ago

    I didn't sign anything first off and second I was just asking if they are allowed to i found nothing online related to my question.

  • 1 month ago

    Yes. You're borrowing their money so it's on their terms.

  • Anonymous
    1 month ago

    If you agreed to it

    • Eric1 month agoReport

      when i was told the amount i was never told about adding interest. I only learned of it recently.

  • Jay
    Lv 6
    1 month ago

    they knew damn well you were going to scam them in the first place so they put down the legal terms into a contract and made you sign it

    • Eric1 month agoReport

      you don't need to be so hostile towards me. I only asked because i just want to make sure i heard somewhere that only debt collectors and banks can make profit off a debt that is owed to them. I never signed any kind of contract.

  • 1 month ago

    That's a private arrangement between you and your friend/family member. They can do whatever they like, if you don't like what they offer don't take it.

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