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Posted: Wed May 17, 2006 8:39 am Subject: Capitol One Auto

Ok, I know most of you guys know my situation with the payday loans, but heres a little behind the scenes info on how I got there. Last July I purchased my very first home. I thought that I had finally gone to the side of the cliff and jumped off, in other words I was a nervous wreck. In October my husband had a heartattack on the jobsite, framing--construction, and had to have a stint put in. Needless to say, he lost his job, they said he was too big of a risk. Then in November I totaled our car, a 99 Nissan Sentra. My insurance, State Farm, paid 3,200.00 of a 5,400.00 debt. Leaving me with a $2,358.00 debt to Capitol One. I didnt think things could get much worse, I needed a car and was completely upside down financially. I called Capitol One, who up to this point had sent me flyers every month begging for me to get a new car, and asked if they could roll over my balance on another vehicle...."WE DONT DO THAT" is what I was told, "YOUR REMAINING BALANCE MUST BE PAID IN FULL" I mean they were really snotty at one of the lowest points in my life. So, with my husband not working, our car totaled, and a new mortgage to pay I resorted to payday loans and whatever else I needed to do just to put food on the table and keep utilities on. When I started my contract with T & C I included Capitol One to get the balance paid off. Well yesterday I got a call from T & C and they said I had to call this girl over at C.O. in order for heer to be able to talk with them. Today I called her, she tells me that they normally do not work with consolidation companies and wondered if anyone had made me and offer of settlement yet? I told her that no I had not heard from anyone at C.O. She then tells me that they are willing to settle for $950.00. I am in the process of trying to come up with the money to get it paid off. My contract with T & C is going to be nothing but $2,500.00 in cc debt by the time I am through. Life is definitely looking up!!

Posted: Wed May 17, 2006 8:42 am Subject:

Glad to hear that good news for you! I have never heard of Capitol One Auto but they sound like a fair company to deal with. They realized you are having a hard time and they are willing to help you out.

Posted: Wed May 17, 2006 8:51 am Subject:

Hey, that's great!!! I use Capital 1 Auto Finance for my car and I have never had a problem with them. I'm glad to hear that they are working with you, it's awesome that they settled for that much!!!

~Mary

Posted: Wed May 17, 2006 9:28 am Subject:

Is this Capital One like the credit card company? I know they do have auto loans and I have considered getting my next one through them IF the apr is fair - hopefully they aren't only a bit tricky to deal with on the consolidation end. They did issue me a "repair your credit" credit card after my bankruptcy and one of my bankruptcy accounts was through them - I thought that was nice of them. It's a VERY low limit, low annual fee and not too bad of an APR - so I can't do too much damage. They also send out advise with their statements. If I only pay the minimum they mention that it could take "blah" years to pay of "blah" balance - it's nice that they put that stuff in there.
That was a ramble but one thing led to another Smile

Posted: Wed May 17, 2006 9:35 am Subject:

Yep, same company! If you check their website they have more info on their auto loan program. I also have their platinum card - funny how they call it a platinum card when it is a credit repair card...LOL!

~Mary

Posted: Wed May 17, 2006 9:37 am Subject:

Makes you feel super special to pull out that platinum card... doesn't it? Smile

When they first approved me for the card, they had a limit of $3,000 on it. I called immediately because surely something was wrong. Indeed it was a glich in the system. NEVER again will I even accept a limit that high. If I can't pay it off in a few months, I don't want it.

Posted: Wed May 17, 2006 9:38 am Subject:

One too many zeros, huh? LOL...

~Mary

Posted: Wed May 17, 2006 10:34 am Subject:

Uh - yeah. That is what got me into this stupid mess in the first place... one, two, three too many zeros. I was 20, in college, NO job, and companies offered up up to $5500 cards? What the... can you believe that? Now I have a nice paying job and get told I don't make enough from mortgage, car loans, etc. CRAZY. Thankfully I learned my lesson a tender, young, and impressionable age.

Posted: Wed May 17, 2006 10:48 am Subject:

Yes it is the same Capital One as the Credit Cards, just a different division. They seem fairly easy to deal with, as long as you are up front and take the lead with them. If you try to hide from them they can be a night mare to deal with .

C-stephanie.. Be aware that since they are offering a settlement of $950 you may be liable to pay income tax on the remainder if so you should receive a form 1099C. Also make sure you get the title of the car (even though its wrecked)or at least a letter stating the account is cleared of any debt and/or fees and charges.

Posted: Wed May 17, 2006 12:15 pm Subject:

Clay - good points!! Thanks for mentioning those, I forgot to!

Ehwin - yep, I CAN believe it, because I went through the same thing! In junior college, every day some credit card company had a tent set up with free gifts for applying for credit cards. And it was always something good, like ice cream in the middle of July, or umbrellas on rainy days...they are smart like that. Bums!!

~Mary

Posted: Wed May 17, 2006 12:18 pm Subject:

and all of those free teeshirts! Gah - I was so stupid. I don't think I ever wore one of those teeshirts... not once!

Posted: Wed May 17, 2006 12:22 pm Subject:

Neither did I! They were lame anyway!!

~Mary

Posted: Wed May 17, 2006 12:30 pm Subject:

If I had anything to do with it, I wouldn't allow credit card companies to post camp on college and university campuses. Unfortunately for me, my University had a "Free speech/demonstration" area. They couldn't control who was there... I have to think that they would have if they could have.

Posted: Wed May 17, 2006 2:19 pm Subject:

"Free speech/Demonstration" area? LOL...that is pretty silly. I could think of a million things I would do in that area.

~Mary

Posted: Wed May 17, 2006 7:05 pm Subject:

Oh - and it's legal for females to go topless in Austin, TX (which is where I went to school) so you can only imagine what kind of demonstrations went on at the "West Mall". Ah, what fun times college was.

Posted: Wed May 17, 2006 7:07 pm Subject:

WOW!!! LOL!! I guess if you were broke, you could go topless and ask for donations...LOL!!! OK, that's enough!!

~Mary

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