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If a credit card company closes your account and then lets a store put a charge on it 6 years later are you liable to pay the credit card plus interest and card fees too?
Wiki User
∙ 8y ago
Are you perhaps referring to an original account being sold or a charge being forwarded to a new credit card you have obtained? All states have a SOL's which means if a debt has been paid or acted upon within a certain amount of time, it is no longer valid. CC can sell your account to second or third parties who, if the SOL is not expired can collect on the debt, including accrued interest. Feel free to email me if I can be of further help.
No. Merchants only have one year to submit a transaction. They can not wait 6 years. My advise is to write the Credit Card Company and dispute these charges and also claim the account was closed and the charge should of not went through.
Wiki User
∙ 8y ago
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Can a company who closes your account try to collect interest three years after closing the account?
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.
Can you reopen a credit card that was closed by the issuer?
No. The reason a credit issuer closes an account is because they no longer consider you an acceptable risk.
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Charge off is a shortened version of "charged off to profit and loss". This accounting term describes a bookeeping entry routinely performed by creditors. While there are technical differences, for a consumer charge off is the same as a collection account. They are both derogatory defaulted debts which are due and payable in full. They show on a consumer's credit report for 7 years from the last month/year when they were paid as agreed immediately prior to default. Charged off accounts frequently are transferred or sold to collection agencies and become the target of lawsuits to recover the money owed. Important to understand Charge Off is NOT a forgiveness of the debt in any way. It is only an accounting entry by the one who is owed. The discussion below, originally more on a tax Q, provides detail. Explanation Charge Offs & Forgiven Debt If what your asking is really
What happens if the bank closes your acct down can you go to jail for that?
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How do you check status of old insurance policy with occidental life insurance company of California?
Before an insurance company can sell insurance in a certain state, it must register with the State Dept of Insurance. If the company is sold, then it must notify the Dept of who it was sold to. If it just closes down, its policies were likely sold to another company, the Dept will have to be notified of that as well. Contact the CA Dept of Insurance and inquire there.
Can a company who closes your account try to collect interest three years after closing the account?
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.
What happens when the bank closes your account?
if bank closes yr account,it gets closed,or dead.
What does it mean when a credit card company closes your account?
It means they have deemed your account "inactive". Or maybe they don't want your business anymore. The easiest way to find out is to contact them.
What does write-off mean on a credit report?
A write off means a charge off. This is one a creditor closes an account due to non payments.
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When the magnetic force closes . -Hope it helped
Does it hurt your credit if a credit card company closes your acouunt because you aren't using the credit card?
No. It will show on a credit report as an account closed due to inactivity. It has no effect on your credit score.
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Generally if a bank closes, another bank will buy the deposit accounts and take them over. Your checking account would be transferred to the new bank
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