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"Account closed at Grantors request" should I cal

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Taffy



Joined: 23 Feb 2009
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Posts: 28



1269 Magic Points

Subject: "Account closed at Grantors request" should I cal
 
Posted on Sun Mar 15, 2009 3:39 pm  

I have an Account with Cap One with a balance of $1,204.00 (revolving account) my limit was $400.00 the rest is of course are late fees and penalties. To the best of my knowledge they have not sold this to another CA. they have it in my Account History as a "Charge Off" as 30 days as of June 2006 (SOL still in effect?) I want to get this taken care of but with the Charge Off should I start letters or what. Florida Resident Rolling Eyes
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Taffy

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carol

carol

Joined: 27 Jun 2006
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Location: Los Angeles, California


30054 Magic Points

 
Posted on Mon Mar 16, 2009 6:46 am  

You should first pull out your credit report and find out whether the account is still with Cap One or has been sold off to another collection agency. If it is with Cap One, you can contact the creditor and pay it off through a repayment plan. But if it is has been sold off to another collection agency, first get the debt validated by that CA and then pay it off. Since the account has already been charged off, even if you pay off the debt, the Charge-off listing will stay there in your credit report for seven years and cannot be removed before this period.
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Mary

Mary

Joined: 06 Jul 2006
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17424 Magic Points

 
Posted on Mon Mar 16, 2009 6:55 am  

I agree with Carol. Charge off does not mean that you need not pay off the debt. If the Statute of Limitation on the debt has not expired, you should try to pay it off to avoid judgment which the creditor might bring at a future date to recover the debt. Now, if there is judgment in your credit report, it may adversely affect your credit score.
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tryingtostayafloat



Joined: 25 Mar 2009
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218 Magic Points

 
Posted on Sat Mar 28, 2009 12:54 am  

CALL CALL I just went through this same deal only my limit was $1,000 with capital one- so needless to say I now owe a whole lot more after court costs and attny fee's. I got a judgement and am paying monthly payments to the law firm who took me to court for capital one. Do all you can to stop it before it goes to ourt and you will save some money.
tryingtostayafloat



Joined: 25 Mar 2009
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218 Magic Points

 
Posted on Sat Mar 28, 2009 12:55 am  

I also forgot to add I live in FL also so I know for a fact they will take you to court to recover them amount due and then some too.
scott

scott

Joined: 28 Jun 2006
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10890 Magic Points

 
Posted on Sat Mar 28, 2009 6:27 am  

SOL in Florida is 4 years on open ended accounts and it starts from the date you have last missed your payment. First find out whether your SOL has expired or not. If it has not expired, then are required to pay off the debt. Now, send debt validation letters, only if you can repay the outstanding debt, else not. This is because as soon as you send debt validation letter, the creditor may try to recover the debt and can even sue you for the debt.
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SCOTT

Use your credit account responsibly and enjoy a debt free life.
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Subject: Statute of Limitations Florida
 
Posted on Tue Apr 14, 2009 3:41 am  

They can not collect a nickle from you as long as you havent sent a payment. If you send a payment to a collection guru the clock starts all over again.The Statue in Florida is 5 years.I have these people try to collect all the time.but they have never tried to take me to court.I have credit cards with high limits from Chase and they know I owe on cards they turned over to collection. these people keep raising my credit limit all the time.
anthony

anthony

Joined: 31 Jul 2006
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13604 Magic Points

 
Posted on Tue Apr 14, 2009 6:52 am  

You should not make the payment only if the SOL has expired. However, if the SOL has not yet expired, and the creditors call you for the debt, you should get the debt validated and pay it off in order to avoid judgment. This is because if there is a judgment against you, it will get reflected in your credit report and will affect your credit score.
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Anthony Marx

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Taffy



Joined: 23 Feb 2009
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Posts: 28



1269 Magic Points

 
Posted on Sun Apr 19, 2009 2:38 pm  

I have 3 cards with Capital One ------One card they still have and am send a DV letter the other have been sent to NorthLand and Ruben & Dudski. I spoke to R&D they stated I had a summons that was undeliverable so now that I have called them what will happen ? Northland I also called and they are calling me everyday now and I have sent them a DV letter as well but....Capital One is the only thing on my Credit Report with there address and phone number but when I called to get things in motion to fix they gave me the info on who has my account now. Nortland stated they do not report also I do not have the R&D on my report either so now what?
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Taffy

Looking for the light at the end of the tunnel.
memememememe
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Posted on Sat Jul 25, 2009 12:11 am  

First of all, if it has gone to collections...then there is one way that you will not be responsible. In FLorida if it has gone to collections you will be responsible for 4 years...If it has been more than four years it has expired, however; it will continue to be on your credit report for seven years. Your best bet is to pay it off in full ...and send the payment proof to all three credit reporting agencies so that they can take it off and it will no longer negatively affect your credit.
starting over
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Subject: judgement
 
Posted on Tue Oct 06, 2009 6:06 pm  

what is best way to pay off a judgement, 1and half year-old. I live in florida.
aabarca12
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Subject: question regarding charge offs
 
Posted on Sat Jul 16, 2011 1:05 pm  

Correct me if i'm wrong but i always thought if an account is charged off you can send a PFD letter to get it removed from your credit report?
diabbloowly
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Posted on Tue Sep 11, 2012 5:13 am  

what is the name and place of this correction
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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1916 Magic Points

Subject: credit
 
Posted on Wed Sep 12, 2012 11:31 am  

If the grantor wants to close your credit card account, it doesn't always mean that is a BAD thing. I had a 'Discover Card'. It was only a $300 limit. Each time I charged something on it, when the next payment was due, the company automatically took the payment out of my bank account (which was the agreement of getting the card). That way, I established good credit by making payments on time. The company closed, however, the credit status, on my CR is in good standing. Smile
crorkz matz
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Subject: NoPJclcNeQhA
 
Posted on Tue Aug 05, 2014 11:52 pm  

d3LgM4 Thanks for the article post.Much thanks again. Much obliged.

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