This is in response to reading a lot of reports on Capital One's bad business practices throughout the nation, perhaps even the world.
Several years ago (1993), my husband was laid off from his job, and I, wishing to reduce some of our credit card payments, opened an account with a lower interest rate with Capital One, and transfered our loans to them. We made at least minimum payments for a number of years until, in 1997, we were hit with a number of personal family crises and our income dropped drastically.
I contacted the two credit card companies to whom we owed money, and explained the situation as best as I could. The people at Discover were very helpful, and worked with us to help us reduce our payments AND our finance charges. Capital One would NOT work with us, and INCREASED our finance charges, late fees, and over-the-limit fees. They began to harass us and report us to collecting agencies.
They seemed to make it impossible for us to pay them back! They say our account has been charged off, but they still charge us interest, don't send statements, and show up on our credit report. Fortunately, our income has since increased, and we are now working at paying off our debts. Yet I do not believe I can work with Capital One.
Should I really even consider paying them off? The original amount borrowed (~$7,000) has more than doubled! We are in good standing with everyone else. I'd like to settle with them eventually, but it seems as if they don't take the charge off the credit reports even after you settle! What's going on?
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