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My credit card balance was charged off by the bank. Can the bank still access interest and fees on my balance even though it was charged off? If they can, isn't it illegal to do this?




Before its charged off, did you continue to pay monthly payment. I entered a settlement program 1.5 month ago so I stopped paying any of my credit cards 1.5 month ago.

I got this from Bank of America about legal action. I got 11000 of debt with them.

Here it is:We recently received your letter requesting that we no longer contact you about above reference acct. We understand that you prefer not to receive calls, and we will honor your request. However, please understand that if we do not receive a payment of $259 by August 26 2008. We may refer your to outside counsel for legal proceedings. This may result in legan action against you.

Have you received these? I already faxed this to my settlement company.

Sub: #1 posted on Sun, 08/24/2008 - 01:37

vista.lee vista.lee

(Posts: 43 | Credits: 17.99)

Hello Vistalee, monthly payments are not being made so the credit card companies are going to charge off the accounts as bad debt. I've been in settlement for a couple of years now and have been able to learn a few things. Are you with a negotiators or law firm based company? Just from my experience law firm based companies are good but also I was sued by one of my creditors very quickly because of the law firm's process. I'm in a debt settlement program still but they are negotiators and not lawyers. Well, you did do the right thing in letting them know what you received.

vistalee, noticed that you have posted this a fewtimes. I understand your nervousness but you are only going to get responses of what happened to a few of us. Best to speak with the company that is helping you.

Sub: #2 posted on Sun, 08/24/2008 - 02:10

mel-ben mel-ben

(Posts: 17 | Credits: 3.4)

It is a debt settlement company. The projected payment plan is 45% of what I original owed.

I got this letter on Friday 8-22-08 and I immediately faxed this out to my settlment company. They don't open over the weekend so the earliest I can try is Monday.

Sub: #3 posted on Sun, 08/24/2008 - 02:18

vista.lee vista.lee

(Posts: 43 | Credits: 17.99)

Odilmark, I don't know the answer to your question, but according to information in these two threads, the creditor may be able to continue charging interest after the account has been charged off:

http://www.debtconsolidationcare.com/forums/adding-intere st.html

http://www.debtconsolidationcare.com/collection-agencies/ about42999.html

Sub: #4 posted on Sun, 08/24/2008 - 04:11

alias1958 alias1958

(Posts: 1230 | Credits: 79.88)

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