Please help! w/ getting Capital One to remove past due and overlimit fees Hello, I am a newbie to All of this and am learning alot looking through all the posts and FAQs I have a situation which i could Really use some assistance with! I have 2 capital one credit card accounts that due to some bad circumstances are now at least 90 days past due and seriously overlimit. They have not been passed on to any collection agencys yet but i assume that will be happening pretty soon. I want to get these 2 accounts paid off (or at least current) but i just cant afford the overlimit amounts. Is there anything i can do to get the accounts at Least back down to their credit limit amounts? I feel like i am drowning on this one and could really use a lifesaver! Thanks so much in advance!!
I have no personal experience with Cap One *but* cc debt can be negotiated especially if you've hit a rough financial patch. Have you made any contact with Cap One?
I sent one letter (before finding this place) explaining what happened and begging them to remove all the overlimit and late fees - i also promised to make sure it never happened again - so that i could resume normal payment.. it was a no go.. they wrote back saying i had to call this other department to work out an arrangement and wanted to add i wont call them, i want this all to be done on paper.. i have dealt with creditors in the past over the phone and it never worked (the liars) so i want proof of every word for this one!
I appreciate your reluctance to call but I urge you to do it. Prior to telephoning, write down the specific problem and the amounts. This will allow you to be sure that you covered all your issues with them. Double-check it. Then telephone them. Write down the name [first and last and/or any identifying employee information such as "Bill Jones, ext. 9818". Write down the time you spoke. Then *write* a CMRRR letter to the Customer Serive of Cap One, detailing your conversation. Name the rep, the time you spoke and any other important details such as their telephone extension number. Do that within the 24 or 48 hours of your conversation with the Cap One rep. Memorialize the conversation in writing. Review the points that "Bill/Sally Jones" agreed to regarding your account and be sure to send it CMRRR. Put it on record. It is negotiable. Know what you need and write it out. Then send them a "memorialized" review of the conversation. Have it on the record. Keep a copy of the letter, postal receipts and the green card. Depending on the state, you could consider taping the conversation and/or should review the points make by the rep prior to ending the call. Review the points with him/her. Tell him/her that....1. interest will be ...whatever.. 2. payments will be reduced.... Take control of the debt, don't let the debt take control of you. You can do it. <s> There is another way to approach your issue too and I recognize that you're short on funds. You could consider asking a consumer advocate attorney to negotiate for you. They *may* be able to achieve a more favorable outcome for you than you'd achieve but there's no guarantee. You can go to www.naca.net and look for members in your state. An inquiring telephone call never hurt and it may not be an expensive proposition. It won't bust your budget, they negotiate all the time and you can explain your situation. Have your numbers ready, let them know what you need or are looking for in a negotiation. Never hurts to make a few inquiring telephone calls. You can negotiate.
