Discover Card over charges, late fee, phone fees, rate increases, they made it so you can not get ahead New Albany New York

Its so stupid, every month if you pay it below the max and their ridiculous interest rates (Which they raise for no reason and without warning) make it go back above the max they charge an overlimit fees again! So its really better just not to pay it below the max. It makes no sense at all. Anyways, I have a trial date with them on the 21st of March in TN. I am considering a countersuit for damages to my credit. I would like to try to file a classaction suit if I can get enough people on board!!

Thanks and Sincerely,

Ryan

First I think we should point out that Discover Card's interest caps at 28.99%......so I do not know where the 35% is coming from (though HSBC or Walmart/ Sams club cards might cap different..but they only use our network...they are not Discover Card). Second.....2500 going to 3500 is a pretty big leap.

Assuming you have a 28% interest and are over the limit with late fees hitting (we will even assume no payments at this point to drive the idea home) it would take you 15 months to hit a $5,000.00 balance. That is with a $39.00 late fee, $39.00 over limit fee, and approx 60-110 a month (used excel to compound the interest with the fees being charged each month). So please do not tell us about how this just suddenly increased. With any payments being made, this balance took a long, long time to get from 2500 to 5,000.

What I suggest doing, is contact the Cardmember assistance department, seeing what they can do to get you on an overlimit program and then following it. I am guessing your payments will be hitting 200 or more a month for the min to stay on the program, however they can then prevent the overlimit fees. I know that may sound high, but you are now in a situation that you are viewed as an extremely risky investment and therefore are going to have to give some to get some (i.e, make much bigger payments to get past the fees being charged).

I must warn you though....if you have set up programs in the past...and if they have broken due to payments not coming in or anything like that....the department may not be willing to work with you anymore on establishing a payment program to lower interest, etc.

If you are behind on your payments, all companies, hospitals, doctors and banks, credit payments to the past debts. Once you get caught up payments will be credited to the current month.

You said "Then you get over the limit fees because you make extra payment to get under that amount the month before than then they add all the charges for the next month you are over again."

Over the limit fees are if say the high limit on the card is $2.00 and you charge $3.00. Same thing as if you bounce a check. There are never fees for paying extra.

Cut the card up so you cant use it anymore, those over limit fees will stop and you get ahead by paying more than the minimum monthly payment.

You also said
"I ask to make a settlement offer they no longer do that."

Probably because your credit record says you have done a charge off before. Life would be one big sale ad if we could all charge things then pay less later.

Having your balance grow from $2500 to $5500 is extreme.

35% interest rate? Wow! That is "about" 3% per month, or $165 on a $5500 balance. How much are you paying every month? Have your bank send automated payments so that each payment is applied to the month YOU intend.

If you want to pay $5500 at 35% off in:

1 year, pay $550 per month

2 years, pay $322 per month

3 years, pay $250 per month

4 years, pay $215 per month

5 years, pay $195 per month