Santa Barbara, California
Not resolved

In 2006, I struck out on my own financially at the age of 22 and quickly encountered a medical condition that necessitated a Care Credit card (my first credit card, in fact). At the time, the bill totaled about $3,500 and I made regular payments as I could.

Over time, as Care Credit changed hands from GE Money to Synchrony Bank, interest rose and I could not keep up with payments. After 7 years, the debt dropped off my credit report in accordance with California statue of limitations on debt. Just this June 2015 (9 1/2 years after I first opened the card), Synchrony Bank decided to engage in a lawsuit against me to obtain **$9,600** to include interest accrued over the course of 9 years. Without the means or funds to fight this, they garnished a working capital business loan that had just been deposited into my SAVINGS ACCOUNT to help my current retail shop stay open.

They were merciless when I explained the situation, as I cited again that this was a nearly 10-year old balance, past the statue of limitations of debt collection.

THey said I could pay in 2 installments instead, starting that day, but wouldn't release the $9,600 garnished until this was done, essentially forcing me to come up with an ADDITIONAL $9,600 to cover the balance before MY MONEY was returned to me. This is effectively putting me out of business and I absolutely cannot believe a credit card company is permitted to take these measures when the economy is so tenuous and people's livleihoods are at stake.

Reason of review: Problems with payment.

Monetary Loss: $9600.

Preferred solution: Price reduction.

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