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Report: #158644

Complaint Review: Capital One - Richmond Virginia

  • Submitted:
  • Updated:
  • Reported By: Maurice Louisiana
  • Capital One Richmond, Virginia U.S.A.

Capital One Ripoff, Greed forcing me into bankruptcy when I dont want to be Richmond Virginia

*Consumer Comment: Lawsuits

*Author of original report: No Settle For Capital One

*Consumer Comment: Some insight into the process..

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I received a collection letter from Allied Interstate on 9/27 with an amount of 974.91 due immediately. I called the next day to make payment arrangements to get caught up.(my last bill said I owed 126.00) I was going to give them the two months I was behind (84.00)and the next 42.00 on the due date. The operator refused the money!! She said Capital One wants the whole amount or a substantial amount like 200.00 or more and then maybe they'll take my account back (Did I mention they want this in three days?)

I have been a day or two late a couple times in the past year and they assessed late fees and well thats business. This past time I got behind for medical reasons and I just went back to work in May after being unemployed too long so things have been tight.

I understand late fees Capital One loves them. I have 9 credit cards that I have closed two years ago and been paying as best I can. Everyone is happy but Capital one and I have two accounts with them They both want 200.00 By they end of the month. Why should I go through bankruptcy when every one else is happy????

Disgusted but trying
Lafayette, Louisiana
U.S.A.

This report was posted on Ripoff Report on 09/28/2005 08:40 AM and is a permanent record located here: https://www.ripoffreport.com/reports/capital-one/richmond-virginia/capital-one-ripoff-greed-forcing-me-into-bankruptcy-when-i-dont-want-to-be-richmond-virgi-158644. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#3 Consumer Comment

Lawsuits

AUTHOR: Debra - (U.S.A.)

POSTED: Thursday, September 29, 2005
They may have sent this to Allied in a pre-charge off state. Maybe. I suspect what's really happening is that the agent is feeding you a line to get you to send in the money. Send them a written notice requesting validation of the debt. This might mean they will need to request media. That's relatively simple for them, but they'll probably tell you they can't or they don't have to. As long as you are within the first 30 days they can and they do. Mention that you will be copying your letter to your Attorney General's office, and that if you do not receive the requested validation you will consider that the debt is not yours and that you want all further contact of any kind to cease. Collection agencies don't want to get in a bad light with the AG in their state, and Capital One is already under the microscope by a number of Attorneys General across the country. Finally, agencies never met negotiable currency they didn't like. I wouldn't advise paying Capital One directly, because it won't call off the agency. And try to send as much as you can afford, to pay it as fast as possible, because it's probably accruing interest at the accelerated rate it went to when the bill went into default. Eventually you'll want to call for a final payoff. Get it in writing, and hold on to it, because there might be a residual balance of interest which accrues between the day of your call and the day the payment is posted. Finally, be sure to demand a letter saying that your account has been paid in full. They have been known to take the payments and send the residual balance off to the original issuer. It will sit for a while, increasing steadily, and then they'll send it off to a different agency and start the whole thing again, and if you don't have that letter, you have no proof and all you can do is wait out the statute of limitations. Good luck.
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#2 Author of original report

No Settle For Capital One

AUTHOR: Dawn - (U.S.A.)

POSTED: Thursday, September 29, 2005
Let me try to clarify a few things that might be confusing.First my entire balance is over 900.00. As of the middle of Oct I will be 90 days late the bill was for 126.00 payment for the three months. The collection agency said Capital One is not interested in monthly payments anymore.They want the whole thing now. Then later in the conversation she says if I pay 200.00 They MAY take me back for payments no guarentees. Nothing was said about settlements,charge-offs or otherwise.
She said I had been late before a few other months so I checked.I had been late one day twice previously.Five months have not passed with nonpayment and wont if they will take some money.I am willing to pay what is owed not just a small percentage to settle if we can get things back on track. Nor do I want to scrape together 200.00 just so they can sue me in the end
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#1 Consumer Comment

Some insight into the process..

AUTHOR: Jessica - (U.S.A.)

POSTED: Thursday, September 29, 2005
I used to work for a major credit card company (NOT Capital One) and wanted to give you some insight. The reason why the collection agency will only accept $200 or more is because once an account charges off to a collection agency, payment plans pretty much go out the window. The only payment plans they accept are a certain percentage of what your balance is. Sometimes you can 'settle' which means that you pay, again, a certain percentage but then the account is considered 'settled' and they don't bother you again. Of course this is negative on your credit report but it does look better than a charged off account with no payment at all.

There is no way your balance went from under $200 on one bill to over $900 on the next bill. Even with fees, they cannot charge you fees several times greater than your balance. Something is missing from this story. Obviously there were additional bills that you just didn't respond to. Even with a medical condition, you should have notified Cap. One and asked for a payment plan. They are not required to give it to you but the bottom line is they want to get paid no matter how you do it so they accept them. Sounds to me that you didn't notify them at all and now that the account is charged off you want them to help you. It takes 5 complete billing cycles of no payment for an account to charge off.

It sounds like now you are in a situation that is going to be very difficult to get out of. I would recommend trying to settle the account. Even with medical bills, this could have been prevented with a payment plan. Now if you did ask them for one and they didn't give you one, that is a whole different story. Is that what happened?
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