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Breach of Contract ?


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Posted by Phil on October 06, 2001 at 03:40:37:

A credit card company decides it's not being greedy enough with its interest charges and informs its customers that the interest rate on their account is about to go up. However, the creditor gives its customers the option to keep their account open and active by accepting the new terms of the contract, or they may close their account to any further purchases and continue to pay on the account under the existing terms until the account is paid in full. The question is...assume the customer decides to close the account as offered by the creditor and continue to make payments. Then a few months later the creditor states or reports that the account was closed for some other reason, like default or whatever. Is the creditor guilty of breach of contract ? If the creditor gave its customers the choice to keep the account "open" or to "close" it, I don't understand how the creditor could legally say the account was closed for any other reason. Can anybody help me understand how the creditor can get away with this ?


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