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Posted in Paying Your Bills
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Question By
tarakathryn

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Didn't pay bill, says account is closed now, what does this mean?
So, I have an account with a balance of about $2,400. It has such a high interest rate and I've been so broke that if I only pay about 50-100 bucks on it, by the next statement the balance is right back where it was. So i found this to be a waste of money and decided to try to save up and pay it off. Well, now according to Credit Karma the account closed on May 7th. Do I still pay it? Does it still charge interest? Is there a way to pay this off with a lower rate. Is it in collections??

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Top Contributor
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The account closed due to the nonpayment. Yes you still owe the money, yes interest will still be added, it is probably being sold to a debt collector. What to do? You might consider trying to "settle" the account for less with the lender. You would have to contact them and ask if they would be willing to settle for less than owed and if they agree, get something in writing before paying. But, don't even bother trying to negotiate this if you won't have the money to pay it. Dragging this out if you don't plan to pay will only extend the amount of time you can be sued for the debt. For your credit it would be ideal to get this account taken care of asap, before it goes to Charge off status and a collection pops up on your reports. I strongly suggest taking the time needed, right now, to start reading about all of this.

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