I had good credit and gained the payment protection plan in 2004. I lost my job in 2007 and decided to go to school, so I worked part time for the next year. Upon getting back out into the job market in the bad economy, I was struggling to pay my bills while becoming self-employed.
Since I was almost 2 months behind on my payment to Capital One and they were calling my phone daily, I got my act together to call them and finally admit, I needed to activate this payment protection plan. While questioning my 'most recent' job history, I honestly admitted I had been only working part time. Without further consideration, I was told bluntly, the plan is not covered for part time employment!!! I was in shock.
The paperwork they sent me in 2004 had all of the particulars and I should have been familiar with the restrictions, I was told! So, for every month I had the payment protection for 4 years averaging maybe $15 to $36 a month I paid into it is now all for nothing. My back up plan in case of catastrophe is a joke! However, they explained, it is still good coverage for disability (major) or death "god forbid" (surely accidental only)! But I need this coverage now. What about a credit, I asked. We are only authorized to credit you $30 at this office, otherwise, please write to our corporate offices! Ha! What a scam! Even if I did read the paperwork in 2004 I forgot it. Even my regular insurance coverage sends me paperwork every 6 months to a year so I can review it!
As noted by the pompus representative on how I was given the paperwork when I signed up 4 years ago and should be familiar as my responsibility "just as you do with your insurance"!
So, I called back to talk to someone about the hardship program they offer, whatever that is. Meanwhile, the new representative, wants to take a payment over the phone. I explained my situation and that I was denied using the protection program because I was not employed full time prior to activation and HE was surprised. He sells this "great protection plan" in these hard times. I bet he doesn't know the fine print and if he did he probably wouldn't own the plan himself. So, they have easily kept $2,000 of my hard earned and dutifully paid payment protection money and I will be reported to the credit bureau!
I will never fall for this again. I could've saved that money and paid them off, but I thought I had my ducks in a row in case "god forbid"! I am without a job and need MY MONEY to assist me in hardship. Boy I am hot. What a SCAM! I can't believe this (well, really I can - corporate BS)!
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