Need Advice Please Help

Discussion in 'Credit Talk' started by kevinw01, May 17, 2001.

  1. kevinw01

    kevinw01 Well-Known Member

    Hello There, I currently have 2 credit card accounts with Capital One and they are both in good standing recently I received a letter by them telling me that they brought one of my old credit card accounts from MBNA the account is like back in the late 80's and that they are willing to offer another credit card to be and transfer the balance over to the new account, but I will not be able to charge on the account except for $100 only the rest of the balance must be paid down I know that they wanted to be the top credit card issuer like they advertise but having another credit card with them is like getting more debt in and they said that they are there to help people out with bad credit what should I do should I accept the offer by them or not... I have other credit cards issue by other banks already but my Capital One is one of the oldest trade line in major credit card category. Please help out.... Thanks....
  2. kim

    kim Well-Known Member

    If the account is truly from the 80's there is nothing CAP 1 can do to collect this debt. Throw the offer away.
  3. Erica

    Erica Well-Known Member

    This sounds like a scam to get you to pay on a debt that is past the Statute of Limitations for collecting. If you gould give us more information on what happened to the MBNA account (charge-off, sold, etc.) we may be able to help you more.

    Given that very little information was given, my gut instinct is to not do it. BUT, I need more information to help you.
  4. kevinw01

    kevinw01 Well-Known Member

    I try to work out making payments with MBNA but they won't work with me cause of a layoff in the past so they charge it off and sold the account to Capital One I guess but is not that I don't want to pay them back but the treatment I got was unacceptable....
  5. Erica

    Erica Well-Known Member

    That definately sounds like a scam. Don't do it. The Statute of limitations has definately run out, unless you live in Ohio, where I believe the SOL is 15 years. (Correct me if I'm wrong) So, basically what I'm saying is, if you WANT to make things right, go for it, but the debt is legally uncollectable.
  6. DaveLV

    DaveLV Well-Known Member

    I started a thread last month about "The Credit Store" doing this sort of thing about an old Citibank card. When I sent them a validation letter they just folded their tent and went home.
  7. kevinw01

    kevinw01 Well-Known Member

    Hello There,

    Thank You for your help I know that is out of statue but I don't want to loose my 2 accounts with them now cause I am not going to pay the MBNA account off they actually need me to fill out another short application form before they will even approve the account and transfer the balance over....
  8. fingrrrl

    fingrrrl Well-Known Member

    I live in Ohio and the SOL is NOT 15 years, but 7 like everywhere else. Oh my god, I would die if it was that! :)
  9. Erica

    Erica Well-Known Member

    I meant that the Statute of Limitations for collecting a debt is 15 years, but the standard limit of reporting the debt on your credit file is still 7 years, like every other state. Sorry for any confusion, and I still may be wrong.
  10. lbrown59

    lbrown59 Well-Known Member

    what part of


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