Capital One charge-off

Discussion in 'Credit Talk' started by Girl, Mar 13, 2001.

  1. Girl

    Girl Guest

    I had a Capital One charge-off from 1999 for $800. Now isn't it true that when a creditor charges something off they can't/don't add interest to it anymore? (I had a charge-off with AMEX and they addded a penny of interest, just sent it to a collection agency and made me pay it off, which I did.) Anyway, this $800 charge-off from Cap One which I never paid off is now at over $1500 and it keeps adding everyday. In addition, I keep getting letters from collection agencies demanding that I repay, but like I said, every letter I get, the balance is higher, and each time the collection agency is in a totally different state, and even a totally different collection agency. Is this legal? To keep adding interest? And to send my charge-off to numerous different agencies so I get harassed by a new one each month in the mail? I mean this is utterly ridiculous. They wouldn't give me a limit above $500, but now they expect me to pay $1500. Ridiculous. Do I have any sort of legal backing? Any consumer credit protection law from any of this? Please someone help! I want this negative off my credit report!
  2. Cadillac408

    Cadillac408 Well-Known Member

    Maybe others might have more to add to this....

    I've read that if you contact Capital One (I'm not sure what dept. or phone #) and tell them that you want to pay the debt, they might issue you a card w/ the charge off balance as a charge on the card so that you can pay it off. You might be able to negotiate with them to lower the charge off amount closer to the orginal amount and not over $1500????

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