Loan with Capital One... not paid and no interest!

LJAmoneysaver

Hi... me and my husband have a loan with Capital One which we have had since 1997. We have not made a payment on it for over 5 years. We get a statement every year and there is never any interest charged, the amount is the same. I have a subscription with credit expert and it is not listed at all on there.

I am confused as last week we got an end of last year statement, exactly the same with no interest nor payments received but this time there was a nice letter stating that we had missed payments, etc., etc., and to contact them to make an arrangement.

The reason why we stopped making payments was for the few old loans and cards we had, over 5 years ago we sent out letters requesting a copy of our actual credit agreements. Because three companies didn't provide (they just sent copies without our signature on!) we stopped paying. We still get letters every so often but just ignore and nothing ever happened as they could not provide us with anything and we never signed with our signatures on the letters!

I am just wondering where we stand with Capital One... if I remember they did provide us with a credit agreement but cannot remember if it had our signature on... will have to check as still got files.

many thanks
Lisa

somethingcorporate

You owe them the money, here is a radical idea - how about you pay it?

Tixy

At a guess it might be the debt is close to becoming statute barred. And they are now trying a last attempt to get you to pay or then to decide whether or not to start court proceedings. Which creditors are doing more frequently to stop debts becomming statute barred. Whether they will decide to take court action in any specfic case we can't guess, but the larger the outstanding balance the more likely it it I guess.

In terms of the credit agreement they are legally now allowed to provide a reconstituted version in court. They don't have to provide one with signatures on.

tell_it_how_it_is

Love your moniker. No wonder you are a money saver when you borrow money and choose not to pay it back!

somethingcorporate

tell_it_how_it_is wrote: »

Love your moniker. No wonder you are a money stealer when you borrow money and choose not to pay it back!

fixed it for you

CHR15

LJAmoneysaver wrote: »

The reason why we stopped making payments was for the few old loans and cards we had, over 5 years ago we sent out letters requesting a copy of our actual credit agreements. Because three companies didn't provide (they just sent copies without our signature on!) we stopped paying.

That'll learn 'em. What wonderful role models.

I take it the two of you are blissfully ignorant to the fact a reconstituted copy is admissable and perfectly acceptable.

It isn't often I wish ill of people but in this case, I hope they take a punt with a CCJ soon. I'm sure interest will be added when they get back to you formally looking for their money.