0
Can a credit card company close your account charge it off and still continue to add late fees and interest to the account?
Wiki User
∙ 16y ago
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.
Wiki User
∙ 16y ago
Add your answer:
Earn +20 pts
If a credit card account has been sold can the new company continue to charge interest?
in fact they do
Can credit card companies close your account and continue to charge interest on the balance?
Sure can, a dirty deal.
Can a credit card company still continue to charge interest if the debt has been charged off?
Yes, a "charge off" does not indicate that the debt is no longer valid. The creditor has several options on how to collect monies owed after the account has been charged off.
What is the difference between a service charge and a finance charge?
A service charge is typically a charge for a specific action that a company performs on an account or an order. A finance charge is an amount of interest that is charged on an amount of principal owed by a customer.
Can a collection agency charge interest of 1030 to a charge off account that has been paid down to 700 from 4514 but you missed two months?
The collection company has probably charged interest sincethe day they received the account. The interest rate can differ from state to state on a charged off account. So yes, they can but that amount is not just for two months. You need to ask for a total breakdown on the account and see if the interest charged is correct.
Can a credit card company charge interest on interest?
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.
Why do finance companies charge such high rates of interest?
If a company has adopted 'Table A', it can charge interest on calls-in-arrears at the rate of
What is inter-company account?
Account set up for transactions between companies to charge back expenses occured by one company but relate to another company, which you charge back to. BM
Can a credit card company keep adding late charges when you have closed the account and advised them that the balance is not going to be paid?
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.
Can credit card company continue to charge interest after death until the account is paid in full in North Carolina?
They can but it probably would not be seen as payable if the deceased estate enters into probate. It depends upon the laws of the state the person resided in. If there is no estate and the person was the only account holder, then the debt is uncollectible, so any such charges would be irrelevant.
When the credit card company gives you the option of closing your account instead of accepting their interest rate increase and you choose to close do they still charge you interest each month?
You can't close a credit card unless the balance is zero.
Can a company that is not a finance company charge interest and finance charges to someone it has lent money?
Yes.
