We got a bill in the mail for a Capital One card that my wife thought she had closed years ago for $798. It had interest tacked on to the tune of $50 each quarter for who knows how long. What is the best avenue of approach to try and get a decent resolution from them?
Need help with credit card issue (wife)
- Thread starter dwcopple
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Have you gotten any other statements or is this the first once since it was canceled ? more than likely going to have to call them but I would mention that you got rid of this card a long time ago and this is the first bill you have seen from them in years. might be an error in their billing system. the fact you have not seen any bills and then one comes out of the blue is strange.
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Is it a fraud issue or is that balance legit?
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Depending on the state, there is normally a statue of limitations on how far back an old debt can be collected. However, that does not stop most of the unscrupulous collects from trying to see if you will pay it. Is the bill actually from Capital One or someone who has bought the debt? Many times they buy the debt for pennies on the dollar (after the primary creditor has written it off as a loss) and continue to hassle the debtor.
I would check my credit report to see if this was charged off and what the limits are in your state for collecting debts...
"Thought she had closed"
Was this a billing statement or has the account gone to a collector? If it's gone to a collector I'd just not pay it and wait for them to attempt to settle.
Saw a friend go through things like this. Wait long enough and you'll get a decent settlement deal.
whatever you do don't agree to make payments on it every month or anything like that. as soon as you make ONE payment, no matter how large, the statute of limitations resets. in michigan they can only collect debts back to 6 years.
gathermewool
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If you closed it, you should have an email or letter stating such.
Also a great reason to check your credit report annually.
I hate to give advice like this, but, I read if you make a payment you'll reset the statute of limitations on the collection.
http://online.wsj.com/article/SB10001424052970204058404577106841027702670.html
"People who stop paying bills earn lousy credit ratings but eventually are freed of old debt under statutes of limitations that vary by state and range from three years to 10 years from the last loan payment.
But if a debtor agrees to make even a single payment on an expired debt, the clock starts anew on some part of the old obligation, a process called "re-aging."
So if borrowers again fall behind on their payments, debt collectors can turn to their usual tools: letters, phone calls and lawsuits. By restarting a debt's statute of limitations, the collectors have years to retrieve payments. "
Not really enough information to make an informed reply/suggestion.
"thought she had closed"?
Have you been receiving monthly statements with minimum payment requests? If not, why?
What is the original charge for? Is it yours? Do you know? Surely you can find out from C1.
The way to start is contact C1 for specifics regarding above questions. Then either dispute the charge with them if it's bogus, or if legit, see what can be worked out.
To recieve a cc charge out of the blue with interest tacked on and no prior notice or monthly bills is very odd.
Check her credit report ASAP. If it was really closed, it should say so on her report. Was this bill from Capital One itself, or from a collection agency?
My family has dealt with this stuff many times; even when you close an account, if it was EVER late or unpaid at anytime and the information was sold to a collection agency for 1 penny on the dollar, it'll come back to haunt you for the rest of your life. As long as the original account was paid and closed and not showing up on your credit report, and as long as any collection agency doesn't try and ding your credit report, it's best to just ignore them. This is how many of them work; they buy info for pennies on the dollar knowing that 99% of the information is old and incorrect, and they harass people in the hopes 5% of them cave. It's criminal.
Originally Posted By: Drew99GT
Check her credit report ASAP. If it was really closed, it should say so on her report. Was this bill from Capital One itself, or from a collection agency?
My family has dealt with this stuff many times; even when you close an account, if it was EVER late or unpaid at anytime and the information was sold to a collection agency for 1 penny on the dollar, it'll come back to haunt you for the rest of your life. As long as the original account was paid and closed and not showing up on your credit report, and as long as any collection agency doesn't try and ding your credit report, it's best to just ignore them. This is how many of them work; they buy info for pennies on the dollar knowing that 99% of the information is old and incorrect, and they harass people in the hopes 5% of them cave. It's criminal.
I had a recent fraudulent charge on a stagnant Capital One CC. When I called them, I got to talk to "Peggy". Needless to say, Capital One was no help at all.
Good Luck.
Originally Posted By: paulo57509
I had a recent fraudulent charge on a stagnant Capital One CC. When I called them, I got to talk to "Peggy". Needless to say, Capital One was no help at all.
Good Luck.
X2, my Capitol One card has been VERY vigilant about fraud.
I would have to say their customer service is pretty good.
Capitol One is very dicey. Find when the account was closed, find out the statute of limitations, consult with an attorney about it. DO NOT re-set the statute!!!
Originally Posted By: Drew99GT
Originally Posted By: paulo57509
I had a recent fraudulent charge on a stagnant Capital One CC. When I called them, I got to talk to "Peggy". Needless to say, Capital One was no help at all.
Good Luck.
Originally Posted By: paulo57509
Nice for you. They told me I had to deal with the merchant that charged my card on my own.
Still not enough information provided for me to answer the settlement question. Off hand I'd say, ignore it.
Have you done any further research to determine the legitimacy of the original charges?
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