Fuming! - Capital One

RodBell

I understand what you're saying an I too am err'ing on the side of 'I'll be living with this for the next few years' however I'm still going to try. Better than do nothing yes?

meer53

Filling in an income and expenditure form and asking for interest to be frozen usually indicates you are having financial difficulties. If you just wanted to set up a regular monthly payment, this sort of form isn't needed.

RodBell

We thought this and we didn't have to do it with Virgin at all. We just saw it as Capital Ones way tbh. Pain in the bum but needed.

Hooloovoo

RodBell wrote: »

We did agree to it,

D'oh. You are SOL I'm afraid.

Agreeing on the phone to freeze interest, you knew it was wrong. Filling in an income and expenditure form, you knew it was wrong. You knew none of that was normal just for setting a fixed direct debit, and yet you assumed it was "their way" and never questioned it.

Hell of a lesson to learn.

However, I would still fight it. The £50/£100 per month you have been paying. Has that been taken by them by direct debit? Or have you been paying manually by either standing order or debit card?

If as you say the minimum normal payment was £20, and from day one of the repayment plan they have been taking at least £50 by direct debit, then Capital One ought to have know and flagged up themselves that a debt repayment plan was not needed and unnecessary.

I'd be taking it to the FOS if I didn't get any joy from Capital One. But I wouldn't hold out much hope if you had the detailed agreement there in front of you and you signed it.

Good luck. Do come back and let us know how it goes!

KittenKaboodle

Methinks this is not the whole story - why would they (being money lenders as they are) agree for you to just stop paying interest (which you agreed to) and carry on as if everything is fine? Everyone wants to clear their cards asap but if they let everyone do this they'd have no business left! D'oh!