Help with Capital One!!!

iVillage Member
Registered: 12-13-2007
Help with Capital One!!!
7
Sun, 01-11-2009 - 4:59pm

I have several credit cards and/or lines of credit that I've been making payments on. Right now I've mostly just been making minimums, but it's most important to me right now to make the payments on time to avoid the huge late fees, and get back to paying the phone bills on time again. Also, we we're almost done paying off 2 payments ($300 per month), and I intend to make some big payments with the tax refund.

The problem credit card has been Capital One. The credit limit is $1000. But I went 3 months not paying it when I went over the credit limit. DH was unemployed for 4 months at the very beginning of this year, then when I had my 1st m/c, I was definately not dealing with things well.

But for the last 5 months now, I have made a regular $50 payment. That's all I can comfortably come up with. But they keep charging me a $40 over-the-limit fee, and a $40 "late" fee. They want me to come up with $300 in order to stop those charges, and the total is now up to $1500. I have done everything I can think of when talking to them, but the only thing they will offer me is to "make a FREE payment over the phone"! I even threatened them with bankruptacy, but they won't stop these charges.

ANY advice of who I could talk to?

Photobucket
Photobucket
Photobucket
Photobucket


Photobucket
iVillage Member
Registered: 08-26-2004
Sun, 01-11-2009 - 6:36pm
I think you need to keep pressing on getting the charges stopped. You will never get under your limit if they keep charging you. Have you told them that? Not that they care, because if you are under the limit they don't make as much money. The only thing I can think is to close the account ASAP. Check out Dave Ramsey's site or books, he has a lot of form letters that give examples of the exact wording to use to help deal with CC companies. YOu can close the acct and just pay the balance off over time. I am guessing if the account is closed though that the charges will stop? I could be wrong. If you can scrape together some money to settle with them that might work. As in come up with $700 and say that you can pay them $700 if they stop the card and close the account and that will be called paid in full, dave ramsey has the wording you need here, negotiate your way out of the mess. Because if you file bankruptcy where does that leave the cc company? If it would leave them with less money, then you have a chance at negotiating a settlement. Good luck!

Jennifer


Mom to 4 in Ohio


Getting Ahead Blog

Jennifer

Mom to 4 in Ohio

Getting Ahead Blog

iVillage Member
Registered: 04-06-2003
Sun, 01-11-2009 - 8:59pm

Oh dear...that's a mess.


Honestly, I've been in similar situations (prior to a BK) and I didn't get them to stop on my own. I did do the Consumer Credit Counseling service before I filed BK and they got them to stop, but not easily.

Avatar for mom_x_three
iVillage Member
Registered: 03-27-2003
Sun, 01-11-2009 - 9:02pm

I hate to say this, but this is one of the cards I filed bankruptcy on because after my divorce they would not work with me at all.

all of our marital debt was in my name, and most of the companies were really great about working out a payment plan, some waived a few months' interest or fees,etc...but a couple refused to even talk to me about stopping the charges...cap one was one of them, in the end they got nothing because I had to file bankruptcy

Sherry


happily married since 2003...a blended family with 4 kids, 1 grandchild and second grandbaby due in September

Sherry<with 3 kids, 2 beautiful granddaughters

iVillage Member
Registered: 12-13-2007
Mon, 01-12-2009 - 2:14am

Thanks guys - I am just so angry with these people, I could spit. I will try calling them tomorrow, since I think I'm a bit calmer - LOL. I know if I were to close the account, I think they keep adding these charges - just nothing could be charged to the account. When I started getting my payments back on track, people like Sears and Fashion Bug were so sweet, and just delighted to make payment arrangements with me. ::sigh::

I'm hoping that we do NOT have to file bankruptacy. The only reason I would is if the company that holds the 2nd on our foreclosed house were to try and come after us. I hope that they don't. If we DID have to declare BK, our intent was to just do it for that one bill (this mortgage payment was $600 a month). It is the one thing we could not comfortably pay-off. I just got too burned out about never having enough to pay everything.

I would really like to keep this card open, as our fico score is now in the toilet, and it's the only major credit line we would have for quite some time. I just don't like not having *anything* to fall back on, though hopefully we'll start putting money back into savings as soon as DH is back to work. DH get's his last paycheck this next Fri. the 16th. I cannot count on him getting an unemployment check until Feb. 9th. It will be a pretty huge check because of OT, but I'm hoping to make all the rest of January's bills, and do a huge stock-up at Coscto. I need diapers, all pet food, and also wanted to get quite a bit of canned goods & frozen items. Also, we need chicken feed. And my MIL is desperate for me to make another payment to her. (we borrowed a hunk of cash from her last year, but almost done paying her back) Aaaack, I can't keep up.

Oh, and the 2 bills I'm paying off, total $300. If there is money left over, then I will try paying Capital One. Hoping if I had even $200, maybe that would be enough to bargain with. Otherwise, it will be at least March before we have our tax return. I really hope we can qualify for assistance, as it would really help keep us afloat.

Photobucket
Photobucket
Photobucket
Photobucket


Photobucket
Avatar for scoopsmommy
iVillage Member
Registered: 03-28-2003
Mon, 01-12-2009 - 8:25am

Do you have a job?

iVillage Member
Registered: 01-13-2005
Mon, 01-12-2009 - 10:13am

I just want to say hang in there.....I know things are hard. I HATE CC more than anything and can't wait to get rid of my debt and no longer be a slave to those bastards!!!! Of course it is my own doing so what can I say!
On a side note someone said to go to Dave Ramsey site. I tried that and most everything there stuff to buy. Which kind of makes me laugh... come buy this stuff and you will get out of debt. The reason I am in debt is because I bought stuff!
I don't know it just seems ironic.

Erin

Erin
Avatar for sarahfran
iVillage Member
Registered: 03-26-2003
Mon, 01-12-2009 - 1:25pm

If $50 is all you can comfortably come up with, how much could you *uncomfortably* come up with?


When we were paying off c.c. debt, I just wanted it gone and I figured it would be better to be absolutely miserable while paying it off as quickly as possible than to go a slightly easier route that would have had us in debt longer.

Photo Sharing and Video Hosting at Photobucket