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Can a credit card company keep adding interest on a closed account?

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2006-03-17 22:38:22
2006-03-17 22:38:22

Yes, until the account balance is paid in full.

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Yes, if you still owed a balance at the time the account was closed. Just because a company closes an account does not mean that any balances that are owed to them disappear. If your account was closed and there was still a balance outstanding and you did not pay that balance, the company has every right to collect the balance and any interest outstanding.

If you still owe them money then they can change the interest rate, providing they are changing it for everyone and not as a penalty for leaving.

When your Amazon account is closed, the credit card info that is associated with the account will not be kept by the company and will be deleted also.

In most cases, yes, interest and fees will continue to accrue until the account is settled or written off by the creditor. Please do not confuse a "write off/cancellation of debt" with the the term "charge off", they are two entirely different issues.

No. A credit company can not charge you interest on top of interest. With that said if you have a balance of $1000 and the company charges you $20 interest for that month. Next month a new balance is created $1020 then the company can charge you interest on $1020.00 if you fail to pay the $20 interest at the minimum. Interest is a finance charge and so long it does go over 59.9 per cent it is legal even on closed accounts. This is called accrued interest. If your account is closed due to unforseen of financial circumstances contact the credit and work out a payment arrangement and request interest to be stop. Many creditors will do so if the amount is paid in a timely manner usual 6-9 months. Otherwise consumer proposal is an option.

they can if it contains a balance. if they charged it off and gave you a zero balance and a pay off letter then they cannot. If they closed the account and reduced the amount you owe you are still responsible for the payments including late fees and interest.

You can't MAKE a credit card company reopen an account. You can call the credit bureau and request that they change the status to indicate that is was closed by you and not the credit grantor. Or, you can simply put a notation in your credit report stating that the account was closed by you and not the card company.

If a credit card is closed it cannot have a balance. Just because you have stopped using the ard you cannot declare the account closed. If you owe even one penny, the account is open and the credit card company can 'report a 30 day late'

that it has been closed by either you or the company- either way it shows as a negative in your report

Generally, not - unless you fail to make timely payments. If you receive a general notice about a change of rates, you can call the company to opt-out of the change of terms.

Interest earned on your account is paid to the account on the last business day of the calendar quarter. If the account is closed during a quarter, the interest accrued is paid on the closing date.

The wording "Account closed by consumer" means that "you", and not the lender, closed the account. It usually indicates that there was no problem on "your" behalf with the account.

None if it is indeed your account. However, your credit report should indicate that the account is paid and closed.

Retained earnings is a temporary account which needs to be closed in owner’s equity account at the time of liquidation of company as it is part of owner’s equity and ultimately closed to owner’s equity account.

The original account with a normal credit company went to a third party collection agency. Only after it went to the collection agency was the debt paid and then the account closed.

If there is A ballance still owed on it then the interest is still being billed to the ballance, If you have not closed the card account,,,,,,,,,,,,,,,,,,,,,,,,,,,,DO NOT CLOSE IT UNTILL ITS PAID IN FULL. That is terrible for credit score.

If you closed your account, then your videos won't even be on youtube anymore. i closed it today .. and i was shocked to see my videos still on .. !! even my friend .. closed his account and the videos are still On !!

Closed on Account of Rabies was created on 1997-12-09.

Credit card companies will not reopen a credit card account once it has been closed. The company will issue a new credit card and new account if it wishes to do business with the person.

Yes, you can request your issuing credit card company or bank to reopen your credit card that you closed. I did that with one of my credit cards. However, make sure that you had a good record on that particular closed account and that you check if all the balances have been paid before you closed the account in order not to ruin your credit history.

Settlement usually occurs when the account is past due and has been closed. You can either try to settle with the credit card company, or the debt collector that the credit company sold the account to.

The file or account number in a business letter is your specific number associated with the company. The account number can be associated with an open or closed account. A file number can also be associated with a previous or referenced letter.


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