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     | Monday, February 26, 2001 - 07:43 pm  Hi All, I'm having difficulty interpreting what the FCBA says. I've quoted the FTC site below from http://www.ftc.gov/bcp/conline/pubs/credit/fcb.htm *************** "If the creditor fails to follow the procedure... Any creditor who fails to follow the settlement procedure may not collect the amount in dispute, or any related finance charges, up to $50, even if the bill turns out to be correct. For example, if a creditor acknowledges your complaint in 45 days - 15 days too late - or takes more than two billing cycles to resolve a dispute, the penalty applies. The penalty also applies if a creditor threatens to report - or improperly reports - your failure to pay to anyone during the dispute period. " ********** Assuming I have a $150 debt that I'm disputing, and the creditor doesn't acknowledge my dispute within 30 days and therefore the penalty applies. Does my debt become (a) $50 or (b) $100. I know this sounds like a pretty simple question. But I've read the same paragraph probably 20 times and can't figure it out. Thanks for your help.
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| | Tuesday, February 27, 2001 - 01:27 pm Why didn't I know about the FCBA? I think your debt would be $100. I don't know why they can't make that any clearer. I wonder if that's $50 per incident. GTE would owe me thousands, but then again, I think it only applies to revolving accounts. Was scanning the page last night, have to go back to it when I got some more time.
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