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A very important read.
Understanding how debt collectors operate
I paid my bills on time. I had one payment that was one day late (literally) and I got zapped with a $29 late fee. By adding that fee, it pushed me over the credit limit by $3.00. I then got zapped with a $29.00 over the limit fee. Of course, I was a little upset by this...I called and complained (we all know how well they are at handling consumer complaints) and it got me nowhere fast. I did manage to get a "we'll get back to you". Well, they never did. I called again...same thing, only this time I was "assured" by the rep that they would get back to me. Well, as I understood it, the charges were being investigated. Until, I got a bill from them for $508!!!! I refused to pay it. It's ludacrous to think that someone who had a $100 limit would have to pay that much in fees. All the while I thought things were 'being investigated'. We settled for the amount of my charges + interest for the period of time of the 'investigation'. It was reflected on my credit report as "Settled/Charge-Off". Earlier this year (2003), I applied for a new card with them in hopes of re-establishing our relationship. I have been incredibly careful about how much I am charging and making certain that my online payments are made several days before the due date. Earlier this month (Aug 2003) I called them to ask for a goodwill gesture to remove the old derogatories from my credit report, in exchange for the $400 in fees from the previous account. Essentially, I was told by "Oliver the manager" that they would not have it removed from my credit report and it apparently didn't matter how much money I offered to update/delete the old account.
If you are a Capitol One Agent, what do you say about this?
November 30, 2005 I paid off my Capitol One credit card. In
December Capitol One sent me an offer "due to me being one of their
best customers", blank checks with an offer of "Zero" percent
interest if I used the checks to pay off other bills.
Before using the checks I called Capitol One to confirm the offer
was real. The representative said the interest rate would be zero
percent for the life of the loan. I asked numerous times if there
was anyway it would go up. They said the only way the rate would
change is if I am late on any of the future payments. So I used the
checks to pay off $5500.00 of debt .
Well my January bill came in and it had Special Rate program
Service fee as expected but it also had a 25.9% interest rate. I
called and the representative told me not to worry as it was part
of the Special Rate program service fee and that the next bill
would be at the zero percent rate.
I received the February bill last night and the interest rate was
25.9%. I called immediately and the representative told me the rate
was set at 25.9 because I was late on November 2005 payment!!! The
payment that I paid them off was 9 days late. I told them I had
called before using the checks and was assured the rate would be
zero percent. The representative said it was perfectly legal for
them to do this because of my previous late payment. This is
nothing but DECEPTION!!
They knew when I called and asked if the rate would be zero percent
that they intended to do this! They had the records in front of
them. This is wrong. I pulled the money out of savings and
immediately paid the credit card off but I wonder how many others
who are unable to pay off a $5500.00 credit card are suckered into
this by these thieves. If someone on the street did this it would
be a felony!!! I have filed a complaint with the BBB and FTC and
will try to get to the attorney general. I know I may not get very
far but I intend to do whatever I can to stop such unethical
business practices as this.
By the way, I have perfect credit and a credit score in the 7xx
range.
Capitol One and America's Most wanted criminals
