Can they still charge you all late fees and interest if you cancel your credit card?
If there is an outstanding account balance. Closing/canceling the account will not eliminate any fees or penalties that were in the agreement when the account was opened. There might also be an annual charge even though the account has been deactivated.
This applies to any credit card. You can do one of two things. 1) To CLOSE an account, you may still have a balance that you need to keep paying on but you can no longer charge on it. The advantage is that you prevent yourself from spending more. The disadvantage is that you can no longer negotiate lowering the interest rate if the account is no longer open. If you have a balance, it…
One may always cancel their credit card, however, if one has a balance outstanding, one is STILL RESPONSIBLE FOR PAYING. From a credit reporting standpoint, it is never good to cancel a credit card because the number of open accounts is reduced and the relative credit usage is reduced (both resulting, generally, in a reduction of credit score).
Charge card and credit card offers you a facility to spend a certain amount and at the end of the month you can pay a specific minimum amount and revolve your credit for the next month by paying some interest on the remaining amount that is still to be paid and remains out standing. Charge card offers you a facility that the amount spent will be directly debited from your account and you can not…
Can the bill collector who bought the bad credit card charge interest over the interest that has already accumulated before?
Collection agencies can only charge interest if you agreed to it in your original contract. If they actually bought the debt they shouldn't be able to charge any additional interest on it since you did not sign a contract with them allowing them to do so. Please keep in mind that not all collection agencies buy debt. Some are still collecting on behalf of the original creditor which means interest and fees could continue to…
Can you cancel a sent eCheck still on pending I am the sender and I want to cancel the eCheck I sent?
Can a credit card company close your account charge it off and still continue to add late fees and interest to the account?
There are two types of charge cards offered at most gasoline retailers, a credit card sponsored by the gasoline company and a card for that gasoline company specifically. For example, Petro Canada at one time offered a CIBC Visa Petro credit card, which could be used anywhere and still collect points to be redeemed at Petro Canada. They also had a Petro Canada credit card, which could only be used to purchase products from Petro…
This is on a car, and you are not paying the balance of the price of the car in full, then yes. You are buying on installments. It is common financial practice and has been for about the past three thousand years to charge interest. Legal, ethically, and morally they can charge you interest. Where it becomes still legal but less ethical or moral is the amount of interest they charge you.
A charged off account is similar to a collection on your credit report. The creditor has written off the debt owed and closed the account. The debt is still valid though and can be collected on. The charge off will lower your credit score unless removed. You can dispute a charge off and this give the credit bureaus 30 days to verify the charge off or it must be removed from your credit report.
If you apply for a credit card and get approved but never activate it will it still show up on your credit report?
As soon as you apply and are accepted, you are bound to the terms of that card. So if that card carries a yearly fee and you DO NOT activate it you are still responsible for that charge. Obviously, not paying that fee or any associated charges will resulting in interest compounding and non-payment equals bad credit rating... http://www.associatedcontent.com/article/2260/your_credit_card_tips_from_an_insider.html
What do you mean by "fix" it? Do you want this taken off of your credit report? Was the loan legitimately charged off? Do you still owe a balance on the loan? If you have a legitimate charge off reported on your credit report, it cannot be legally removed. If you owe a balance and the charge off is recent, paying off the balance could help. However, the charge off will still show on your…
If you don't pay your credit card, then it gains interest (even if you have good or bearable interest rates it will still gain interest). With enough interest, you can go into debt, which is not something you'll want or be able to get out of easily. This is one of those cases where the saying 'better late than never' applies.
Once you give your lawyer all debt information will collection agencies and credit card companies still charge late fees until it is settled in court?
A charge-off is a tax technicality that gives the creditor a tax deduction and you a taxable cash event. It does not "erase" the debt. You still owe it. It will stay on your credit report for 7 years. If it stays on after that period, file a complaint to the credit reporting agency that is keeping it on.