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Capital One Charge off, but past due amount keeps increasing


J D
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HELP! I have a Capitol One account that was opened on 10/2001 and closed 6/2002. The past due amount keeps increasing. It looks like they're charging me interest on a Charged Off debt. Can they do that....can they still charge me interest on a Charged off debt?

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Two different questions, guys.

Charge Offs, as long as they're still owned by the original creditor and the OC is NOT an FDIC insured bank, can continue to charge interest and penallty. CO is just an accounting term which means "charge against accrued income" and, according to IRS rules can continue to grow for 2, 3 or 7 years depending on their accounting practices.

On the other hand, accounts IIB should show $0 balance and IIB. They cannot continue to charge interest. Send them a CMRRR letter pointing out that they are violation BK laws and either correct their TLs, or you'll report them to the BK court.

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I have a Crap1 charged off account and they still keep changing the balance charging me interest as well. It's so annoying because its the only charged off account on my reports and even though I have a good score, I can't get any new credit because it looks like I'm always at my limit and just defaulted. That is their common tactic for you defaulting.

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They're disgusting. Every month they update the date of 1st major delinquency to the current month on an account IIB in 2000. I caught it on EQ this month, but I'm supposed to pay $9 a month to keep babysitting that?

They're also reporting my IIB as charged off, even though the account wasn't even late late at the time of BK.

Capital One is just pure evil. And not in a good way.

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