Capital One

[johanblog]

In 2005 my son obtained a Capital one credit card with a limit of £1000, he is not very good with money so i knew he would get into touble with this card, within two months he was up to the limit and not making the monthly payment, i made the first two payment and then asked him to ring Capital one and cancel the card and give permission for me to speak to them over he phone i told i would be the bill in full if they cancelled it as he had asked.

After two or three months i found a statement in his bedroom which showed that they had issed him with another card and he was up to his limit again as you can imagine i was very angry and made him ring them up and tell them to speak to me which he did, i asked why they had sent another card when the last time i spoke to them i told them he was hopeless with money and he had asked them to cancel the card, they said they had made a mistake sending out the second card and they were very sorry, i then said i would pay the bill in full once again but the account had to be closed and no new cards sent out,

Within three weeks he had been sent a card and he was back up to the £1000, i have refused to pay it this time and there is no why my son can pay it because he just does not earn enough, could anyone suggest a solution because i think the next step will be taking him to court.

[maroondevo52]

Hi,

 

I'm going to move this thread to the Cap 1 Forum.

 

Regards.

 

Scott.

[Craigbadger]

Firstly dont bail him out. Serious case of being cruel to be kind and if the only way he learns is to recieve a default notice then so it be. Certainly worked for me. He wont be getting any credit for 6 years and will change his ways.

When was the actual current card taken out? sorry a bit confused, if it was pre 2007 write and ask for a copy of the credit agreement. This means that if they dont have 1 or if it is wrong ie missing terms then it is unenforceable and the debt can not be taken to court. If he chooses not to pay his credit record will be ruined, but he cant be taken to court and other than asking they cant force him to pay, then after 6 years the default would drop off and the debt would become statute barred.

 

Send them this with a postal order for £1, do not sign it and send recorded deliver, change the s.77 to s.78 and put in your sons details then post up what they send you back. They have 14 days to respond.

http://www.consumerforums.com/resources/templates-library/86-debt-collectors/581-cca-request-letter

 

Dont speak to them on the phone and keep any letters safe.

 

Now i'm sure some more experienced members will add to this but its a good place to start.

 

Then chill out and stop worrying, its never as bad as it seems. Creditors and DCA's will make you think it is but thats just to scare you into paying.

Edited April 15, 2010 by Craigbadger

[the_freedom_trail]

Hi,

 

If your son is over 18 which he must be in order to secure a credit card then this is astonishing. One day he will have a family and a wife and will have a duty to me prudent with money. A young man messing up with a credit card once is forgivable, twice is just reckless, three times is crazy. You must not keep bailing him out. Capital One specialise in providing credit cards to people with bad credit; therefore they are likely to keep issuing your son with new cards. If you're going to keep bailing him out then you may aswell get your own credit card with a much lower APR and let him use that!

 

Seriously though, get him a prepaid credit card and then he can only spend what is on it and cannot pay late or go over any credit limits.

 

TFT

[johanblog]

The only reason i paid it in the first place was on the understanding that Capital would cancel the card, how can they take action against someone when they are also responsible. i warned them on both occasions that he would not be able to pay the debts.