Legal Question in Credit and Debt Law in Iowa

What are the legal ramifications of cashing a check marked "paid in full"? I paid off a credit card that was 90 days same as cash by sending in a final payment. In the memo section I wrote "paid in full". Later I received a credit card statement telling me I owe the interest. I called the credit card company and they stated my 90 day time period had expired. I ask them to remove the interest and the consultant said they were unable to do so. I am currently accruing late fees on the interest.


Asked on 9/15/10, 6:45 am

1 Answer from Attorneys
Robert Luedeman solo practitioner

You could argue that the fact that they cashed the check is what is known as accord and satisfaction-that is, they accepted it as full payment. I would suggest you hire an attorney to send them a nastygram.

Same as cash' means 'same as cash' to me.

Read more
Answered on 9/20/10, 10:01 am


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Iowa