My original credit limit with Capital One was $500. I was close to the credit limit and I overnighted my payment. Capital One did not post my payment for 1 week and by then it was late. They charged me late fee. I called and sent them proof that they signed for the overnight payment 1 week before payment was posted, but they would not take off the late fee. I told them I would not send another payment until they credit the late fee. The following month I was charged late fee, and because of the late fees added, I was then over limit and was charged an overlimit fee. This was back in 2003.
Now, on the $500 limit card, my balance in just 3 years is $2200. Yes, that is over 400% of my original debt. Back when account was $1200, Capital One wrote the account off, but are still charging me. They are willing to settle for $1100, but will only note my account as "Settlement Accepted on this Account". I don't feel an $1100 payment should be construed as "settled".
Does anyone know if they can legally do this? If they did this to me, how can anyone in a bad financial situation ever recoup their life and credit? Don't we have any rights as to how items are reported in our files? In addition, the collection agency has called my work and asked to speak with the manager. When asked what it is in reference to, they said my name. I was put on phone and they told me they want to talk to my boss about my unwillingness to pay. I refused. I know this isn't legal, but thought I should add this.
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