Card closed by company

Submitted by goodnatured on Mon, 09/22/2008 - 02:51

My younger brother has a small business, one of his cards is up to $12,000, he has faithfully been paying on it, never late, but has not used the card in a long time, trying to pay off the bills. Well he recieve a letter telling him that they were closing the account due to inactivity and that he was getting a bill in the mail for the total amount due. He can not come up with$12,000 when this bill comes in. Can they do this? He is asking me, so I am asking you????

Since your card has already been closed, all that he can do is to get a debt consolidation loan and pay off the credit card debt. Alternatively, you can also ask your credit card company to arrange a repayment agreement so that you can afford to pay back the remaining amount. If the card had not been closed, you could have gone for zero APR balance transfer cards, but since, it has already been closed you cannot do so. Can you tell me what is the outstanding amount that needs to be paid to the credit card company and the credit score?

Mon, 09/22/2008 - 10:27 Permalink

1. They defenetly can do that.

2 I would look for 0% BT cards. Usually BOA and Chase have lots of them.

Tue, 09/23/2008 - 03:26 Permalink

I don't think that you can make balance transfers from already closed credit card accounts. Balance transfers can only be made from existing credit cards to a new or existing card having balance transfer facility. However, you can call up Citibank, Chase and Discover credit cards and ask them whether you can go for balance transfer with closed credit cards. You can call citibank at 1-800-347-4934 and Chase at 1-800-432-3117.

Tue, 09/23/2008 - 05:32 Permalink

Wow this post blows me away. I never knew that a credit card company would be able to close an account and ask for the money you oew up front like that. How does this give a person a chance to repay the debt they thpought could be taken care of through monthly payments?
We are getting ready to transfer a debt to a zero percent credit dard and Justin listed a few we were actually looking into. So far Chase is seeming to be the best.

Wed, 09/24/2008 - 16:23 Permalink

That is just it fireyone, he can not afford to send them $12, 000 in one clip. I will let him know about requesting the payment paln.

Thu, 09/25/2008 - 03:14 Permalink

Hi Goodnatured
He can always ask them for a repayment plan which he thinks will suit him and he can afford to repay. Normally whenever you ask for a repayment plan, they will charge an interest rate on the debt and will set up a monthly payment plan. If you can manage to get into a monthly repayment plan, not only will you be able to pay off the debt, but also your credit history will improve from the present level. But for this, you should not make any missed payment under the repayment plan.

Fri, 09/26/2008 - 10:29 Permalink

He was and is making some pretty big payments now. His concern is that they will send him a big fat bill for the whole amount and he won't be able to make it.

Sat, 09/27/2008 - 03:19 Permalink

I would think that they would almost have to give you a good payment plan, I would think it would be in their best intrest, I can not believe that they would not give you a good payment plan and not demand the entire amount at once.

Sat, 09/27/2008 - 23:07 Permalink

I would go to the bank and get a consolidation loan. For one thing the interest rate would probaly be better than the rate on the credit card repayment plan. I still think this is ridiculous. I wonder if they closed the inactive account do to the credit crunch?

Sun, 09/28/2008 - 14:57 Permalink

seems crazy because he was making the huge payments, I think they should consider payment activity, activity. So you have to go out and charge something to keep it active, that is crazy.

Sun, 09/28/2008 - 17:41 Permalink

I don't know if this has anything to do with what your bro is going through but I hear alot of credit companies are cutting lines of credit, credit limits and unused accounts due to the economic mess. Maybe since his has been inactive with no new purchases he was cut. Just a thought.

Wed, 10/01/2008 - 00:40 Permalink

that is the case exactly, he has been paying like $500 a month and not charging to pay it off.

Wed, 10/08/2008 - 03:10 Permalink

Thats what I kind of fihured. I been following alot of this stuff and since I am constantly reading it keep me up to date. probaly isn't going to be much he can do. They will probaly close it regardless. Has he looked into a bank loan? Payments may be cheaper and interest also.

Wed, 10/08/2008 - 21:58 Permalink

He called me, he said that his one card went up to 31% intrest, took the payment up to over $750 a month, he had 3 other cards and that was just on the personal side of life, he also has business cards. So with them all jumping in intrest, he can not possibly afford it. He is going through a restruction and paying so much a month to a reputable company that is handling it all for him.

Mon, 10/27/2008 - 02:40 Permalink

I posted an answer here but for some reason it isn't showing. Thats been happening to me on this site every so often. In any case I am glad he found a wy to take care of the problem. It really is hard theses days for normal working people to keep up with their bills. Lots of fields of employment are seeing cut backs. I just loove how we can bail out Wallstreet and we can't have the choice of bailing out our neighbor...they would actually have deserved it more.

Tue, 10/28/2008 - 10:50 Permalink

It is really hard on the small business man, especially if your business is seasonal. He had one heck of a time last winter, so at least this will take some stress off of him.

Tue, 10/28/2008 - 10:55 Permalink

Please do not remind me of the previous winter...I am glad that it has passed. I was in his same boat. Like I said this economy has effected lots of different jobs. My employer didn't do half the work he did last year. I use to work for a greenhouse and they cut back the products they put up for winter to sell the next spring. This year they only put back 25% of what they did last year. Sells were really down and they even cut their workers keeping the ones that got paid the least. It was really disgusting.

Tue, 10/28/2008 - 10:59 Permalink

Well, I hope the new administration does not sink the little man who is trying to keep a small business up and running, if they do, it will mean jobs for those who work under them. I hope they try to give some incentives for them and help them not only stay afloat but make profit.

We have bigger companies in our area doing mass layoffs because the orders are not coming in. Can't make car parts if they are not selling cars, can build windows if no one is building and then the whole transportation of these goods are affected too. Something really needs to give here.

Sat, 11/08/2008 - 13:28 Permalink

I really think that either administartion was going to have a lot of work. What people do not relize that under either canidate their was going to be soemthing we were going to be forced to swollw. I am not for either one. WEe got Obama but and everyones hen pecking all his ideas and yes, for good reason. Now look at what could have happened if McCain got in. Starting with the taxation of insurance benefits. Imagine this time next year with tax season around the corner and all the sudden you have to pay tons of taxes on thousands of dollars worth of benefit..this is just one thing. So either way we were going to pay..hope noone "forgot" their wallet cause I am only paying my share.

Sat, 11/08/2008 - 18:25 Permalink

You have to think about what it does to business too, the companies that are shutting down around where I am can not afford to pay the high taxes so they shut down and then you have fifty to one hundred people out of work, so not only do they not have health care, they don't have jobs either.

Sun, 11/09/2008 - 01:55 Permalink

Oh but lets not stop there. Wait until he hits the coal industry. Not only will it be affecting the companies and their employess but also the revenue the state recieves from big coal (25%) but it will effect every household along the way. Electric bills will sky rocket once the take this form of supplying it away and then the cost cap placed on electric expires really soon. Both these factors and when paying your monthly bill it will be more like paying a car payment. Bills are expected to more than double if these two factors take place.

Sun, 11/09/2008 - 13:00 Permalink

I know I seen his regulations on the clean air act policy for coal plants, although I agree with the clean air act this is gonna cost these coal generation plants so much money, they will not build any more, just like the oil refinaries, they have not built any new ones for so long because of this very reason.

Sun, 11/09/2008 - 15:10 Permalink

I don't see it putting coal out of the picture all together. Too much money in the black stuff. I too am for cleaner air but the man expects all this to happen overnight instaed of looking into a long term plan that could stretch over 5-10 years. I eman its been going on for this long whats another few years?

Tue, 11/11/2008 - 00:15 Permalink

oh yeah, nothing will happen overnight, I don't think that we will see any changes in this for a long time to come yet, so don't worry about it for now fireyone.

what ever happens we have to deal with it anyway.

Tue, 11/11/2008 - 01:18 Permalink

Yep just deal as it comes. I am wondering if he will work harder to please all americans and get us back on track. If you think about it he is going to want to prove himeself and his race. So thre will be alot in making a name for himself and his race. With things already as bad as they are its not like coal is going to be the first thing on his priority list anyway.

Tue, 11/11/2008 - 01:22 Permalink

Probably not, he has to continue the bail outs plans and following through with helping the economy get back on track. I hear a second stimulus package is in the works, we got an alert this morning at work because there was unemployment attached to it. I hope that they give something to the working people too.

Tue, 11/11/2008 - 03:39 Permalink

Thats my biggest concern too. They are so busy getting middle class people to pay that they forget we have bills and hardships too. This stimulus plan has changed so often I think I will just wait and see what really happens. Obama want Bush to pass one before the beginning of the year and he says if it doesn't happen it will the day he gets into office. I relize more money is needed for unemployment but what about the people barely hanging onto their jobs and getting behind because of rising prices?

Tue, 11/11/2008 - 23:19 Permalink

yeah, I know in our area, I have seen people turn down work because of these extensions, sometimes people abuse the unemployment. I think the extension should be lower, it would encourage people to get back in the workforce. The jobs are there we just can't get people to take them, it gets ridiculous sometimes with the unemployed folks, they ar5e not contributing to the economy if they are laying on unemployment and turning down jobs.

Wed, 11/12/2008 - 03:03 Permalink

this economy will not get back on track until alot of people start wanting it to. Just look around your area.Even with things the way they are I still see help wanted signs here and there. If everyone is in such desperrate need of help you would think those signs wouln't exist. I am sure this is area depending but look at the benefits paid out in this area alone or even in PA. Do you know how mcuh the state could save if it put some of the ones just laying around back to work, off welfare and off Social security?They even protected the m from being sued form collectors. The state has been cutitng away at the budget pulling money from programs that really are in need of the money. Take for instance education or the roads. The money they are paying to those not entitled to benefits would sure help out some after school program or probaly even pave a riad completely across the state.

Wed, 11/12/2008 - 12:58 Permalink

The sense of entitlement, oh the sense of entitlement, wish I was entitled to something for a change. It takes everyone to cure the economy.

Wed, 11/12/2008 - 19:30 Permalink

Isn't that the truth. I believe we can improve it. Just like CREDIT scores it just takes time and hard work plus people who want to do it.

Wed, 11/12/2008 - 23:04 Permalink

The condition will improve only if all the people find the ways to address their basic needs.

Even if somebody is having too many houses but no income from them (need to find out a good person to rent it) then in this case that becomes one's liability.

Nowadays these liabilities are increasing and thus the mood of the people has changed enormously.They are more conservative when it comes to savings.
Most of the people are worried because their pension money was invested in the stock market and everyone knows the stocks prices are where!!

So in order to bring it back on the track one just need to address the basic needs and start saving more and more.

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