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Regarding a credit card dispute about a fraudulant charge.

regarding a credit card dispute...
regarding a credit card dispute about a fraudulant
charge. If there is a dispute that the credit card co.
does not agree with, how long can can the credit
card keep charging a late payment fee and also
high interest charges on only the one disputed
charge ? The total remaining balance was paid
to the credit co. and i closed the credit card account.
How ever, months have passed and the credit card
co. continues to send the monthly bill with $ 29.00
late charge and 25% interest on the disputed charge.
What can i do?
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Answered in 14 hours by:
3/16/2018
Michelle-Mod
Michelle-Mod, Moderator
Category: Consumer Protection Law
Satisfied Customers: 12
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Customer reply replied 4 months ago
waiting for a response
KLAW
KLAW, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 2,374
Experience: I have over 20 years of experience in commercial real estate law, finance, consumer credit, landlord tenant, and business law.
Verified

Hello and welcome to Just Answer. No attorney-client relationship or privilege is formed by speaking to an expert on this site, the answers are for general information. By continuing, you confirm that you understand and agree to these terms.

A little background. Under federal law, FCBA, you may withhold payment on the disputed amount (and related charges) during you filed investigation. You must pay any part of the bill not in question, including finance charges on the undisputed amount, which you did.

Subsequently, the creditor may not take any legal or other action to collect the disputed amount and related charges (including finance charges) during the investigation. While your account can't be closed or restricted, the disputed amount can be applied against your credit limit.

Also, the FCBA prohibits the creditor from threatening your credit rating, report you as delinquent, accelerate your debt, or restrict or close your account because your bill is in dispute or you have used your FCBA rights. However, the creditor may report that you are challenging your bill. In addition, it’s against federal law for creditors to discriminate against credit applicants who exercise their rights in good faith under the FCBA.

If it turns out that your bill was in error, the creditor must explain to you, in writing, the corrections that will be made to your account. In addition to crediting your account, the creditor must remove all finance charges, late fees, or other charges related to the error.

Now, if the creditor determines that you owe a portion of the disputed amount, you must get a written explanation. You may request copies of documents proving you owe the money.

Finally, if the creditor's investigation determines the bill is correct, you must be told promptly and in writing how much you owe and why. You may ask for copies of relevant documents. At this point, you'll owe the disputed amount, plus any finance charges that accumulated while the amount was in dispute. You also may have to pay the minimum amount you missed paying because of the dispute.

So yes, they can charge interest and finance charges on the billed amount that accumulated.

I hope this helps.

It was a pleasure assisting you today, and I would appreciate if you would rate my service, so I will receive credit and payment for my work. We as attorneys are not employees of Just Answer and are not paid unless you rate the question. After you rate the question you can ask follow up questions, and you will not be charged any additional money for the follow-up questions.

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Customer reply replied 4 months ago
is there a point where they must stop charging
and give it over to a collection agency?
or can the credit co. keep charging late payments
and interest on the disputed charge for years ?

They can charge interest and fees until they either write off the loan, or sell it to a collection agency. If they do neither, and still own the loan, they can either collect internally or hire a third party collection agency to collect, but can still charge fees.

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Customer reply replied 4 months ago
what does FCBA STAND FOR ? AND WHERE IS THE LAW WRITTEN ?
WHEN DO THEY WRITE OFF THE LOAN ?

It stands for the Fair Credit Billing Act. Here is a link to the whole law. https://www.ftc.gov/sites/default/files/fcb.pdf​.

They are not required to write off the loan under the law. The term "write-off" is really just an accounting term. What it means is that the lender doesn't count the money you owe them as an asset of the company anymore. Its financial statements will reflect that change. They're required to write off certain bad loans so as not to mislead investors.

So your debt if a debt is written off of a creditor's books, it hasn't been discharged or invalidated. Only the Statute of Limitations for your state will affect the creditor's right to collect. Rarely is debt forgiven or forgotten. You still owe the money. I hope this clarifies further.

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Customer reply replied 4 months ago
THEY REFUSE TO SEND ME A LETTER OF EXPLANATION OR DOCUMENTATION
WHAT CAN I DO?
You should file a complaint with the FTC at. https://www.ftc.gov/faq/consumer-protection/submit-consumer-complaint-ftc regarding their failure to follow the FCBA law regarding notice. Many times if you file a complaint they will pressure the company.
Ask Your Own Consumer Protection Law Question
You should also file a complaint with the Consumer Finance Protection Bureau athttps://www.consumerfinance.gov/complaint/
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If you have any additional questions please just ask
KLAW
KLAW, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 2,374
Experience: I have over 20 years of experience in commercial real estate law, finance, consumer credit, landlord tenant, and business law.
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