Charged for paying the balance???

Calcifer85

I have had a comprimise agreement for the past year and am now in a position to pay the balance on my capital one card, however someone has warned me that although Capital One have told me my balance is £235 I may have to pay more for canceling my agreement and paying the balance???

Has anyone had this before???

I was just wondering as I have been finding it difficult to get hold of the "special" department handling my account and no one else at Capital One has the authority to talk to me apparently....

jonesMUFCforever

Yes , interest looks likely to have been deferred whilst you were in financial difficulty.
Now that you are in a position to pay the debt off the interest becomes payable.

Calcifer85

Really! So I could be looking at a years worth of interest??
I knew it was almost to easy, as soon as I get one step forward I get knocked three back.

Thanks for your help, anyhow.

jonesMUFCforever

Calcifer85 wrote: »

Really! So I could be looking at a years worth of interest??
I knew it was almost to easy, as soon as I get one step forward I get knocked three back.

Thanks for your help, anyhow.

Can't help some people. You can carry on with the present arrangements if you prefer.

Mrs_Ryan

Hang on a minute - I used to work in SSU for Capital One and I've never heard this before.

If your balance is 235, you will pay 235. Interest only becomes payable when the block is removed from the account. It sounds to me like the account is with SSU and so will have a certain block on it which is why no-one else can talk to you about it. You will not to my knowledge be charged a years worth of interest (speaking as someone who took PIF's on a daily basis I can say with some authority that the balance the customer was provided with was the balance it would take to clear the account)

If the account is charged off (which I would say it probably was by now) interest would stop anyway.