Credit Tips: Maxed Out Credit Card

Posted On: January 1, 2006

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Posted: Mon Aug 16, 2004 6:32 pm
Post subject: Maxed Out Credit Card
jennifer
Date: 6/13/2001 4:59 pm CDT

My daughter loaned her card to “a friend” for a few emergency purchases. “Friend” maxed the card for over $3500 within a month, and didn’t even make the first payment and now won’t return my daughter’s calls. Unfortunately she also gave her the password and mother’s maiden name.

Is there any help for her? Friend doesn’t have any assetts and is self employed. Could it be any worse? Since she loaned her the card can she still prosecute?

Need help badly since her husband doesn’t know she loaned her card to the girl.

Thanks in advance for any help,

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Posted: Mon Aug 16, 2004 6:33 pm
Post subject: Maxed Out Credit Card

Scott
Date: 6/13/2001 8:18 pm CDT

Jennifer,
Your daughter needs to call the credit card company a.s.a.p. to make them aware of the situation and/or freeze the account. Your daughter should also send her credit card company a letter explaining the situation within 30 days of the bill she received, to retain her legal rights under the Fair Credit Billing Act. A police report should also be filed. The prosecuter may file charges if he/she feels they have enough evidence, but a report should be filed.

One senario would be that when you contact the credit card company, they will recognize these charges as unauthorized by the account holder. This usually would mean that the account holder would only be liable for only $50 or maybe nothing, instead of the $3,500. A copy of the police report probably would be required.

Another senario is that the credit card company will not disregard the charges that were made by your daughter’s friend, saying that your daughter allowed her friend to make those charges. In this case, your daughter may need to sue her friend in small claims court or it’s equivalent in your district. A police report sould be considered admissible evidence as well as a guility verdict if the prosecuter does prosecute.

I am sure your daughter will learn from this experience, and be more careful in the future.

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Posted: Mon Aug 16, 2004 6:34 pm
Post subject: Maxed Out Credit Card
Ed Mason
Date: 6/16/2001 9:57 pm CDT

Your only recourse is to file a criminal complaint against the person to get you money owed you.. In regards to the credit card company , their fraud department will not touch in in where you lent the person your card to start with. I hope that you get everything resolved.. In the mean time I would try to find someone to make a payment for you.. Because if You do not pay, it is going to affect your credit as well as your husbands.. It will show up on any credit report that is pulled.. Because legally you are reponsible.. Good luck