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CAPITAL ONE CREDIT CARD DEFAULT HELP

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Anonymous
Not applicable

CAPITAL ONE CREDIT CARD DEFAULT HELP

Hi Everyone,

 

I'm going thru a really bad financial hardship and I'm finding myself unable to pay some accounts I have. Capital one is one of the holders of my biggest monthly payments, I owe them  $27K in two credit cards. $15k of that is from a charge from Fortune Builders a business that I joined hoping to get my business started and moving forward but they only charged me over and over for training that didn't really get me anywhere. Now I'm in the virge of filing for BK if I don't get my situation handled, but I want to ask if any of you have experience dealing with CapOne and possibly working with them on making payments. Truly what is most concerning is if they'll make those payments manageable since the amount is so large. Thank you everyone.

16 REPLIES 16
silver_idle
Established Contributor

Re: CAPITAL ONE CREDIT CARD DEFAULT HELP

This should be moved to the Rebuilding Credit section, but how much do you make a year before tax? Do you have any other debt? Whats your monthly expenses? Have you discuss with them any possible settlement? Capital One can work with you but you do need to work with them as well and give them a call to discuss options, affordable payments, etc. If youre under hardship, they do have a hardship program too which would reduce payments.

Message 2 of 17
Anonymous
Not applicable

Re: CAPITAL ONE CREDIT CARD DEFAULT HELP

I apologize, posting here was a little challenging for me.
Total credit card Debt is $142k
Mortgage $2811/mo
HELOC $500/mo.
Total combined income $110k

Thanks for all your input
Message 3 of 17
Loquat
Moderator Emeritus

Re: CAPITAL ONE CREDIT CARD DEFAULT HELP

@Anonymous Sorry to hear of the financial struggles.  I'm going to request that your thread be moved to a more appropriate sub-section of the forum for better exposure possibly more in-depth responses.  

Message 4 of 17
Anonymous
Not applicable

Re: CAPITAL ONE CREDIT CARD DEFAULT HELP

OP, could you list out your cards and accounts with their current balances and limits, and minimum required monthly payments? That will paint a clearer picture by which to advise you.
Message 5 of 17
bourgogne
Valued Contributor

Re: CAPITAL ONE CREDIT CARD DEFAULT HELP


@Anonymous wrote:
I apologize, posting here was a little challenging for me.
Total credit card Debt is $142k
Mortgage $2811/mo
HELOC $500/mo.
Total combined income $110k

Thanks for all your input

my goodness 142 no matter the % is a huge nut.  I think you are looking at at bk and need to consult with someone in reference to the bk exemptions that would hopefully apply to your situation; keeping the house, autos, etc. for starters.  good luck, stay strong

Message 6 of 17
NimbusIII
Frequent Contributor

Re: CAPITAL ONE CREDIT CARD DEFAULT HELP

You may want to try this and see if it can get you in a more manageable situation.
Request a credit card hardship program. Many creditors are willing to work with you to change your payment if you’re facing a financial emergency. Your credit card company will want to know why you’re making the request, so you’ll need to be prepared to answer questions about your finances.

Depending on your situation, the credit card company may be able to:

Reduce your minimum payment
Reduce your interest rate
Move your payment due date
Get you on a fixed payment schedule





“The man who says he can, and the man who says he can not… Are both correct.”
Message 7 of 17
Creditaddict
Legendary Contributor

Re: CAPITAL ONE CREDIT CARD DEFAULT HELP

If you fall a payment behind, you can ask for "Financial hardship" payment plan with Capital one... it's typically in the 5% range for 4-5 years and they close the card and fix the payments.

Every bank has these... remember they are required to do a questionnaire if you qualify and you can't come to a negative number when giving your income vs bills... i know since you are about to file bk you are running short but they are not allowed to issue you a hardship plan if you are unable to prove you can pay it.... just give simple answers and have a few hundred left at end of month after all payments... that will qualify you.

the person you are talking to may seem like they care but it's a computer that spits back the plans, not the person... so don't give them a sob story for 30 minutes... hardship takes 2!

Message 8 of 17
Anonymous
Not applicable

Re: CAPITAL ONE CREDIT CARD DEFAULT HELP

@ Creditaddict:  Thank you for this piece of information. I do have a follow up question, you mention 5% for 4-5 years - what happens if I can't pay the entire total amount in that period of time?

 

Also, I did speak to Capital One last night and they transferred me to the "early solutions" department (or something like that). They put me in a financial hardship plan and stated that as long as I made a payment I'd be okay. They said that they would not charge any late fees or any additional charges for 3 months, but I'm not sure how long they're going to prolongue this assistance. The representative that handled my call at this department had a thick accent and although she seemed kind and thoughtful, I didn't get the feeling she knew what happens after the 3 months.  She said if the account kept getting paid (payment was dependent on what I could do a month) that they would just keep the account on the plan.  I also asked if they would be reporting me "late" to the CB's and she didn't really know how to answer this question.

 

For now, I'm glad that I was able to be transparent and upfront with them, and that they were able to help me for the time being.  I am completely aware that its not the Creditor's problem that my financial situation took a turn for the worse as a result of events that were out my control, but I am trying to do the best I can to pay what I owe, even if it takes me the rest of my life.

 

I appreciate everyone's input, and will keep you all updated on what happens since I'm sure this will help many others that are facing a bad situation as I am.  

 

Thank you for all of your help with this matter and hope you all have a wonderful day.  God Bless you all.

Message 9 of 17
Anonymous
Not applicable

Re: CAPITAL ONE CREDIT CARD DEFAULT HELP

@ NimbusIII: Thanks for your input.. I wasn't aware that credit card companies would be willing to work with me.. But I'm glad to hear that if I call and request it I might just get lucky in obtaining assistance. I don't want to file for BK but I'm not sure if it will be avoidable.  I want to try to pay as much accounts as I have and later have to deal with figuring out wether I need to consult a BK Attorney. For now, Capital One was kind enough to agree to put me in a special program and now my next big account is NFCU.  I sure hope they are are helpful as CapOne.

 

I have a personal finance balance sheet with all the accounts that are owed and the salary that comes in.  I know exactly what happened to be in the situation I am in (which was truly out of my control) and fortunately I don't have a problem being completely transparent, I just don't think I can pay as much payment as each credit  would like me to per month so I'll have to see if what they present is feasible for my budget.

 

Thanks again for everything.

Message 10 of 17
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