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Any one know if this is accurate?

My SO had a credit card back in 2005. He defaulted on payments and they have been charging interest on it ever since. This is 4 years old are they allowed to do this? They closed the account and are still charging it.

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Anonymous

Asked by Anonymous at 1:55 PM on Mar. 22, 2010 in Money & Work

Answers (5)
  • Yup!
    Anonymous

    Answer by Anonymous at 1:56 PM on Mar. 22, 2010

  • Mine got charged off rather quickly..they added their fees and charges for a few months then sent it off...the fees and all added up to over 1k. but if its been that long i wouldve thought it would have been charged off sent to collections by now!!
    sweetstkissez22

    Answer by sweetstkissez22 at 1:57 PM on Mar. 22, 2010

  • Closed account doesn't mean he doesn't still owe. I would just try paying it off asap before it goes to collections. Why it hasn't tho is a real odd thing
    Mrs.Owen86

    Answer by Mrs.Owen86 at 3:26 PM on Mar. 22, 2010

  • At some point they will garnish his wages
    rkoloms

    Answer by rkoloms at 1:26 PM on Mar. 26, 2010

  • Yes, they can still and will charge interest...however you can settle that account out for pennies on the dollar. Are you sure they are still charging interest b/c after 4 years it should have been in collections for a few years and is probably close to being charged off.

    They don't garnish wages in all cases! It is possible but if they have not done it yet they probably wont.

    If you want some professional advice on how to settle out that account please feel free to message me here or contact me @ 877-642-4812. You can also visit my website @ dynastyfinancialservices.com

    FREE ADVICE!
    DFSNIKKI

    Answer by DFSNIKKI at 11:58 AM on Apr. 7, 2010

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