Hello all,

I normally just look at these sites but after seeing the helpful replies I thought why not.

In Nov 2014 I had missed two payments on a card, and I was aware by this time that hiding did no good,

I called Capital One to explain I was starting a new job and it would be maybe 1-2 months until I could get the balance back within it limit (which I did).

I was then sitting on £227.57 on a £200 limit due to charges and interest.

The advisor said sure, we can setup a payment plan, but no mention of the different types.

I got an expenditure form and filled it in.

On the form there were two options longer and shorter (max six months) in section 8.

The £10 per month I agreed to pay was double the interest on the account if within it's balance (I think 28%)

I thought well, they are giving me the option I will take the longer one, not realizing it had consequences.

Oh boy what a mistake.

This option defaulted the account immediately.

I never received the letter they said they sent about stating this so it went untoticed until around a few months ago when I did a credit check.

I contacted the financial Ombudsman who said they decided in the companies favour.

I have since replied stating a few facts they got wrong and are now reassessing.

The thing I feel is wrong that nowhere on the form I filled in explains the two options or their consequences.

I had a look on the consumer report and wondered if it applied?

I had a look on the consumer act and seen the below which I don't feel applied to the agreement form I filled out.

55Disclosure of information.

(1)Regulations may require specified information to be disclosed in the prescribed manner to the debtor or hirer before a regulated agreement is made.

[F155APre-contractual explanations etc

Before a regulated consumer credit agreement, other than an excluded agreement, is made, the creditor must—

(a)provide the debtor with an adequate explanation of the matters referred to in subsection (2) in order to place him in a position enabling him to assess whether the agreement is adapted to his needs and his financial situation,

(2)The matters referred to in subsection (1)(a) are—

©the features of the agreement which may operate in a manner which would have a significant adverse effect on the debtor in a way which the debtor is unlikely to foresee,

Any advice?

I seen a post somewhere else that said anything detailing to time and action should be more profound in size/bold/undlerlined. In the defult letter, i never got its all the same size.

I think they also kept the older higher amount on the default notice.

za1.pdf

za2.pdf

This option defaulted the account immediately.

I never received the letter they said they sent about stating this so it went untoticed until around a few months ago when I did a credit check.

Subbing, they have done this with me. How can they default you, when you don't owe them anything?

Subbing, they have done this with me. How can they default you, when you don't owe them anything?

Did you select the wrong option on the form in error?

theres nothing wrong

they are entitled to default you

you were not paying the required amount.

cant see nor have I ever heard that one defaulted the other didn't.

wheres that come from?

Well I selected the longer payment option, and as you can see by the image above on the credit report its defaulted. I contacted them in Nov when I was £17 over the limit, and the default was placed in December. If I had of done nothing all I would of had is another missed payment.

When I spoke to a manager after seeing this report they said I don't even know why they suggested a payment plan considering you were only a little behind and starting a new job, the account wouldn't have even triggered action until after 4 late payments. They had a look and referred it to their credit reporting section who said no.

Basically if I ticked the other box everything would have been fine and I would have been on a payment plan for 6 months. The other option defaults the account as they said I was unable to meet the minimum payments.

This is what the website also states without mention of a long-term option that defaults. If they don't provide this information anywhere how are you meant to know.

A payment plan makes it easier to get your account up to date by:

• Spreading your payments over a longer period
  
• Temporarily stopping any late payment and overlimit fees (you'll still be charged interest on your balance)
  
• Preventing your account from defaulting
  
• Showing on your credit file that you're trying to get back on track
  

If you're eligible for a payment plan, and you miss one of your plan payments without contacting us, we'll ask you to pay the amount required to bring your account up to date.

no you are reading it wrong, though cap1 in their letter shouldn't have used the same term- long term.

you would have been defaulted anyway.

dx

no you are reading it wrong, though cap1 in their letter shouldn't have used the same term- long term.

you would have been defaulted anyway.

When you look at their website it shows payment plans don't have defaults.

http://www.capitalone.co.uk/support/here-to-help.jsf

I have already confirmed with Capital One managers that only the long-term option defaults the account, and they wouldn't have taken any action until 4 missed payments.

I had contacted them after 2, and due to returning the leaflet they defaulted me on the third.

If they had of said look if it's not paid within 2 months it will default I would have paid the interest also. I had it back in balance by then.

then the only real thing you can do is start a formal complaint to them

expire that

and then off to the FOS or the ICO.

I've a complaint open with FOS. I've never heard of the ICO.

I've a complaint open with FOS. I've never heard of the ICO.

If you haven't already, click on ICO in your previous post and you'll go through to a link.

HB