2007-06-07 15:36:14 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
Can I assume that with that much interest this is an old debt?
Has this gone to court yet? Did they get a judgment?
Your first step is to get this debt validated and find out the details on how the came up with this amount.
Then look carefully at the date. Find out the "last transaction date". That is the date you either made a payment or put a charge on the card.
If this is an old debt (6 years or so), it is probably over the SOL date and you can get the lawsuit dismissed. Take a look at the link below for info on this.
2007-06-08 06:40:15 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Interest continues to accrue, and I'd guess they are adding collection charges and fees as well (which they are entitled to do). Always remember that a 'charged off account' is only for Capitol One's tax bookkeeping, and it does NOT mean that they are relieving you of the debt.
Call them ASAP to see if you can work out a reasonable settlement. If they refuse, you're stuck with the full balance unless you can prove some of it is not justified.
2007-06-07 23:38:43 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
Well, what did you expect? After they add interest, fees, late charges, collection fees and lawyers fees (which they are in-titled to) this is what happens when you ignore a credit card balance that's due.
You say they are sueing you, have you gone to court yet? Have they already received the judgment? If not, call them and work out some kind of payment plan as soon as you can before you get stuck for the entire balance.
2007-06-08 09:29:35 · answer #3 · answered by ? 7 · 0⤊ 0⤋
Apparently you neglected to talk to them when they were calling to collect on it. Call them.You can work out a deal and for a lot less than the 10k and probably for less than the $2700. Ignoring the problem unfortunately never helps. Even if you can't pay much, pay something. Even $10 a month.
2007-06-07 23:22:03 · answer #4 · answered by jamesnbarnes 3 · 0⤊ 0⤋
They usually go to 29% interest after you stop paying. At that rate, it should quadruple after about 4 years or so. I recommend you have professionals try to get you a 1-time settlement.
2007-06-08 14:40:55 · answer #5 · answered by stephen l 2 · 0⤊ 0⤋
this dose not sound right at all, did you go to court to plead your case on how the intrest was figured out. If you already had a court date and failed to go there is nothing much you can do. before a court date you could of fought it hard. I would contact a attorney for that amount of a diffrence.
2007-06-08 00:35:53 · answer #6 · answered by Anonymous · 1⤊ 0⤋
How long ago did you have this account?? I believe they can't do anything about a past debt after 7 years.
2007-06-07 22:47:26 · answer #7 · answered by Sarah 2 · 0⤊ 0⤋
Note to self:
This is what happens when YOU don't settle with your credit on the front-end and let lawyers get involved in YOUR hot mess. When they touch your debt, it multiplies faster than horny rabbits.
Good luck with that.
2007-06-08 15:17:49 · answer #8 · answered by DaMan 5 · 0⤊ 0⤋
Wow, that sucks.
2007-06-07 23:47:34 · answer #9 · answered by Anonymous · 0⤊ 0⤋