I have (2) accounts with the same credit card company, still getting statements, credit card company closed both accts about (5) years ago, I have been paying all along, got into trouble about a year ago, now (5) months past due on both accounts. Can credit card companys continue to add interest, late fees & over limit fees after they closed the accounts? If I settle what are the chances of credit card company accepting less than 50% settlement
Check your terms and conditions, it will tell you whether or not interest can accure after the account is closed. Same thing for late and o/l fees.
Usually yes. I am would be very suprised to find it to be otherewise. Don't forget, people that are late once in a while are very profitable for the bank. Those penalties are pure profit. You probably also discovered that they jacked your interest rate to above 25%, their punitive rates. It all makes you wonder if they really ever want to get paid back.
