Legal Question in Credit and Debt Law in Georgia
Credit Card
I requested a competitive interest rate from a company that was charging 20.15%. I was told that 20.15% was their lowest rate. I requested a payoff amount through a certain date and mailed payment by return mail with the note on the check that this was ''full & final payment''. They cashed the check and now say that I owe an addition amount. Is that legal.
2 Answers from Attorneys
Re: Credit Card
You owe according to your agreement and statements. I'm not sure how you think we can figure out what you owe. Making a note on a check is meaningless in that situation - otherwise, everyone would try to pull something like that.
Re: Credit Card
You should have talked to a lawyer before rather than after. A credit card company has no obligation to lower interest rates for you, but, if you had asked, a lawyer could have coached you on strategies that often accomplish that.
You cannot, by writing paid in full on your check, negate ytour credit card agreement, which is a contract. Most contain language that allows them to cash a check as payment in full but not treat it that way, and some contain a special address to mail payment in full checks to for special processing.
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