Legal Question in Credit and Debt Law in North Carolina
I deposited a check from a credit card company on June 11. At the time, I was under my credit limit. I waited for the check to clear. It did. The actual transaction happened June 14. I got a letter today June 24. It is dated June 15. It lowers my credit limit below the balance on June 14, so now a large part of the check is over the limit and they want to charge me an over-the-limit fee. When the vheck was cleared, it was still under the previous limit.
Is there anything I can do legally? I am too strapped to afford a lawyer or an additional fee.
PS: I used the check to pay down a higher interest card. I've paid every month and never been late on all my cards. Thanks!
2 Answers from Attorneys
I assumed you tried to clear it up with credit card company. Write them a letter and send it certified mail detailing the issue. If you can;t work it out, you may have to file a suit.
Also if you are looking for free help - possibly call Clark Howard and see if someone can help you (clarkhoward.com)
What caused you to be over the limit? Something had to have triggered this. You can try writing the credit card company at the address on your bill for correspondence. I would offer to do this for you, but given your circumstances, I question whether you would be able to retain me.
You can explain what happened and see if the credit card company will remove the over-the-limit fee. If they do, great. If they don't then pay enough to get your limit back down under the fee as soon as possible. You could also see if they would raise your limit, but I doubt they will given the current economic climate and given that you just got funds from them. It was probably an accident of timing and they were going to lower your credit limit anyway. These are junk fees that the credit card companies make up so they can earn money. And they are designed to penalize you for charging up near your credit limit.
You can also try Clark Howard at www.clarkhoward.com to see if they could assist for free.
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