I currently ran into a situation where a company owes me a rather large late fee settlement.
The original amount was $300, and i had a clause in the contract that stated a late fee of $25 which was signed.
The amount owed now is $1500. And the company finally wanted to pay. However it stated the maximum recoup amount in the state of Wisconsin is 18%. Which would come to around $650.
Two problems:
One they signed a contract which agreed to a $25/month late charge.
Two, what about payday loans? Don’t they charge like 200% interest?