The Agony of Capital One...

[Anonymous]

I really could use some tips/advice on dealing with this issue.  I had a CC with Capital One that was charged off in '06.  I attempted to contact them regarding a possible PFD for this collection.  They advised me that it had been turned over to a company known as RAB (I can't find any information on this collection agency whatsoever!)  They did not provide me with an address, only a phone number. 

Here's the thing, every month, the owing balance of this collection goes up (I guess they must be charging me some kind of interest?)  My balance started out at about $400 and now is currently showing as over $800!  I do not want to pay that much to take care of this.  I am willing to pay the original amount owed to Capital One but would like another means to do so other than calling RAB.  On my CR it does not show as RAB,but Capital One.

Does anyone have any suggestions?  Is there a way for me to stop the balance from continually rising, thus tanking my credit score?

[Anonymous]

I forgot to mention that this does not show up under the collections section of my CR, but under the accounts.

[headspin]

I would suggest writing Capital One a letter CMRRR asking for a statement.  Capital One is famous for adding interest, late fees, and over the limit fees every month on going. 

Some one with more experience with Capital One may be able to help you more......

[Anonymous]

I am currently in the same mess with Capital One ,as are many others .

Capital One knows very well what they're doing in regards to charged off accnt.'s

Yes they do turn it over to a collection agency (I don't believe they actually sell the accnt)

The double whammy here & it's  a BAD one is : They don't report it to the 3 CRA's as a collection account ,instead it's still reported as a revolving account (closed by credit grantor) .

What this does is completely destroy your fico rating ,because your credit utilization RAPIDLY goes well over 100% an it only get worse !

The interest etc.. will increase monthly from Capital One as you watch your FICO score drop lower & lower

Capital One has a whole bag of VERY nasty tricks they VERY much love to use on customers that get on their bad side ,like holding payments from posting to your credit accnt. then socking you with late fee's & raising your interest rates ALOT !

Capital One has been sued many times because of such ruthless behavior .

To my knowledge ,they've NEVER accepted a PFD (pay for deletion) or GW (Good Will) an are quite difficult to negotiate with in settling for less then full $$ payment due.

I question how legal this action of not reporting charge offs as collection is ?

The intent of Capital One in this is obvious as it will ruin your credit rating until these issues are settled . Capital One should be required to report these as collection agency accnt's now instead of what they do.

The sad but honest fact is ,you an others may be required to consult/hire an attorney for a lawsuit against Capital One

Some people here deeply love  & admire Capital One ,that's their choice .

Myself I have several strongly based facts for the outrage & disgust I feel for this company  & I strongly recommend not doing business with them EVER !