Can't pay Capital One credit card

[TommyCat]

Hi all,

 

I cannot afford to pay the minimum payment on my Capital One credit card and need advice on what to do now.

 

I do not have any income coming in and live with my parents.

 

I was thinking of writing to Capital One asking them to freeze the interest and ask them to accept a payment of £5 a month (out of my savings, which isn't alot) until I sort myself out.

 

Does anyone have a guide or template which I could write and then send to them?

 

Thank you.

[dx100uk]

hi tC

 

TELL [dont ask] them they are only going to get £xxPCM for xx mts

as a goodwill gesture

and as a reciprocal GOGW they must freeze int & refrain from levying PENALTY charges.

if they wont

drop them to £1PCM for life.

.

as an example>

.

I am currently in financial difficulties and not able to meet my normal monthly repayments.

to show my goodwill, i am going to pay £5 for 6 mts.

 

i will update you in 6mts time or before, should my situation change.

.

could you please as a reciprocal goodwill guesture,

.

refrain from levying any penalty charges & freeze the interest on my account.?

.

Should you fail to assist me during a period of financial difficulty, contrary to all the guidelines and codes

issued by the relevent bodies and authorities that govern you and the way you conduct yourselves.

.

i shall have no alternative but to reduce my offer to £1PCM for the rest of the life of the account,

.

.

as your actions would do nothing to help me.

.

i thank you for your time.

..

.

dx

.

then pay by your internet banking site

.

and get reclaiming

.

TAKE CONTROL

.

or

if you have sent the above and they refuse

then write back........

.

i'm sorry, but you have failed to assist me during a period of financial difficulty, against all the guidelines and codes

issued by the relevent bodies and authorities that govern you and the way you conduct yourselves.

i repeat again, the contents of my letter dated dd/mm/yyyy, for want of clarification:

to show my goodwill, i am going to pay £XX for XX mts

could you please as a reciprocal goodwill guesture, refraining from levying any penalty charges & freeze the interest on my account.

i will update you in 6mts time or before, should my situation chance.

should you fail to help by refraining from levying unlawful PENALTY charges & freeze my interest,

i shall have no alternative but to reduce my offer to £1PCM for the rest of the life of the account,

as your actions are doing nothing to help me.

This is contrary to the rules you should operate under.

disgruntled account holder

dx

[dx100uk]

have you any other debts ofcourse too?

 

dx

[TommyCat]

hi dx, thanks for the template i will send them that first thing in the morning, i do not have any other debt, thank goodness.

 

much appreciated,

tommycat

[dx100uk]

thats not too bad then

 

have you got all the statements?

 

not got PPI or penalty charges you can grab back have you?

 

dx

[valignya]

Dx100uk provides great advice, Tommycat, I 'm in a similar boat, although I owe £7300 split between bank of Scotland and CapitalOne credit cards. I've detailed it on another thread started by myself, but I've yet to hear back from them. Doubtless it'll be soon, though. I will take dx's advice and send them another letter if they reply back negatively.

[TommyCat]

Hi, I have got statements dated back to 2008, and have 1 charge (for missing a payment) and no PPI on any. Valignya, its a horrible boat to be in, isn't it? But I am pleased to have found this forum and thankful to dx100uk for his advice.

[dx100uk]

the key here is to take control

 

not let your creditors do it for you.

 

as i side note

 

i moved to scotland in late 2011

my mrs moved here in late 2008.

 

between us we've +£20k of unsecured debts.

 

as well as a mortgage

 

not ONE of the unsecured debtors have done aNYTHING nasty...though i subcribe to the totally ignore route.

which may not be the best everywhere else.

 

dx

[valignya]

Yes Tommycat, not a nice boat to be in but one I feel which will not sink with us aboard if we play things cool. Just take dx's advice and get that letter drafted and sent using dx's template, outlining what they are going to get henceforth from you, not what they'd LIKE you to pay them. Taking dx's advice, I told them in my letter that they are both getting £5 per month (capitalone and BOS), more or less saying "like it or lump it" as my financial situation is dire at the minute with JSA my only source of income.

 

When I sent both letters, I included a £5 postal order in each for my January payment. I also sent both letters recorded delivery just to ensure that the buggers received them

 

Also encouraging to hear that dx and his wife's combined unsecured £20k debt still has them whistling for their dough:-)

 

But as dx said - take control of the situation for WE are in control - not them, for what can they really do if you're unemployed or have no job or income -kill you?

Edited January 4, 2013 by valignya