HellBill » Hell Bill Area: » Pay Bill/ Pay Bills » I got a credit card i was 18, I am 33 now, and I hadn't paid the bill it is now upto $4400 !

  #1 (permalink)
: The card was only for $500 and the rest is interest, is this legal for them to charge me interest and late fees all these years?

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  #2 (permalink)
: Yes its perfectly legal. I'd recommend you pay it off before it gets even worse!
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  #3 (permalink)
: They do have the right to charge you interest until it's paid.If the account was never written off which should of been done 9 months after the account was used, there is something missing here, If it's on the credit report, I suggest you dispute it and see what response you get.
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  #4 (permalink)
: Did you default and last make payment when you were 18? If so, then this debt is time barred and does not have to be paid back. There is a statute of limitations on credit card debts, which is the time period that creditors can successfully take legal action on a debt. If this default occurred when you were 18 and you've made no payments since then, then this debt is way past the statute of limitations.
- Technically, debt collectors can try to collect on a debt forever, but once the statute of limitations is up, then they are legally powerless over you. It it were me I would just send them a cease communications letter and be done with them. budhibbs /cease_comm.htm
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  #5 (permalink)
: Interest = principal (original amount) times rate of interest times Time

3900 = 500(r)(15)

3900 = 7500(r)

r = 3900/7500

r = 52% interest .... hmmm, 1) you were an idiot for signing up for a card with high interest, although what probably happened is that the interest rate started in the 20's range, and over the years the credit card upped their interest rates, effectively making it seem like 52% interest rate.

2) You're an idiot for never having paid it down.

3) How is this not a troll? Your credit rating would be shot and you would not be able to LIVE.
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  #6 (permalink)
: wow you are getting some really terrible answers from folks that do not even know a little about credit law

If there has been no activity for 3 - 10 years (this differs from state to state) and I mean you have not acknowledged the debt, nor have you made any payments for this amount of time. Then it is past the statute of limitations. They can no longer legally collect on the debt. Literally you can tell them to pound sand. Do not let them threaten or scare you into paying anything.. not one red cent. If they do decide to take you to court.. all you have to say to the judge is that the debt has expired..that it is past the statute of limitations for them to be able to collect on the debt.

keep in mind that if you orally agree to making payments then the statute of limitations time does re-set. So if you've already made payment agreement then well I got nothing for you, you have to pay the debt

here is a great site on the subject. explains more than what I can reasonably type

creditinfocenter /rebuild/statuteLimitations.shtml
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  #7 (permalink)
: I imagine this loan has been sold many times over and the current owner paid about $5.00 for the loan. Depending on the state you live in, the statute of limitations may have expired and there is nothing they can do to you for non payment… .Example, State of Texas only allows 4 years for the creditor to file a judgement. Every state is different but this would no longer be on your credit report. Hire an attorney and give them a few hundred dollars. Also, listen to Dave Ramsey daily.
steve t
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