capitol One credit card limit $500. Closed and charged off, yet company continued to add late/unlimited charges.Balance is now $2700 on credit report.Last activity balance is $1728. Wasn’t they paid their $500 by insurance company/used their loss when filing taxes.How can they still be charging on account. Why does card holder have to still pay them to remove this negative and untruth monies. Is this legal, what and who can be contacted.Or do you have to pay them amount.
Interest can still pile on.. collection fees. ect.. call them up and offer them $700 to settle the account they will most likely do it.. if not you can write 3 letters to:
experian credit services
equifax credit services
trans union credit services
tell them it is fradulant activity..
they will look into it, if they dont respond by thirty days, they will remove it from you credit completely.
IT IS THE LAW its called the fair credit act
IT IS too good to be true!!
I did it worked like a charm!!! I did id for $31,000 and i actually chargered $25,000
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Yes, They can keep adding fees as long as they like. (from my past experience) You need to contact them and ask if you can reach a settlement amount, then set up a payment for that. That way the fees cease.
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Yeah call the company the sold it to and settle foor about 7 to 8 hundred
gl
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What was the date you defaulted on the loan? When did you pay last?
With that much penalty/interest, it sounds like an old debt. Each state has a statute of limitations, and after that time you have no legal obligation to pay the debt. So that will at least get any creditors off your case.
As for your credit report, you can try what the previous responder said, and send a letter to the collection agency (See the links I’ve supplied below for info). But I’m going to bet it won’t work in your case, especially for a large credit card company that does this nonsense all the time. They know the game, and know how to play dirty.
Just because a loan has been charged off and closed does not mean you are off the hook. The balance can be sold to a collection agency, and they can continue to try and collect. Without looking at your agreement, I can’t advise on how legal their intrest and penalty charges are. But they will also threaten you with legal fees if they try to take this to court.
Credit reporting agencies will report this debt for 7 years, after which they MUST remove it. So check the dates, and if this is an old debt my suggestion is ride it out, then watch the report drop by itself.
Contact me if you need more info.
http://www.comresinc.org/Forms/Credit/CLetters.html
http://www.ftc.gov/bcp/conline/pubs/credit/bbcr.htm
http://www.ftc.gov/bcp/conline/pubs/credit/repair.htm
http://www.cardreport.com/laws/statute-of-limitations.html
http://www.ftc.gov/os/statutes/fcrajump.htm
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