I'm at a loss to explain this myself

[CreditVortex]

And I'm not sure if this is the tread I should list this on, I noted this last year. But it's still got me concerned.

 

I opened a major credit card back in 2001 and kept it current, never missed a due date, usually paid it off monthly. Things changed personally in 2008 and I was only able to pay a little more than minimum, still never missed a due date. I continued to pay on the account until 2011 when my world came crashing down and I charged the card up to $7,800. In 2012 I was hit with another problem and I decided to cry 'uncle'.

 

First action was to call all my creditors and try to lower my interest and hopefully the balances. All except this card refused any help. This card agreed to set up a monthly draw from my checking for a set amount that was about triple my minimum payment and I couldn't use the card my privileges had been suspended. I agreed and for a period of 1 year they faithfully withdrew the agreed upon amount. The year was their time frame. During that year for some reason they canceled my card and account. I called and talked to a manager asking him if the cancellation was because of 'universal default'. He claimed it wasn't but he wasn't sure about the reason. I figured that everything being equal that was a satisfactory answer.

 

Since they had agreed to help me and I was in a better position at that time I would get a monthly online bill and continued to pay at least the minimum+ every month prior to due date. I owed them that much. The balance was then just under $4,800 and I have paid for the last 18 months like clockwork. This month's balance is just slightly less than $3,000.

 

Here's the odd thing during the one year period I was never charged any interest or fees once again as agreed. The monthly statement verified my payment and the balance was reduced by the amount of the payment, as agreed. But now, after that one year and my subsequent payments since I have never been charged any interest! My balance goes down by my payment amount. I have searched around online for an area that would show any pending interest that may have built up. Nothing, nada, zilch. Searching is restricted somewhat because my account was canceled but I still have access to the statements and can make a payment.

 

I've decided to let dogs lie and not rattle any cages. My question and reasoning is since THEY canceled the account rather than suspend my privileges they basically canceled any existing contract with me, also because I had an outstanding balance they didn't have a contract in place that I agreed to any interest rate or charges being added to my balance. Is my thinking off somewhat or will the other shoe fall when the balance shows 0? I've kept every correspondence and statement, bank and otherwise building a paper trail.

 

This card hasn't shown on my credit report in over a year and when it was last listed it showed as the account being paid as agreed. I haven't had any contact with anyone in over 2 years, they just keep taking my money and thanking for my payment.

[willingtocope]

First, they did not cancel the contract...they canceled your ability to use the card.  Not the same thing.  You still owe it, they still own it.

 

As to why they stopped charging interest...good question....its possible they will be satisfied in getting their money back.  Only time will tell.

 

Oh...and I assume you're paying the OC, right?

[CreditVortex]

First, they did not cancel the contract...they canceled your ability to use the card.  Not the same thing.  You still owe it, they still own it.

 

As to why they stopped charging interest...good question....its possible they will be satisfied in getting their money back.  Only time will tell.

 

Oh...and I assume you're paying the OC, right?

Yes it is the OC.

 

When they were making the monthly withdrawal my account showed 'suspended' privileges.  But 6 months into the contract they sent me an email that the account has been CANCELED!  When I went back into to verify it sure enough in big red letters at the top of my account it said 'ACCOUNT HAS BEEN CANCELED'.  Every month it shows like a beacon when I log in to make my payment, 'ACCOUNT HAS BEEN CANCELED'.   When I called to talk about it the manager said it has been 'CANCELED' .  He said they only way I can get my card privileges opened back up was to go through the process of applying for a new account.  You can call it what you want but I'm taking them at their word,  I see your thinking about the contract still being in force but my thinking is they canceled the account and that would include all contracts and or agreements.  Canceled always meant the final step to me

 

I hope it is what you say and they are hoping just to get their money back.

 

Thanks