Seeking advice on how to negotiate with Capital One.

Carol

Do you still have an active account with Capital One?

I have an active account with them, and fell behind a few months. They were pretty willing to work with me. I set up 4 weekly payments for one month to get somewhat caught up.

I'm now back on track, and my next payment is due the 10th. I can't pay till the 14th, but they said they would waive the late fee.

If the account is closed, even if it's not...maybe you can work out some sort of arrangement with them. If the account is open, bargain with them. Tell them you could make a payment today and another next week if they could waive the past couple of months late fee. This will greatly reduce the payment, as Capital One charges $29 for late fee, and I believe $35 over limit fee.

If this account is still active, once when you get it back down to something you can easily afford, remember to protect it. The card is almost like a payday loan. It needs to be paid off come time when the bill arrives. If you miss a payment, then you'll start getting those pesky late fees.

But so far, I have not really had a problem with Capital One. They have been very reasonable about the late fees, and over limit charges.

Regards-
Mike

Hmmm...I've had bad experiences with them, so take caution!
It all depends on who you get on the phone and how late your payments are. Most of the time, if you agree to pay whatever amount they want you to pay, immediately, they WILL waive late fees, etc. Just be kind, apologetic and respectful when you talk to them.

Capital One is offering 3.45% APY these days. Do your planning very strategically. Few more discussions about this company have taken place in the following threads.

http://www.debtconsolidationcare.com/forums/about4225.html

http://www.debtconsolidationcare.com/forums/capital-one.html

capital one is one of the best card i ever know..ehehe coz the agents are very approachable and easy to deal with..and can help you get back your account in good standing..^_^ go for cap one

Just keep the lines of communication open with them and I believe it will work out for you. If you are late and are trying to settle the account for less, just remember that you need to get it in writing before you make any payments. If you get a rep that is unwillling to work with you, call back and try someone else. It never hurts to at least ask and try.

Good luck and let us know how you make out with it.

Quote:

It isn't called Crap 1 for nothing.I severed my relationship with them ages ago. My dear wife seems to love them,but she is meaner than me so I guess they get along. :shock: :shock: :lol: :lol:

I fell behind on both of my capital one cards just recently. I placed one with my debt management company and the other I made arrangements with on my own. Because once you place them with the debt management company they close the card and I didn't want them both showing closed. The minimum capital one will take with a debt management company is $30 a month. Their collections department called me several times a day. When I was finally in a position to set up payment arrangements with the open card the people in the collection dept. were being a little bit unreasonable so I demanded to speak to a supervisor or (ACCOUNT S-P-E-C-I-A-L-I-S-T) is what they called it and she was able to set up payments for each of my pay periods and waived several fees for me. If you have problems with the collection dept. demand to speak to an ACCOUNT S-P-C-I-A-L-I-S-T-S..they are usually easier to deal with.

PS. SORRY ABOUT THE HYPHENS IN S-P-C-I-A-L-I-S-T..BUT THEY KEP SAYING C-I-A-L-S-T-S WAS A BAD WORD AND WOULDN'T LET ME SUBMIT MY POST..SAYING IT WAS SPAM..WIERD..LOL

cap 1 seems to be notoriously famous for charging consumers for late payments that they sent on on time..they delay depositing your payment several times a year on purpose pay these cards off and go elsewhere---------they are not good at custpomer service at alll

They systematicaly refuse to negotiate Auto Loans. i have been a great customer for over 4 years on a 5 year note. They wont even acknowledge my past. i am a Month late trying my best to get it together and have never had a late payment with them ever in 4 years and they refuse to even allow an INterest payment or similar thing. I am sick to death of them wont ever use them again and am trying to get my auto refinanced to get out from under their hard core actions.

I fail to see the reasons they refuse to enen discuss this with me due to my great record but they will not consider it....... SCrew them........

Look, I just called them with a $7000 credit card debt. I lost my job and now have a limited income; unemployment. I took all of my unsecured debt minimum payments, and then calculated how much income I have available after necessary expenses. I took that amount and divided it proportionately across the payments. Obviously it isn't enough. It covers about 75% of my payments. So I called each creditor even though I know I am not 30 days past due yet. I know I will be. So I call Capital One. I tell them that I have closed/cut up every credit card and that from this point on in my life I will love with cash and within my means. First, they offered me a limit increase. WHat? I just told you can't pay my bills. And they said they extra limit could get me through. Ugh. So I "closed" my CapOne card and then let them know I could pay $110 per month instead of $140 while I was out of work and when my income increases I will gladly resume my payments. However, I told them I would not accept these late and over limit fees of what is $39 each twice each month. I said "I will pay this much if you don't do this. You can destroy my credit and call me all you want, just don't add those fees and I will continue to pay. I mean my unemployment is only so much. I can only pay x dollars. They kept trying to tell me they will waive them for two months only, but after that no, and still I have to pay more. All they cared about was x dollars, and they cannot comprehend that only had 3/4 of x dollars. What more is there to say. That's what they can have.

I asked of I could speak to collections managers and they told me they weren't available to the public unless they were in collections now, and that they won't negotiate until someone is severely late. So I asked "So you are telling me that if I want to negotiate any terms of repayment and speak to a collections manager or representative I have to skip a few payments?" But in the mean time in order to speak to them, I have to be charged $78 a month in fees twice before they will even listen.

I have seen on TV how they say "If people will just call, we can help, but people just hide and avoid it. That's the problem" NO! That isn't the problem. The problem is this is predatory. They will double your balance and then negotiate half off. That is BS.

So, I have written letters and taken them to the Notary and had them signed and mailed them certified to each lender that will not work with me. In these letters I have described this and then outlined my ABILITY to pay, and even included a personal budget showing each one of them what I am paying everyone and promised if they would be reasonable with interest and not make me pay these crazy predator fees, that I would resume higher payments. I also indicated that I have CLOSED all unsecured credit lines. I don't care about my credit but I care about paying what is owed for what I have purchased. If they want to sue me and try and get a judgement, then SO BE IT. I will walk into court and I will show them everything I attempted to do. If the judge wants to take all of my property and garnish my wages, then so be it. I will appeal or whatever it takes. I CAN and WILL live without until I can afford to use cash and make it better. Or i will wait until they make it unreasonable and I will file bankruptcy. I want to pay everything I can, but dang, the banks don't WANT to do that.


This is the problem. And there is no real solution.

cap one is aweful to work with..they will charge off your account and continue to own it for years after you quit paying on it..thus adding these fees for years until your balance is atlease double or triple what it was originally...they like to sue for the big bucks i guess and 4-5 years+(providing it in your state sol) is no problem waiting for it...its best to settle with this aweful company as early as possible because they continue to add whatever they can for years as per your contract..


but i had read an article about capital one and their cardholder agreement and the sol being bound by virginia or w.virginia sol(it was bound by a new england state but i am not sure) can anyone explain this to us????

VA is the state you're thinking about and they reserve the right to file either in your state or VA. Generally, they'll go with the state with the longer SOL

NASCAR Devil--do you know if the new credit card legislation that will go into effect in 2010 will prevent Cap One (or any other cc company) from using the VA SOL? I live in NC and the SOL is 3 years...which I'm hoping to fall back on if I have to!

hello,everyone! I'm new here. just log-in and say hi. hope i can be part of this community. I'm from tamana, Japan.
lol.

Okay, so I have called everyone on our bad bad list. and Capitol one is the worst. They wouldn't have a hardship conversation with me unless i said I lost my job. I may soon, but haven't yet, but I was almost tempted to say I had. They were really rude. HELP.

I had a 750$ credit limit through capital one... I got layed off a year ago and was to the point a couple of months ago where i could not pay. I was late with one payment, which they charged a late fee, then that put me over my limit. Next month they wanted me to pay the 78 plus another overlimit fee and my regular payment. Coudnt pay it... Needless to say here we are 6 payments later and i am MORE than DOUBLE my credit limit and MORE than half of what i owe is over limit/ late fees. Go with HSBC cards, they worked with me. they reversed almost 500 dollars worth of fees just to help me get under my credit limit. THEY VALUE THERE CUSTOMERS AND ACTUALLY CARE IF THEY KEEP USING THE CARD AND NOT JUST GET CHARGED OFF WITH 2 OR 3 TIMES WHAT THEY ACTUALLY USED THE CARD FOR.

I just got off the phone with them about an old account that is in good standing but closed..Capital One "Will Not Negotiate" a lower pay off, its all or nothing period.

Most ccs won't negotiate settlement until you are behind in payments. If your account is in good standing - that's likely why they aren't ready to negotiate with you.

Let me preface by saying I've had my Crapitol One card for over 10 yrs and have stellar credit and never been late. Crapitol One jacked my interest rate from 7.9 to 17.9 about a year ago. Up to that point, I was keeping up with my payments, but when the interest jumped I couldn't keep up anymore. I called last month to see if they would lower my interest and they told me no so I've now stopped paying. I called today to tell them they my wife lost her job and we couldn't pay anymore and do they have a hardship program. They said my account didn't qualify for hardship. WTF! They have basically backed me into a corner where it just doesn't make sense to pay anymore. Why send them money if I can't keep up with the interest alone? Time will tell what will happen, but I've come to the conclusion I'm going to tell them to stick it. They got $3.5 Billion from the bailout and won't help their customers who are underwater.

David your story is a familiar one to many of us on here. I didn't have Capital One to deal with so no direct advice for them but good luck negotiating with them.

Crapital One called me today to say they want to work with me. Instead of making 1 payment to catch up on the 2 months I'm behind, they'll divide the $1100 into quarters and I can pay each week. WTF. I told them my wife and I are unemployed and we have no income coming in and they told me the only programs they have for the unemployed is if you have a medical condition. What about people like us and the other 11% of the population that are unemployed just because the economy sucks?

Great. I just stopped paying capital one (maybe 45 days late). The plan was to settle near 6 months. Looks like I have a headache in the future. I am in the same boat. My APR was around 7%, then when Obama made all those credit card laws, all the cards jacked the rates. Capital One is my biggest balance.

The best you'll be able to do with CRAP ONE is negotiate payments to bring your account up-to-date. They were my last credit card to settle and I literally gave up (of course my balance was only about $1200). I made 3 payments to catch up and now I can just pay the minimum ($18). However, I plan on getting rid of these SOBs.

Call back in a month and tell them your wife had a nervous breakdown because of all the stress. Maybe they'll consider you then. (just kidding)

thanks Aubrey. I might just do that. Does anyone know if threatening bankruptcy will work? My balance is so high it actually might make sense.

they are one you should be very cautious with!! my credit limit was 200 and i now owe 1200!! they have been on my credit report for 6 years now and keep revolving my balance, they are horrible!!:confused: