has anyone had success with reducing Capital One payments

sunshine76_2

in a nutshell, im in quite a lot of debt,around 4500 and a grand of this is with Capital One, firstly has anyone had any success with writing to catalogues and credit cards and getting the monthly payments reduced, if so do you state how much you will be paying and do they freeze interest?
has anyone had any success with doing this with Capital One?i've had a couple of ''late'' payments with them in the past and they have always been a 'computer says no' company

many thanks

FireWyrm

The 'computer' may say 'no' but when it comes to financial distress, they have a duty to listen and weigh the request. If you are having a lightbulb moment and you're serious about getting out of debt, a self managed DMP is not impossible. If so, then the chances are you'll be asked to fill out a basic 'means test' form which will ask for your income and outgoings.

You can do a practice one by filling in an SOA (sticky on the forum) and posting it for us to advise on. We might be able to get you out faster just by suggesting cuts or changes to your outgoings.

19lottie82

you will need to default your payments in 3 (?) months in a row....

then you may be in a position to "bargain" with them, although your account will then be closed and your credit rating will be trashed.

is it worth it for £1k? Even £4500 isn't a lot on the grand scheme of things....

Do you work? Try posting an SOA, and the kind people on here should be able to advise how you can cut back, save cash and clear your debts.

1289rs

No as soon as i tryed to make a payment plan they passed it onto "cougar financual" or somthing who just keep threatning home visits etc

Ilovechocmilk

Out of all my creditors Cap one were the hardest to get to agree to a payment plan, what with foreign call centres and general unhelpfulness it wasnt easy

After three months of trying I finally got somewhere by emailing the chief exec and a high ranking person whose name I found via google. I emailed on the Sunday night and by monday morning I had two emails and a phone call from their team and since then its all been plain sailing.

The girl I dealt with has gone travelling now but I still have the other chaps email address. If you inbox me or PM me Ill dig it out later and give you the details.

HTH

sickasachip13

Hi
It would seem that we're in a minority but Cap One have been absolutely fine with us. Stopped % as soon as we let them know we were going DMP, it stayed frozen and about 18 months in we negotiated a F&F on our smaller Cap One debt, they settled for about 33% of what was owed. The other debt is still ticking away on 0%.

Always worth asking creditors and appealing to them as there seem to be lots of differing experiences from person to person.

SAAC

Drix_2

I've done DMP through Pay Plan and there was no problem with Capital One not even a phone call.

sunshine76_2

my monthly payments altogether is approx £300, i would just like to close the accounts, freeze the interest and pay perhaps £100 altogether, is there any way i could do this or is there any company that would do it for me or advise me??
basically what we have left after we have paid rent, council tax,food,tv licence,transport to work etc doesn't cover the debt and its getting higher and higher as i stupidly got buy now pay later terms on one of my catalogues.....our money situation isn't going to get any better, as my partners job wage isn't going to go up by much etc.....i could just about get by every month, but i've already started to default on the rent and i haven't paid the water company in months....plus when my kids come to us and say they would like to go on a school trip it would be nice not to say no for once....

my monthly payments altogether is approx £300, i would just like to close the accounts, freeze the interest and pay perhaps £100 altogether, is there any way i could do this or is there any company that would do it for me or advise me??

sickasachip13

Hi,

Well definitely don't go to any company that wants to take money to provide any financial service. If you're struggling then I'd strongly advise you talk to Payplan or Step Change (they were CCCS). Both of these organisations will be able to set out your options and offer you some ideas of solutions. Step Change (CCCS) actually answer messages in a thread at the top of the DFW forum page: https://forums.moneysavingexpert.com/discussion/4271235

SAAC

southernbelle

Cap 1 were fine with me, although I am going through PayPlan rather than independant. They stopped interest immediately when I phoned and said I was setting up a DMP.