Legal Question in Credit and Debt Law in New York
Late fees and interest- A perpetual debt that is out of control
I have a Capital One credit card. Over a year ago I bought something for around $150.00, I�ve been late on my payments and overall just let my attention to the account slip.
I now owe them around $450.00.
The reason- late fees, interest and an �over limit fee�.
The �over limit fee� is accrued each month because of a late payment fee.
Is there anyway to get around all of this?
I am willing to pay my debt plus the interest; I understand that�s how credit cards work.
But, limit fees caused by late fees plus interest seem heavy handed.
Thanks for your time and consideration
2 Answers from Attorneys
Re: Late fees and interest- A perpetual debt that is out of control
It sounds like you are a candidate for Bankruptcy. There may be other options depending on you exact situations. Please call my office to discuss your options.
Very truly yours,
Neil E. Colmenares, Esq.
718-888-3108
Re: Late fees and interest- A perpetual debt that is out of control
You are right: this is unreasonable. Bankruptcy is an option only taken after considering your entire financial situation. (I disagree with Mr. Colimares on this point. You can only declare Bankruptcy once every 7 years - don't waste it.)
Talking with the credit card company is one way to deal with this. First; call up the card and negotiate. Offer to pay the principle and interest but not the other fees. They may agree. If not, then (second) cancel the card. Then get to the collections department where you can negotiate.
Don't take the first "no". It may take time to have them accept your offer.
You are welcome to a consultation for no fee at my offices at 42 West 44th Street, NY,NY. Please call for an appointment first. (646)591-5786 or (718) 729-2029
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