And so it begins ... Capital One dredges up decade old charged off debt and is billing with interest

Capital One dredges up decade-old, charged-off debt

The bank says it was only complying with a new Federal rule (thank you Obama) when it billed a Hollywood couple for a $2,000 credit card balance it wrote off 10 years ago plus interest — a total of $5,195 — even though the statute of limitations has passed.

Frank Cavestani and his wife fell behind on their Capital One credit card payments about a decade ago. Their accounts were subsequently closed by the lender, which wrote off about $2,000 in debt they couldn't pay.

So it was more than a little strange when the Hollywood couple received a pair of bills from Cap One the other day for a combined $5,195.07 in debt and interest.

Stranger still, when Cavestani contacted Cap One, he said a service rep told him the resurrecting of old loans is accommodated by recent credit card regulations approved by the Federal Reserve — even though most states have a statute of limitations for how long credit card debt can be pursued by a lender.

(read more about this crap here)
[link to www.latimes.com]

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