I was browsing through some "older" threads from last week, and I noticed that someone said Cap 1 had given them crap. I have an semi-old (not past SOL) account with them that was CO. (oppsy, did I not get those bills? LOL) Anyhow, I noticed that someone said that they were illegally charged interest? Does anyone have any info on interest charges being illegal after the account is closed, is this a state by state thing? Or rather where can I look to find such information? They are claiming I owe $856.00 (my limit was only $300.00) Thank u!
there have been numerous class action lawsuits against cap 1 for this very reason 2 go to a website called ripoffreport.com and type in cap 1 name under the search and read your same issue from other consumers. 2nd there is an attorney in calif lchb.com or .org i think is the website well he won a suit against cap 1 a few years back. major settlement then read my posting info 4 all consumers and success against cap 1
So this is illegal than? I have other CC's that have done it as well..... There is hope........<Jen Singing to fun4u2> "Did you ever know that you're my hero?.... LoL
in regards to CC that are through banks citibank cap 1 bank MBNA etc. they have regulatory compliance depts when consumers complain to the FTC about a particular company this info is placed into their database when the FTC recieves alot of similar complaints they take action and pursue a lawsuit to protect the consumer. the Federal reserve regulates some banks the bureau of financial institutions regulates others then theres consumer protection organization that do they same. when its serious a group of consumers get together & file class actions suits aginst these CC and win ! whoo hoo! there is hope strength in numbers I always say. never kick a sleeping dog... it may have a fierce bite...
if any CC continues to charge interest they must send a monthly statement showing this amount. after a charge off occurs the interest that is calculated is usually determined by the signed contract. no signed contract = no proof that the acct belongs to you and that these are the terms are agreed upon. the debt may not be legally collectable if that is the case deletion must occur as I just forced cap 1 to do lol
if any CC continues to charge interest they must send a monthly statement showing this amount. after a charge off occurs the interest that is calculated is usually determined by the signed contract. no signed contract = no proof that the acct belongs to you and that these are the terms are agreed upon. the debt may not be legally collectable if that is the case deletion must occur as I just forced cap 1 to do lol
