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  • #1

    Capital One default

    If any one can help with my problem I would be gratefull. I am sure it is quite basic for most of you but it is a big worry for myself.

    Some years ago I took out a capital one credit card they started me on the lowest amount £100 or so but then kept increasing it, I never asked for the increase it was just there.Of course its easy to spend this money when you think you are in a position to repay it.
    My balance now is £3862.12.

    I am self employed and this year my work was getting harder to find so my income dropped quite a lot. The choice I had was whether to pay my morgage and put food on the table or the credit card.

    I am now officially in default. My account has been passed to Cougar Financial Services for collection on capital ones behalf.
    How do I proceed with this, obviously it is my debt and it has to be paid but I would like to pay in instalments and if possible freeze the interest. What reasonable amount should I offer I am not in a position to pay a high amount but I should try to pay enough to stop the total going up.

    They say my account may be referred to a doorstep collector, can I stop this as I sometimes work away from home and this would frighten my wife. What action can they take against me.

    Regards
    Kysu
    Tags: accounts, action, advice, application form, calls, capital, capital one, card, cca, cca request, cougar financial services, credit, credit card, credit cards, date, dca, dca's, debt, debts, default, default notice, digital signature, doorstep, employment, financial, freeze, help, income, interest, letter, letters, money, mortgage, niddy, order, payments, phone, security, signature, solutions, template, unenforceability, update, wife
  • #2
    Re: Capital One default

    What year was the card taken out ?
    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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    • #3
      Re: Capital One default

      They wont send a doorstep visitor so dont worry there, thats number 1.

      2nd thing is, regardless of the age of the card, you can get them to freeze interest and reduce payments to £1 per month, they will do this for 6 months.

      Downside is, they will issue you with a default notice during this time, so your credit file will be tarnished.

      So if this is likely to happen anyway, then you could consider UE, and not pay anything back every again, or reduce the payments to something you can afford for longer than 6 months.

      If you can let us know, the age of the debt, it would help to advise you better.
      I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

      If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

      Comment

      • #4
        Re: Capital One default

        Cougar, step one! Next Credit Solutions. They follow the same pattern.
        Important that we know the date that the account started. Can then give advice.
        First bit of advice, don't talk to them on the phone, especially the Yank girl! Lucky you are self employed, by now they would have called you at your place of employment. Ruthless!

        I was very new to dealing with DCA's when I first got involved with CRAP 1. Used to answer the phone to them, sometimes 2 calls within 5 minutes. I learned. Let the phone ring, or fail security if you do answer. They WILL make you ill!

        Date of original account please and we can help/ advise you.l

        Comment

        • #5
          Re: Capital One default

          Hi

          Thank you for the reply. I am working away from home untill Monday
          so I cannot look for the details of exact date but I guess the card was taken out about 4 years ago. Due you need the exact date.

          Kysu

          Comment

          • #6
            Re: Capital One default

            I would think because this has gone into default it is already on my credit file so to late to worry about it.

            Comment

            • #7
              Re: Capital One default

              No, if this was taken out 4 years ago it is more than likely enforceable. Ideally to go UE you need to have taken the card out pre 2007.

              Comment

              • #8
                Re: Capital One default

                Enforcer is correct, but maybe Niddy can advise, it may be an option to blag UE, at least for a while, so it helps the OP get in to a better position financially.

                Capital 1 do love to ring, litterally 5 mins after speaking to someone already, a call blocker is a great device to avoid this.

                What i would do is write to cougar, and say, you are self employed, due to the current economic climate, your income has reduced quite a lot, and you are no longer in a position to afford the monthly repayment.

                You ask that you are able to pay £1 per month subject to review, and to freeze interest during this time. You will update them if your financial situation changes.

                Now is likely they will ask you to fill out an I & E form, we can help with this, but the main thing is dont stress.

                They will accept the reduced payments, and even if they didnt, if its all you can afford then its all they will get!

                The main concern is the mortgage, that comes first before anything! Credit cards are not priority debts.
                I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                Comment

                • #9
                  Re: Capital One default

                  Thankyou for that advice, I will write to them with what you say and see what happens. At least they can see that I am responding to them.

                  I think you can block 0800 and withheld numbers so I will do that.

                  Comment

                  • #10
                    Re: Capital One default

                    Have gone through old accounts and have found cheque stub for
                    Oct 2006 with payment to Capital One.

                    This would mean card taken out prior to 2007.

                    How do I proceed now.

                    Comment

                    • #11
                      Re: Capital One default

                      Originally posted by Kysu View Post
                      Have gone through old accounts and have found cheque stub for
                      Oct 2006 with payment to Capital One.

                      This would mean card taken out prior to 2007.

                      How do I proceed now.
                      If it were me and got a default I'd be sending a -----> CCA Request


                      Have a read here-------> UPDATED - A Full Guide to Unenforceability
                      I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                      If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                      Comment

                      • #12
                        Re: Capital One default

                        Originally posted by Kysu View Post
                        Have gone through old accounts and have found cheque stub for
                        Oct 2006 with payment to Capital One.

                        This would mean card taken out prior to 2007.

                        How do I proceed now.
                        First of all: light yourself a cigar! This may change things for you

                        Send a CCA Request using Royal Mails signed for service and keep a copy of the letter and receipt the post office provide you. You can then go on the Royal Mail website and print out the date, time and signature of the letter and keep it very safe!

                        Good luck!
                        Missy
                        When Gold isn't enough, there is SA Gold! New to the forum and find the UE route a bit scary? Take a look at my diary here and judge for yourself. I am now saving the money each month that was making little difference to the balance and not a bit of difference to my credit file as a result of finding AAD.


                        I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                        If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                        Comment

                        • #13
                          Re: Capital One default

                          Originally posted by missy View Post
                          First of all: light yourself a cigar! This may change things for you

                          Send a CCA Request using Royal Mails signed for service and keep a copy of the letter and receipt the post office provide you. You can then go on the Royal Mail website and print out the date, time and signature of the letter and keep it very safe!

                          Good luck!
                          Missy
                          I totally agree with Missy, I would celebrate with a few pints and takeaway. Then Section 78 request. Let us know what you receive please. Can advise from there.

                          Comment

                          • #14
                            Re: Capital One default

                            First off A BIG THANKYOU TO EVERYONE.

                            Going to do what missy said. Do i make the postal order out to Cougar Financial Services.

                            Sign Digitally got me confused manage to find out what it is but not sure how it works. Says on computer it is signed digitally but nothing
                            when printed is this right.

                            Comment

                            • #15
                              Re: Capital One default

                              Cougar are chasing, send the section 78 request to them. Eventually you will get a photocopy of your original application form, probably with an emphasised, ie looks like a felt tip pen initialled by Crap 1. No prescribed terms etc. Don't worry at this stage. When you get your reply, e mail to Niddy. Don't matter about digital signature, they will not reply unless you provide your proper sig. Bin there done that!

                              Comment

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