Captial One
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Posted by Stuck
(209.208.79.34) on February 15, 2003 at 20:29:22:
I need advice on how to handle this situation. I had a credit card with Capital One in 2000 with a credit limit of $300.00. I got sick and had to take a leave of absence from work and due to my medical bills and medications was unable to make my monthly payments to them. My balance at the time was $221.00. I recently received a card in the mail telling about a great payment plan or settlement offer. I called them about it and they advised me that they couldn't settle with me or put me on a payment plan because they had turned the account over to a collection agency (Maxwell & Associates) and that I should contact them for settlement or payment arrangements. I called the CA and they advised me that the balance was now $1,300 and that they would settle with me for $900.00. I told them that I didn't have $900, so they advised me that I could split it up in 2 payments of $450/month. I advised them that I couldn't make that kind of payment a month because I am a single mom and I don't have that kind of money. As of this date, I have paid Maxwell & Associates $600.00. My question is, are they allowed to tack on this much interest and why would Capital One not be willing to settle this account with me?
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