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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  • 10 months 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.

  • 10 months ago

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

  • John
    Lv 7
    10 months 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

  • 10 months ago

    No not really my friend I never would.

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  • Sparky
    Lv 6
    10 months 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.

  • 10 months 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.

  • 10 months ago

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

  • Anonymous
    10 months ago

    If you agreed to it

  • Anonymous
    10 months 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

  • 10 months 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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