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Once the account is charged off ???

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Posted by JerNTN ( on May 18, 2004 at 18:39:14:

I need to better understand what happens to a CC that has been charged off. My initial line of credit was $9500 with Chase. When I lost my pension and retirement benefits, I got behind on my payments. Chase offered to put me on their flex payment plan for 2 years in which the interest rate would drop to 6% and have a reduced monthly payment. Eventually, I defaulted and the account was charged off. All of the late fees and over the limit fees were added back to the account. I supposedly owe $13K. NOW that the account has been charged off, what type of fees will continue to accrue on the account? Late fees? Over the limit fees? Or the state allowed interest rate?

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