Legal Question in Business Law in Tennessee

Is a creditor required to send invoicing on a loan?

I have a signature loan with Capital One that was originally set up to be drafted from my checking account. I had this stopped by my bank and got behind for a while. I have since gotten the payments current but cannot get an invoice (monthly or detailed) from this company. I have been asking for six months and each time they tell me they are sending them. I can't see how much I owe, what charges are being assessed (if any) or anything else related to the account. Do I have a legal standing to withhold payment until I get relief in the form of a detailed statement and recurring monthly statements?


Asked on 12/29/05, 10:30 am

1 Answer from Attorneys
Dr. Michael A. S. Guth Tennessee Attorney at Law Assists Pro Se (without a lawyer) Parties

Re: Is a creditor required to send invoicing on a loan?

Witholding payment is a bad strategy, because Capital One may accelerate the debt and claim the entire balance is now do. You certainly do have a right to a written accounting. It sounds like you have been calling the company, but that is not working.

I suggest that you fax the company and send them a certified letter -- marking the letter as VIA CERTIFIED MAIL when you type the cover letter. You will need a copy of this letter if you subsequently wind up in court.

Give the company two weeks to send you an accounting and point out that you have asked for an accounting five times previously. Between the fax and the certified letter, the company should be put on notice that it is violating your rights.

If you still receive no accounting, then you may want to file suit while still making your monthly payments and ask the court to suspend your obligation until Capital ONe provides an accounting.

http://michaelguth.com/prose.htm

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Answered on 12/29/05, 10:40 am


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