I had a capital one card in 2008. (balance of $1500 o make the monthly payments. I had numerous conversations with representatives regarding my financial situation and that i had just found a new job and could start the payments soon. I got my first check and my dad (who is self employed got hurt)...so the money I received from my new job went to helping with bills around the house. I spoke with Capital One and informed them of the recent turn of events.
I was told it would not be a problem, but was not offered a reduced payment plan. I then received numerous/harrassing phone calls. I was forced to send a cease and desist letter in Nov of 2008. Capital One continued to call me, trying to say that it takes time to have the Cease and Desist report updating. I work in collections, so I know this is inaccurate. I got the names and #s and badge #s of every rep I spoke to. About 3 weeks later (Dec 2008), I received a letter from a Law Office...with a a balance of $2300 owed. I filed all the corresponding papers with the local Courts (oddly enough I worked there), and also obtained an attorney (out of state) with my harrassment information. He offered me a choice to either reduce the balance by $1000, or settle for $1800 and be done with it. I took the settlement. SO $2300-$1800=$500 correct?
To my surprise, I received a notice from the IRS in 2010, stating I had a credit card for $3000 that I did not include on my taxes from the previous year and that I would have to pay $1100!!!! I provided them with a dispute letter and awaited a response. After receiving a response from the IRS, I was then told to provide all documents. Which I did. I had bank statements, canceled checks, Capital One reps, names, badge #s and phone #s, the letter from my attorney, the lawsuit/court docs, everything!
I then received a notice back from the IRS that the information received was under review. I went ahead and filed my taxes (with the assumption, i guess is my fault, that the issue would be resolved). To my surprise I checked my refund status and that amount that was "under review" has been deducted from my tax return. I am beyoned pissed off for the simple fact that Capital One got their money, they lied on their IRS forms, claiming I had a CC for $3000, they violated my rights by harrassing me, even after a cease and desist letter was sent/faxed and received. I will never ever get a Capital One card agian.
I understand the business aspect of CC's and Collections. Their tactics were low, morally incorrect, illegal and I hope that all this darkness will be brought to the light!!!