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I have a business credit card with Capital One. We are out of business. I tried to close the account, but they refused.

Asked over 2 years ago - Millington, MI

They would not close the account until I could bring it up to date, which I can't. Meanwhile they continue to charge me overlimit and past due fees every month $70. They have probally added more than $800 to the account. My husband has become disabled and I only work a part time job. I am without assets. Can I do anything to stop them from piling on the fees and get them to close the account?

Shirley

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Attorney answers (1)

Richard A Behlmann

Reputation Level 9

Answered over 2 years ago. Estate Planning Attorney in Katy, TX.

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This answer is for educational purposes and does not constitute legal advice.

Unfortunately even though it is a business credit card it is usually issued in the name of an individual. If there is an outstanding balance on the account the credit card company will typically not close it out until the balance is paid off. The fact that the business that the card was used for the longer exists will not alter the contract which is with the individual borrower.

In order to stop the debt you could seek some kind of relief through a bankruptcy filing or in some cases you can contact the credit card company and they will work out some kind of settlement with you. This settlement is always optional with them based on the facts.

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