Legal Question in Credit and Debt Law in Missouri

terms regarding closed accounts

fdic closed our nextcard acct. last year as they did many other acct.holders for whatever it was nextcard did! Now,first natl of Omaha has our CLOSED acct. They just sent us a change of terms notice saying they are raising the APR to no lower than 18.99%. Can they do this on a CLOSED acct? We can no longer have or use the card. We just have to continue to pay it off to FN OF OMAHA.


Asked on 6/23/03, 1:35 pm

1 Answer from Attorneys
Anthony DeWitt Bartimus, Frickleton Robertson & Gorny, PC

Re: terms regarding closed accounts

Whether they can do it would depend entirely on the terms of the agreement you signed when you obtained the credit. Absent some agreement in the contract that allows them to do this, they should not be able to do it.

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Answered on 6/23/03, 3:21 pm


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