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#goodnatured - Says,

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????
#anthony - Says,

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?
#1002543 - Says,

1. They defenetly can do that.

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

#Justin - Says,

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.
#fireyone - Says,

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.

#goodnatured - Says,

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.
#Mary - Says,

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.

#goodnatured - Says,

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.
#erb1953 - Says,

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.
#fireyone - Says,

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?
#goodnatured - Says,

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.
#fireyone - Says,

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.
#goodnatured - Says,

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

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.
#goodnatured - Says,

Yep, sounds like a plan fireyone
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