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I took out a secured card two years ago but when I found out Capitol One had bought them out I closed the account August 16th after using the money I had on the card.
Since that date although I owed them nothing, their collections dept has insisted on repeatedly calling and harassing me stating I owed them money. I have called them
Attempting to find someone with common sense and failed. I told the Collectors when they called, the managers I was transferred to like Bruce Dalphene and Alex Domingez.
and could not break through to them that I did NOT owe Capitol One a dime. This harrassment is the reason I took out a secured card to never owe anyone and still I get stupid people earning $8.00 an hour telling me I owe it.
If they put anything on my credit I plan on sueing them.
@Anonymous wrote:... I closed the account August 16th after using the money I had on the card.
...
What does that mean? It is not a prepaid card. Techinically, you owe the balance and then you get the deposit back a few months later. Have interest charges accrued or do you owe other fees? There must be more to the story.
I had secured cards with both banks and they applied the refund to the balance a few weeks after I closed it, In my case, it was before the due date and balance less than the deposit.
Welcome to the fourms; however, I'm honestly not certain you have any ground to stand on legally.
A deposit isn't the same as a prepaid card as another person pointed out. You cannot get your money out that way (with the possible exception of a cash advance if they allow you to take the full amount and reduce your deposit and CL to $0); however, here, you actually do owe to pay them the charges which you racked up, and then they release their deposit.
You might be able to get them to close the account and apply the deposit to the balance, but they may not do that either. I suspect the legal fact is right now that you do owe them money, and that they can absolutely place something on your credit report if they so choose, and there's not much you can do about it other than pay them the balance, and then get the money back from your deposit. Either way I think you need to talk to someone a little higher than the CSR and explain the situation and request that the deposit be used to cover the balance... but if you have free cash laying around, I'd simply write the check and recoup the deposit afterwards as is traditional on pretty much every lender's secured card. I think a lawsuit will be considered frivolous or similar in this case but I'm not remotely qualified to offer a legal opinion.
+1 You might want to look at the agreement when you opened the account. There's probably something on there about it in there also.
@Anonymous wrote:I took out a secured card two years ago... and still I get stupid people earning $8.00 an hour telling me I owe it.
If they put anything on my credit I plan on sueing them.
whoa. You need to be careful throwing peoples full names around or you are going to cause trouble. How do you know how much a debt collector makes? And why is someone who earns $8 an hour stupid?
Of course, a collection is going to go on your credit report. Maybe, if you can't afford to pay it all, you can work out a payment plan with Capital One in order to prevent the debt being sold to a CA.
Pay it down to zero and obtain your deposit back the proper way. If there is a balance, it is incurring interest and it is not paid as agreed. Your logic is like saying you don't have to make minimum payments because it is secured by your own money. Your approach is very likely to get you a bunch of lates and eventually a big fat chargeoff on your credit.