Capital One
Internet Internet
United States of America
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Capital One Draconian Charge-offs methods - Do Not Put Them in Your Wallet Internet, Internet
*Consumer Comment: When?
1Author
1Consumer
0Employee/Owner
Along with many of you, I have had a rough job situation over the past few years. I was working full time, but in entrepreneurial companies, so I was not earning full-time pay.
I had several credit cards that I could not keep up payments on, so I signed up with Take Charge America credit counseling service (they are great, by the way). Capital One was one of the creditors, along with Bank of America, HSBC, Citibank, and others.
I got behind in payments. I tried to make some payments to all of my creditors, and I spread the pain evenly. The other creditors I mentioned acknowledged partial payments as at least some payment, and my outstanding amount owed never exceeded three months past due.
Not so Capital One. If they did not receive the full amount they considered was due, that counted as a full month late, even if I sent in a partial payment. I ultimately triggered what they considered to be six months late on my payments.
I now have a full-time regular-wage job, and have been making steady payments to all my creditors, including Capital One. I am in good standing with all of my creditors except Capital One, who has reported me to Experian as a charge-off.
I called Capital One to discuss this (you can too, if you're having problems. Email Richard Fairbank, CEO of Capital One at rich.fairbank@capitalone.com, or call 800-955-1455). Nanette Black and Charles Mitchell of the Executive Response Committee both told me that, by federal law, if an account reaches 180 days past due, they must report it as a charge off. I told them that I don't doubt that, but my account reached 180 days past due only due to Capital One internal policies.
They told me there is nothing they can do. So I told them I would be writing blog posts like this, and that I would be contacting the Consumer Financial Protection Bureau, which I have done.
During the time I was behind in payments, I called them several times to make arrangements. They proved to be utterly unresponsive. So my advice to you: If you need a credit card, make sure it is not a Capital One card in your wallet.
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REBUTTALS & REPLIES:
1Author
1Consumer
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Updates & Rebuttals
#1 Consumer Comment
AUTHOR: Robert - Irvine (U.S.A.)
SUBMITTED: Monday, November 21, 2011
POSTED: Monday, November 21, 2011
Why does this seem to be a common theme lately. Someone gets themselves into financial trouble, which never seems to be their fault. Never mind that it was them who actually charged up the cards to begin with. They describe every OTHER card as basically bending over backwards and kissing their **s where they are just happy to get something. Yet there is always one card who is "evil" and actually is trying to hold them to their agreement. Funny thing is it never seems to be the same credit card between reports, and ones stated as being "good" in one report are considered "evil" in others.
Credit Cards are not charities. You charged up the amounts, and as part of the agreement you agreed to make the MINIMUM required payments. You did not do that and tried to go through credit counseling. Now that didn't work either as you became behind again. So then you just started paying something, thinking that you are all well and good with those cards.
Just be glad you were able to start making full(I hope) payments again. Because every month you made any payment, you extend the Statute of Limitations. Where eventually they would have gotten tired of your partial payments and charged off the account. If you failed to make those payments they may eventually have sued you. And all those payments that they gratefully accepted would have done nothing more than give them more time to file a suit against you.
