I was barely making it financially but was overdrawn on the checking account. I have neurological problems including a brain injury and things like this happen. A relative sent me some money to help. It was just short of my being able to pay my Capital One card and caused me to be unable to pay them. Now, I'm in a better financial situation.
I had a credit limit of $2000 and the balance was $1999. Capital One added interest making the card over limit. They then hit with fees and interest charges. The debt was given to NCO Financial which is a debt collection company. Capital One then took the debit back! They added even more late fees and charges and kept right on doing it. The debt was charged off and was placed on my credit report and they keep reporting it as bad debt and ruining my credit rating.
During the course of the debt, I received a statement that there was help available. I called the 1-800 number. It was Customer Service but outsourced to India. I was under the impression that I could arrange some sort of payments.instead, the person said that my minimum was $400 and then asked how was I going to pay it. He also had asked for the the last four numbers of my Social Security Number. Before I go any further, my question is how did he have my SSN or access to my SSN and is this even legal?
A charge off doesn't make the debt go away. The credit card company can sue you as a charge off eliminates the Statute of Limitations. The charge off will be dropped from your credit history in 7 years but you are still legally liable for the debt. That means that the creditor could sue you and take you to court any time for as long as you live! No wonder they took the debt back. I have also received a 'legal notice' about being sued. It was pure intimidation and I kept the notice. Like I said, they keep reporting the debt as it increases. I keep getting statements for the past due account as they can do this to collect the debt. After what they've done and are doing to me I gave up on them. I've read the things here about Capital One and even paying them off means trouble.
The collection of the debt has now been turned over to the Salt Lake City Utah branch of Capital One. Utah is pro business and goes out of their way to get businesses here plus gives them attractive tax breaks.
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