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cap1 and interest

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Valued Contributor

cap1 and interest

my friend is trying to pay his CO with cap1 but they want alot more than what he owes them. I guess this is interest. Can they do this. He wants to settle but they still want more than what he truly owes. Will they give in and settle for what he truly owes without interest and will it be updated as paid with $0 balance or will it be noted as settled. thanks I love this site, i am helping my friends get there credit better but i am also learning so much for me.
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Moderator Emeritus

Re: cap1 and interest



oracles wrote:
my friend is trying to pay his CO with cap1 but they want alot more than what he owes them. I guess this is interest. Can they do this.
 
 
Whether they can do that would depend on what the cardholder agreement stated and what the state laws are on interest. They can add interest, I'm sure, the real question is if they are charging the correct amount of interest.
 
 
He wants to settle but they still want more than what he truly owes. Will they give in and settle for what he truly owes without interest and will it be updated as paid with $0 balance or will it be noted as settled. thanks I love this site, i am helping my friends get there credit better but i am also learning so much for me.
 
If they will settle, who knows. If they do settle will it show settled for less than full amount on his CR, chances are yes it will. The chances of them settling increases once SOL is expired.


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Senior Contributor

Re: cap1 and interest

SideWinder, I gotta ask you: how in the HECK can you wait til September??? It's all I can do to not pull our FICOs DAILY!!! o_O

Someone here has the siggie that goes "I traded one credit-addiction for another" -- boy, do I commiserate!!

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*

Hubby's FICOs when we started: high 400s (June 2008)
Hubby's FICO NOW (04/06/09): TU: 679 EQ: 608 EX: ???
My FICOs: TU: 643, EQ: 606
Closed on new home: 1/20/2009 -- If we can do it, YOU can do it!!

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