Credit card interest and late fees on a closed account.

[Creditwrench]

Credit card interest and late fees on a closed account.
Question: I am being taken to court to collect a debt on an unpaid
credit card. The credit limit on the card was $500. The credit card
company is suing me for a little over $1800, according to my credit
report, the balance on the card is $1400. The bulk of the charges are
late fees and interest. The account was closed by the creditor
2/2007. What I'd like to know is can they legally charge me interest
and late fee's on an account that they closed over a year ago? The
lawyer from the represented firm told me that I was being sued for
$1800 due to current interest and other legal fees. Any advice is
appreciated.

Answer: Its not a matter of what they can or can't do with the credit
card companies or their lawyers but rather what they can get away with
doing.
As usual, the more they get away with the more outrageous their
demands and dirty tricks become. Although there seems to be no limit
to what they can tack on to the debt people owe that's not even the
tip of the iceberg. They load people down with those extra fees until
they either break the consumer or the consumer becomes so angry that s/
he refuses to pay any more. Then they tack on a few thousand more and
turn the now delinquent account over to a debt collector who tacks on
even more and then pays a lawyer who adds to injury to the insult to
human intelligence by taking them to a court of law that will not
listen to the cries of outrage and grants the sharks all that they
demand.

It is so bad that people are rushing to the bankruptcy courts in ever
increasing numbers that are beginning to resemble a stampede only to
take
their bath in a filthy river filled with even more sharks. It is so
bad that congress is considering doing another rewrite of the
bankruptcy laws. Of course that leaves everyone to wonder what they
will do next time to hurt us even more than they were able to get done
last time.

We are at the breaking point in our economy and are in much deeper
trouble than most people realize. People no longer have spare funds to
do much of anything. Ever spiraling energy prices are eating us
alive.

So what to do about all of the financial problems and the resulting
lawsuits which can easily eat up at least 25% of your paychecks for
years to come if not for the rest of your working life? The only
answer is to fight fire with fire. When they filed the lawsuit against
you that lit the fire that will burn a heavy portion of your income
and spare cash for a long time to come. You can't really afford not to
learn how to fight back. You may not realize it yet but between that
extra 25% coming off your paychecks and the cost of energy related
expenses you may well end up either riding a bicycle or worse yet
afoot because you simply don't have the money for gasoline.

You already know or should know that while you can put up a good fight
in your local court it probably isn't going to be good enough to let
you win and keep your money. Yet your choices for the future are very
limited. You will either learn how to stand up and fight back now
while you can or you will find yourself and your family in real
trouble very quickly. There is no telling how bad that troubled future
will be but you will have inflation eating at you from one end of your
paycheck, the governments eating at you from the other end and the
lawyers eating out the middle of your paychecks.

Since you can't do anything about the inflation and you can't do
anything about the government taking out an ever increasing bite the
only thing left is to either fight back now while you still can or
look forward to doing a lot less eating and a lot more walking.

The only reason you can fight back is because the debt collectors and
lawyers are in a pinch too. Debt collectors are getting desperate and
going broke because they are getting overwhelmed with debt to collect
as more and more people default on their debts and they can't collect
because people simply don't have the money to pay with. You aren't the
only one having big problems. As a result debt collectors are getting
bolder and braver in their desperation and resorting to illegal
collection tactics for which they have already been sued many times
and lost in federal courts or have been slapped by Attorney Generals
and the FTC. But the slaps are nothing compared to the money they can
make by ignoring the law. Same with lawyers. They get sloppy too as
their desperation for more money grows with each passing day.

And that opens the door to you being able to win by learning what they
do wrong and how to take advantage of their problems and mistakes. If
it were not for their mistakes you could do absolutely nothing but
take it on the chin.

So what are you going to do? Are you going to ignore their summons
because you know you can't win, maybe run to a bankruptcy court and
take an even bigger whipping Or will you learn how to stand up and
fight back using their mistakes to your advantage and make them pay
you instead of you paying them? If you want to fight back let me know.

Bill Bauer
405-684-9297
405-227-9423

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