I recently got my statement form Discover. I found that they raised my interest rate from 9.9% to 28.9%. I call to see why this had happened they informed me I was a day late on my payment. From there i ask them to reinstate my previous rate which they wouldn't. I then told they i couldnt afford to pay the card at that rate to try and get them to lower my rate. From there they referred me to there bankrupcy department. I called them and said i couldnt afford the payment at this rate if they lowered it to the 9.9% I would be fine. So the proceeded to close my account and sent my to a debt collection company. They offered me a settlement that is goin to put an R9 rating on my credit report. With that said what can i do to fight this and can they send me to a collection company when i have never missed a payment i was a day late 2 months ago? Thanks
I find it difficult to believe that they would send you to collections for being a day late. If you were a day late, you obviously paid the minimum amount at least, so how can they send you to collections? Next, I'm pretty sure that the credit reports have a note that says 30, 60, 90 and that sort of thing late. I don't think they have a column that says you were one day late.
One of the main reasons that they sent it to collections is probably because you stated that you couldn't afford the higher interest rate. Remember Discover is also a part of the organized crime group called credit card companies who impose their universal default type of robbery.
If you said anything like "I can't pay these kind of rates" they could have interpreted this as "I'm not going to pay you any more" which would cause them to close it and send it to collections.
