Capital One: Above the law? - Sorry long
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Posted by SurveyTech (12.225.117.125) on July 30, 2003 at 01:28:18:
I have an account with Capital One that is listed as "Charged Off". The reason that this is charged off is that I am in disagreement with there billing practices. On March 27, 2002 they charged me a 29.00 late which caused and over limit fee. On March 28, 2002 they charge another $29.00 over limit fee. Since then they have been charging these fees every month. I have always paid my bill via their "Pay my Bill" feature at www.capitalone.com. I logged in on March 27, 2002 and saw that these fees had been applied for my account. I had to go to work so I was not able to call them that morning however, on the 28th I logged back in ( to print it out) and saw that they had charged the other over limit fee. I called them and they said that the fees are within the term and conditions of the account. I instructed them to close the account. I have since written them 3 letters detailed my disagreement. I searched their website and found that payments made via “Pay My Bill’ are posted that day (excluding weekends and holidays) as long as they are made before 2:00 (EST). I logged in between 7:00 am & 8:00 am PST (I have to be at work at 8:00 am so it had to be before that) and found these fees. To my question, I received a letter yesterday dating “You may not be aware of it, but your credit debt is accruing finance charges daily. Though your account balance in the amount of 716.08 has been charged off as a bad debt, it continues to accrue interest at a rate of 21.15% per year.” It then continues on stating to settle this account. I am not positive but I don’t think they can they charge interest on a “Charge-off” account since I have not received a statement since 9/28/2002. Even then, the last one prior to that was 3/28/02 (they skipped 6 months). I signed up for email statements and still have every statement since I opened the account. I was under the impression that they could not charge you interest unless they provide you with statements indicating such. I talked to them a few days ago and they offered to settle the account for $500.00. I asked if I paid the $500.00, if they would remove any and all derogatory entries on all three of my major credit reports, they declined. I informed them I would retain an attorney to resolve this matter. They demanded to know the attorneys name. I gave them the name of my attorney (no contact info though). I have not made my attorney aware of this matter as I not sure if I want to pay the legal fee associated with it, yet. A few days later the above referenced letter arrived. My only concern is to get their derogatory statements from my credit report removed. I would pay the full amount if the would agree to it. Thanks for the ear and look forward to any responses. John
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