Capital One Original Limit $500, charged off balance $2,600!

[adamkingadam]

My capital one chaged off card had a top limit of $500 but it is showing (With a balance still) of over $2,600!! Wouldnt in theory, new charges should be haulted at some point? Is there any laws that prohibit a CC Comapny to continute to incrue overlimit/late fees once a card is closed? Also, why would this balance still show up since it was charged off? Should it not be at zero?

Thanks for any help!

[spike69]

They are within thier rights to continue to acrue fees depending on the contract that you signed when you got the card. There are also the laws of the state you live in to consider as well. You are best off to call Cap One to get a breakdown of the charges. Depending on how old the account is and what the SOL is in your state I am guessing you will be able to settle for significantly less than the $2,600.