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Question By
axl23

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capital one charged off a CC debt in feb 2013, then continued to accrue interest until dec 2015....
background.. i had the card since 2005...lost my job..made my last payment with a balance of $6,500 (maxed the card out...couldn't keep up with min. payments..i just gave up) last payment was in august 2012...they charged off the debt in feb 2013 150 days later

then they continued to accrue interest (without monthly statements..or any statements at all actually)...aren't they supposed to do according to the truth in lending act?

and the weirdest part was...after it got up to $8,221 in dec 2014, they stopped adding interest. that's the amount they say i owe now ($8,221). it hasn't gone up, and i still have yet to get any correspondence.

i tried to dispute it with equifax a month ago, but they said they furnished the data..so its still there. then it says "comment account closed at credit grantors request?" so did my dispute make them finally close the account at least? (even though they suddenly stopped charging interest a year ago? also i wasn't aware it was even open until i read that comment...actually i kind of fogot about this debt all together since to much time had passed until i started actively trying to fix/rebuild my credit and signed up for creditkarma last fall....i thought i had settled all my old debts (i was able to, then i remembered capital one was the
only card that refused to settle, so i pretty much just said "F!@# it...i'm broke and unemployed...nothing i can do about it now"....fast forward 4 years and here i am bewildered and confused.

it gets stranger... here's what they're reporting in my credit report:
it says "Limit High Balance History:
Between Feb 2014 and Dec 2015, your credit limit/high balance was $6,500"

that's not true, because directly above that this is my reported balance history (showing them adding interest and suddenly stopping in dec 2014)
Balance History:
Dec 2015: $8,221 / July 3, 2012 / no data / no data
Nov 2015: $8,221 / July 3, 2012 / no data / no data
Oct 2015: $8,221 / July 3, 2012 / no data / no data
Sep 2015: $8,221 / July 3, 2012 / no data / no data
Aug 2015: $8,221 / July 3, 2012 / no data / no data
Jul 2015: $8,221 / July 3, 2012 / no data / no data
Jun 2015: $8,221 / July 3, 2012 / no data / no data
May 2015: $8,221 / July 3, 2012 / no data / no data
Apr 2015: $8,221 / July 3, 2012 / no data / no data
Mar 2015: $8,221 / July 3, 2012 / no data / no data
Feb 2015: $8,221 / July 3, 2012 / no data / no data
Jan 2015: $8,221 / July 3, 2012 / no data / no data
Dec 2014: $8,221 / July 3, 2012 / no data / no data
Nov 2014: $8,167 / July 3, 2012 / no data / no data
Oct 2014: $8,089 / July 3, 2012 / no data / no data
Sep 2014: $7,830 / July 3, 2012 / no data / no data
Aug 2014: $7,830 / July 3, 2012 / no data / no data
Jul 2014: $7,830 / July 3, 2012 / no data / no data
Jun 2014: $7,830 / July 3, 2012 / no data / no data
May 2014: $7,830 / July 3, 2012 / no data / no data
Apr 2014: $7,830 / July 3, 2012 / no data / no data
Mar 2014: $7,779 / July 3, 2012 / no data / no data
Feb 2014: $7,579 / July 3, 2012 / no data / no data


-----

also whats the deal with that truth in lending thing and them not sending me monthly (or any) statements about my balance going up all that time? (like i said, 4 years a lot has happened..i honestly FORGOT about this debt entirely until i signed up for credit karma) is that something i should pursue further?? although i've been told since it's capital one im lucky i havn't been sued by them. should i just let sleeping dogs lie and wait until the SOL passes next year, and it eventually falls off my credit report in 3 years? (i would like to get a loan and work on rebuilding my credit sooner than 2019.

this is one of two outstanding debts i have on my report (the other is a more recent $700 debt sold to collections from credit one ..not capitalone fyi...i'm in the process of trying to pay that debt...but this $8,221 capital one says i owe i don't know what the heck to do about...it's confusing to me on so many different levels.

ps: i can take screen shots of my credit report excerpt if that helps, in case this is confusing to read

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oh ps: after i disputed this it made my credit score drop like 30 points suddenly after the dispute finished. 

like i said the results it gave me was the above info, and this:

"

Your Statement: 
Account previously in dispute - investigation complete, reported by data furnisher

Comment:

Account closed at credit grantor's request.

Top Contributor
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498 People Helped

You are extremely lucky that they didn't sue you. I would first check to see the statue of limation is for your state.  Depending on the state I think it's between 3-6 year. As much as I hate myself for saying this because you made the debt you should pay for it, I suggest that you wait it out. If you contact them it can start the process all over again. If you feel that you must contact them ask them to remove the debt from your credit report after debt has been sasified. (Get it in writing before doing anything.) This may or may not work. Time will tell.....On a side note, I was in far worse shape and defaulted on 21 accounts in 2007-2008. I was able to repay ALL my debt. my credit score was in the low 500 and now it's around 742-768. Between paying off the debt and time I manage to greatly improve my credit score.

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