Category: Credit card companies

We are in the process of having a lawyer involved

Using a different moniker (but this is in reference to below) — We are in the process of having a lawyer involved in this whole mess. Electrical bill was over $6000, phone bill was over $500, cable bill was over $500, not to mention the numerous credit card accounts that were opened. They even had the gall to file bankruptcy in his name and then forged my dad’s signature. What a mess!! My sister then subsequently committed suicide 2 years ago when we were getting really close to finding out the whole extent of this mess.

I’ve noticed, too, that on almost all of these “pre-approved” credit offers, there is almost always a clause somewhere on the offer which gives the toll-free number to opt out of these offers. If you really don’t want the offers, all you have to do is call.

That is so tragic! How could they have expected to go all the way with the bankruptcy? Or did they? Wouldn’t your dad eventually have had to be present with his i.d. for court? Well, best of luck in this situation. Keep us informed.

It’s a sobering look at debt and spending, and how addictive it can be for some people. What, in the end, did your sister gain from it?

You see, I don’t understand how they filed the bankruptcy in the first place. There was a court fee and they had the “forged” signature notarized by an alleged “friend” of theirs. I don’t understand the ins and outs of bankruptcy, but I would think that they would have to show proof of some sort that it was my father who was filing, which it was not. This all happened when my father was 76. My ex-slug-BIL certainly doesn’t look that old. He even forged one of my father’s checks to a methadone clinic! Man was I hot under the collar on that one, to the point where I called the methadone clinic up and asked them if that was their usual policy of accepting forged checks and before I even told him who had forged it, he said my ex-slug-BILs name, so apparently there had been prior problems with him at the clinic. What a sad mess this all turned into! They bilked my dad to the tune of over $200,000!

Sad part is, she’s gone now, and we’re still finding out what kind of damages they did to a man who didn’t deserve it!!!

I am sure everyone already knows this

I am sure everyone already knows this, but it is always worth repeating. You may decide to Opt Out and the CC offers will eventually come to a complete halt. There are a very exceptions listed below, but one place to look is http://www.experian.com/blogs/ask-experian/credit-education/preapproved-credit-offers/opt-out/. You can google this, but I am skeptical of a scam artist coming up on Google. You can get info at any of the 3 CRAs, Clark Howard’s website and maybe even Dave Ramsey’s.

Exceptions (key word here is MAY):

If you apply for any credit at all, like $500 payday loan or even more, it may UN-opt you out and you may need to go through this again. I have also found that since I am the President of a local non-profit status that recently incorporated, I am getting berated again in my name and/or the incorporation’s name. I am not sure how to stop those yet.

You may still receive offers as a promotional in the name of some organization you belong to. One example, I still get them in the name of my College Alumni organization.

You may also get solicitation from companies you are already doing business with.

It has been nice not receiving those solicitations anymore. Also, learn how to improve your saving skills in order to borrow less in the future.

This was very good advice

This was very good advice. How surprising it was when my father received a call from a credit card asking him if he had just tried to pay a bill online with his CC to the tune of $1200. Well, if the credit card company had not called him, we would have never found that my sister and her husband were using his credit to their advantage and to my dad’s disadvantage.

When we started to investigate, we found out they had opened numerous accounts in his name, had put their power, phone, and internet accounts in his name (he didn’t even know what the internet was) and then stopped paying on these things. What the credit card company did by limiting this person’s credit was a benefit to him (which he probably will never understand). Anyway, just thought I would share. I’ve learned so much from this group – I’ve only one more debt to resolve and it should be done in about 2-1/2 months!!! YAHOO!!!

Wow – what a story! Your poor Dad! That’s another very good reason it would be a good thing the cc companies to monitor accounts more. What eventually happened with your Dad? Was he able to resolve all the mess your sister and her husband created? I hope so! And – congratulations on your debts being so close to paid!

Of course they are! “Mo’ Money” is right! It’s a shame when you can go over your limit by 2.00 and pay 30.00 or more for it. Pure profit for them, just like the overdraft fees by the bank.

Why do credit card companies even let you go over the limit?

Why do credit card companies even let you go over the limit anyway? Why can’t they just cut you off wehn you’ve reached it until you’re back under it? I remember once quite some time ago, I went over mine by a few dollars. I complained to the company, and they did remove the over-the-limit fee. I asked them if they could not restrict the account, to where I could not go over the limit. He fought me for some time, but finally did restrict it.

It is ironic that the credit card comapny will give you a credit limit and then punish you for trying to use it al by “rate jacking” you. I have seen credit card comapnies lower your credit limit the closer you get to you limit. I think they should rename the term “Credit Limit” to something else. It really is not your credit limit in many cases.

Maybe some of the CC co’s are trying to appear “responsible” since so much has been written about them being anything but by the way they have issued credit to so many people who they knew were high risk. Then there is the wildly popular Dave Ramsey making nasty comments about them. I am cynical .Many of these same co’s are the ones who go by different names and constantly send mail offers to those who they know are high risk. More mail from Washington Mutual-Citibank today.

More paper for the shedder which will be made into a peper pulp bowl with sharks painted on it! LOL Maybe they’re hoping the client doesn’t catch the over limit fee and
other little add ons…. “Mo’ money, mo’ money….”

The debt buying business is growing and that is no surprise to me. What the sleezebags can get away with is outrageous.

This is a good article.

I read a similar one last week and since the writer had his email at the bottom of the story I sent him an email telling him I had filed complaints against the co that kept me in the dark concerning interest fees and found out months later and $1700 less from my wallet that they were not appling any of what I had sent to reducing my debt and were in fact increasing it. I told him I didn’t think my complaints did much good, but I wanted it on the record and maybe if there were enough complaints something or someone would take action.

I received a reply from the writer of the article and he told me my story was similar to so many who had written him.

Part of any action taken against debt collectors should be that they can only charge interest on what they have

actually paid for the debt they purchased.

If they paid 50 bucks for a $1000 debt then why should they be allowed to charge interest on the whole amount? Interest is supposed to be only charged for money that was borrowed. A person whose debt has been sold to a collection agency has not borrowed any money from the sleazeballs so why should they legally be able to charge interest on the whole amount. It doesn’t make sense. So much of what is sold to a debt buyer is most or all interest anyway. It’s just another way to screw someone who is already deep in the hole!

I have gotten a call from the CC company

I hve gotten a call from the CC company (this is before is tarted getting myself out of debt ) , i hadn’t used my card in some time and i used it often within a few days. They called to verify that It was myself who was making those purchases. I was glad that they did that. Because obviously if it was someone who had used my card and i didn’t know, it would have been brought to my attention this way.

I have mixed feelings about all of it. I feel, ultimately, though, that the credit card company needs to be responsible enough when screening potential card holders and when issuing the limits, that they should be able to head this problem off at the pass.

Odds are, they did as they usually do——send out cards to those who they KNOW have less than satisfactory credit. For instance, after I filed bankruptcy, I got countless credit card offers from companies for cards. I laughed and decided to myself that thye should not offer me a card, and that they must not know my credit history. But, lo and behold, when checking my credit report for “promotional inquiries”, indeed these companies HAD checked my credit and DID know my history. If they are going to offer me a card anyway, then THEY are being IRRESPONSIBLE.

Or, if the customer with the card is a young person who has never had credit before—-start his limit off VERY LOW in the first place, to avoid this. If they get to their $200 limit too fast, there’s not as much risk and you’ve cut the overspending off before it could get started.

I understand what you’re saying, though, Karolina. As the credit/office manager here at my company, I have seen this scenario so often: A new company sets up an account, in which I intend to watch his trend and limit. Often, they run their balance up within the first month, making one purchase after another. Of course, the owner of the company over-rides my objections, seeing dollar signs, and lets them continue, without knowing what sort of payment trend they have. Then—guess what—-they suddenly stop buying and skirt off to another vendor, and do not pay me. I’ve had it happen so many times—-and all times, credit was extended inspite of their swift spending, despite my objections. There have been several like that in which we have had to “write-off” their debt—–and I’m talking about some of them in the 20,000 dollar range. I finally had to start, when opening the account, putting it in writing that the account was being approved by the owner, against my better judgement. That way, the burden falls onto the owner for the decision.

So—-I agree with you in that regard. With most of my customers, I am able to cut them off if they look “iffy”—–so the same principle would and could apply to credit cards.
I’d like to know who the blogger’s credit card company was—–because I feel like you do. If they would monitor accounts more carefully, it would help to ward off those fees for being over-the-limit.