Capital One sues debtors like crazy....

No wonder they want to know what's in your wallet as badly as they do...

I once had an account with them that was charged off. It is way past the SOL in my state, do you think that could be why they haven't sued me?? :lol:

I wonder if Beneficial is up there with Capital One......

My mom has 2 capitol one cards in charge off and when she got her tax return, she sent them a 50%, 60% and 70% settlement offer and each one was rejected. She said when she got the response from Capitol One that she will wait and have them take her to court and then she will show the judge that she made a settlement offer and they rejected it. Each collection agency that has contacted her, she has sent debt validations to, and all they would send her was the last statement before charge off. Plus each one has demanded payment of $1700-$2300 on a charged off account of $736.00.

Capital one plays very dirty games with their credit
cards. Seem to love throwing fees on it.I was reading
a site last night called edcombs.com. He is an attorney that does class actions against creditors and collectors. He has a lot of info on his site and they
welcome people to email them about their problems.

I received a phonecall from a collection agency on an old Capital One account. I had three accounts with them and paid off two. The third has been in dispute forever because the card was stolen and used. Whoever stole it charged about $700 in groceries and I have been disputing it forever.

Anyway, when the CA called me I was at work and asked for information on the account and the person I spoke to was very pleasant. I explained the situation with that third account and said I would check my records and call him back. I checked all of the paperwork I saved and I have a paid in full letter from Capital One for that account. So I called back and got one of the rudest people on the earth who doubted me and said I had to pay...blah blah blah. She wouldn't give me a fax number etc. Same old same old. So I called Capital One explained the situation, faxed the letter to them and I haven't heard anything since then.

I honestly think Capital One made a big booboo and turned a paid account over to collections....Hmmm...interesting.

The creditor has the right to sue to collect on a debt owed to them. To be really honest I can't blame them too much because there are a lot of debtor who just duck the bill and play the waiting game.

Do you know what I have a problem with? I have a problem with creditors who give credit cards to people with poor credit history. Surely they know that chances are they will end up in default. They start these people out with a crazy intrest rate and then when things get behind, they add their fees. So I don't think it is a fair pracctice. It is a form of predatory lending. Yeah, people should pay there bill but lets not put hurdles in the way like 18-23% intrest rates. If they wanted to help someone rebuild there credit, then give them a smaller intrest cap and some credit counselors to go along with that high intrest card.

Oh and by the way, STAY OFF COLLEGE CAMPUS'S, it is like giving a kid a free shopping spree, they take the free gift, get the card and then never pay. so they are in school planning a great future and these jerks come in and sabotage it.

And the justification is that higher default rates offset the highter interest rates... But now they agressively persue repayment through litigation, helps ensure they maximize their investment, after all, court costs and attorney fess are awarded to them when they win. I'm going to start paying a bit more attention to groups like acorn.org from now on.

fedupinpa,

I happen to agree with you. I've heard so many horror stories about college students getting into debt over these credit card companies. I know when I was that age I was unable to get a credit card. It was probably a good thing but I still made plent of financial mistakes. The one benefit is I have been able to warn my step daughter, who is a sophomore in college, about some of these credit card companies. She was interested in a credit card but decided to wait until she got a good offer. She's been very responsible with it because she has an example of what not to do in her household. I've tried to help educate her so she doesn't make the mistakes that we have made.

Tammy,

I don't blame your mom one bit in her situation. I don't understand why they wouldn't settle at seventy percent. I guess they just want more money. I used to have Capital One cards but that was years ago. I remember when I tried to close one, they tried to give me a higher spending limit. I said no thank you.

The credit card companies campaign on the college campuses hard because they know these kids most likely don't have the knowledge of credit that their parents do....and that they won't be able to pay, even if they want to. There aren't many college kids working a full time job, which makes it a little difficult for them to pay anything more than the minimum on the card for years. The credit card company just sits back and rakes in the profits from the interest.

Fyi,
You are correct that creditors have the right to sue.If they follow the rules and operate legally during the course of their normal activities,then I have no problem with them. What I do have a problem with is when someone does not follow the laws. I am in agreement with you that persons should take care of their debts as long as it is done in a legal and positive manner.One of the main reasons I try to get people to pay original creditors is because of illegal activities by collectors.

Asked and answered here:

www.debtconsolidationcare.com/collection-agencies/about23637.html

2 articles that mention a few of Capital One's other business practices:

http ://articles.moneycentral.msn.com/Banking/CreditCardSmarts/CreditCardCompaniesEvilTricks.aspx?page=2

http: //articles.moneycentral.msn.com/Banking/CreditCardSmarts/ABigLendersCreditCardTrap.aspx?page=2