Capital One Payment Protection Plan Capital One "theft by deception refunded after a permanent disability decision of a partial payment in June 2003 of $356.00 after they harrased me daily to pay my balance in full Richmond Virginia

I became unemployed in March of 2008. I have carried a capital one card for a few years now and have paid for the Payment Protection plan since the time I opened the line of credit.

Upon openning the line of credit a few years ago I received the Payment Protection card and Stonebridge Benefit custmer agreement and addendum in the mail and immediatley read the customer agreement for understanding. I properly filed it away so I could reference it at a later date if I needed to use payment protection.


As mentioned I became unemployed in March 2008 however I was able to make payment on my Capital One card for about four months.

Keep in mind, one has to follow the "rules" of credit which are making your payment ON TIME according to the due date and one cannot let the line of credit slip past 90days delinquent.
I'm not saying that my credit payments were perfect, but whenever I had trouble paying my bill or if I incurred a late payment charge I was able to contact Capital One and they were willing to reverse the late payment fees and sometimes the over the limit fee if you are making a payment on your balance. BUT, one has to contact Capital one over the phone to make the arrangements.

Additionally, I'm not a fan of Capital One credit. I feel, they use alot of rules and tactics on consumers to add fees to the line of credit that keep you in debt. I always keep in mind that they are "in it for the money" like alot of corporate companies out there. When I contact a representative I try to stick to the facts and not become emotionally insane. I am dealing with a HUMAN BEING who is employed by this company who is trying to accomplish a satisfying life in this world, just like me. Getting upset and emotially distraught about a credit line will not get what you want. In fact, they tend to either hang up on you or repeat themselves over and over beacuse they are following their guidelines as well.

With that said, I recently filed for payment protection using the webiste that was on the addendum agreement. It was easy, fill out the form and fax it along with your proof of unemployment to Stonebridge Benefit. I contacted Stonebridge two days later to follow up to make sure they received my fax. I spoke with a lady and she confirmed the receipt of my fax and discussed the details of the agreement and confirmed that the payment protection will be valid and my MINIMUM balance will be paid.

From my understanding and experience, here are the rules of credt and payment protection with Capital One:
One has to READ all of the fine print and notices that are sent in the mail for understanding.
If one does not understand one has to call for clarification.

One must FOLLOW THE RULES to the letter. Meaning make your payments on time or call Capital One to make arrangements for payment. If one lets the credit become delinquent and pretend that it will go away then you are in for a big surprise. Its not going anywhere, in fact, it will pile up and Capital One will charge those rediculous fees because they have the right to, its in the contract when you sign up for their line of credit. They also have the right to cancel your payment protection plan if you are 90 days delinquent.

Capital One is not going to give you sympathy points. If you become unemployed or disabled you are still responsible for your debt. It is up to you to take responsibility and call them to see what can be done.

Be sure Capital one is charging your credit card the minimal amount for payment protection. If you do not see the charge on every monthly billing cycle, you are not paying for it and it does not exist on your account. Regardless of your memory, telling Capital One that you thought you signed up for it does not work. You must be billed each month for payment protection to be valid.

One has one year from the incident to file for Payment protection and one year of coverage. For example, if you have become unemployed in January 2008 you have until January 2009 to file for payment protection. If you file for payment protection in March of 2008 they will pay the minimum balance for the rears of your payments even if you made the payments for three months after you beacme unemployed. The payment protection pays your MINIMUM balance current to the date of filing. Then they will continue to pay only one year from your incident date NOT your filing date.

The responsibility still remains on you to pay the interest on your account! It is possible to have the minimum amount paid by payment protection and still incur over the limit fees. The interest rate on your card will add to your balance very quickly. Check your balance every month to see what you need to pay to keep your line of credit below the credit limit to ensure you do not exceed your limit. When you exceed your limit, expect fees.

Regularly check your monthly statement and keep them on file. This will guarantee that your credit line stays current and accurate.

When contacting Capital One stick with the facts. They outsource their customer service calls to other countries and I have found that sometimes it's hard for them to understand my concern. On occassion, I have asked that they transfer me to someone who speaks clear, concise english.

As explained to me, Payment protection will pay your minimum for one year and still allow you to make payments on your account to keep the line of credit current. I'm only making interest payments.

Well, I hope this helps someone out there!
Credit is really about following the rules and reading the agreements that you are signing including the fine print. Capital one really has the right to charge all of the rediculous fees as long as they are within the guidelines of the agreements and addendums they sent to you. There are no sympathy points in a corporate company.