Capital one reaging and adding interest to my balance

[Anonymous]

OK so I have this cap one account that they are always reaging and adding interest to  although the account has been charged off like a year ago. Is this legal ? How do i resolve this  . I tried calling them and negotiating with  them but they wont budge . How to handle it ?

[guiness56]

Can you post what the account looks like on your CR please.  Leave out personal information.

What do you mean by re-aging?

[Anonymous]

 

Remarks:

[TransUnion] Charged off as bad debt
Canceled by credit grantor  

 [Experian] Account has been closed due to inactivity.
Unpaid balance reported as a loss by the credit grantor.  

 [Equifax] Charged off account
Accounts closed by credit grantor  

TransUnion Experian Equifax Past Due: $724 $724 $724

 High Balance: $573   $573

Terms: Limit: $300 $300  

 Payment:     $0

Opened: 12/28/2006 12/2006 12/2006

 Reported: 02/07/2010 02/07/2010 02/2010

 Responsibility: Individual Individual Individual

  I was so irresponsible . The card had a balance of 200 when I destroyed it . I checked on my fico and they keep adding interest to it every month .

[guiness56]

Do you know what the DoFD of this account is?  I need that to determine reaging.

Reaging occurs when the DoFD has been changed and would make it stay on your CR longer than the 7 - 7.5 years set forth in the FCRA.

Also, where did you pull these reports?

[Anonymous]

Report was pulled from credit union and experian . Date of first delinquincy would have sometimes early 2007 . I ma not sure the exact month anymore but I know it was beginning 2007.

 Thanks for helping me in advance

[guiness56]

If the DoFD was 2007 it was not reaged. 

[Anonymous]

Alright . But how come they keep reporting it every month ? Am i missing something . How do i go about this ? I tried PFD over the phone just to feel them out . The guy laughed at me and said they will not even settle .What now ?

[guiness56]

From what I can tell it is Cap One reporting correct? 

They can keep adding interest each month and report it each month.

[Anonymous]

How do I resolve this then ? The amount just keep growing every day

[RobertEG]

The debt was apparently, at time of CO, $720.  That CO probably resulted in the debt being assessed, therafter, at you higher default APR. 

Assume, for purposes of numbers, that the default rate went to 25%.  That would be approx $15.00 a month in continued interst accrual on the unpaid debt.  Debt remains.

Creditors, with unpaid debt on money they have loaned, are entitled to interest. Charging offf the account does not delete the debt. That is just an internal accounting procedure with the OC.

Yes, it is legal.

They can do more damage by referring it to a third party collection agency, who can then post their collection to your CR.

You can offer a pay for delete, at the full amount of the growing debt, or for a settlement for less than the full amount, but any PFD offer is conditiional, and they dont have to accept it.

You can just pay in full, thus ending the debt, but that alone wont remove it from your CR.