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Expert: Regan Shinski - 2/4/2011


Question
i have credit card i have not been able to pay.the account is closed.but the credit card still charges me interest and late fee every mo.so the bill keeps getting larger even though it is closed,can they do that,it keeps getting bigger and bigger

Answer
Hi Leonard:

Sadly, the answer is typically "yes."  This generally stops on the formal charge-off date, the date a lawsuit is filed, bankruptcy is filed, or the statute of limitations stops.

In some cases it may also stop when it goes to collections, even if the debt is not formally charged off.

There are some FDIC guidelines that recommend changing the debt to charged-off status at 120-180 days past due, but not all lenders adhere to these guidelines.

Good luck, I wish I had better news for you.
Regan

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Regan Shinski

Expertise

I can answer questions on collections, repossessions, bankruptcy, credit repair, credit counseling, FICO scores, credit planning, and the cause and effect of credit related decisions. I can also answer questions on collection settlements and preparing to sue your creditors for false debts and credit credit reporting.

Experience

Fifteen years ago I was financially devasted due to severe health issues. I filed bankruptcy, had a foreclosure, car repossession, tax lien, and ruined credit. I immersed myself in credit law. I settled dozens of accounts and had them removed to improve my credit. I personally sued four creditors and collection agencies and won cash settlements for their false reporting on my credit reports. Since then, I have completely recovered and have nearly $100,000 in revolving credit lines and perfect credit. I have owned a credit repair company for the past five years and have an additional three years of specific work in the collections and debt management industry. I am fully versed in the Fair Debt Collection Practices Acts (FDCPA), Fair Credit Reporting Act (FCRA), and have used them successfully in collection settlements and lawsuits for myself and others. I am also familiar with and abide by the Credit Repair Organizations Act (CROA). I have deleted or helped delete literally hundreds and hundreds of derogatory items from consumers' credit reports and helped negotiate many settlements with collection agencies and creditors. I have also advised people on bankruptcy at any stage. In the current credit market, I have successfully advised numerous people on how to obtain credit and how to negotiate for better terms.

Education/Credentials
BA University of Minnesota

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