CapitalOne are utter time wasters!

Leepodstar

CapitalOne need to be fined by ombudsman for their time wasting tactics I was told over the phone in mid December that my complaint was upheld and a cheque would be sent out. In late January I was sent an acceptance letter, which I reposted the same day. I phoned them up today they told me they are working 29th of january, so hopefully any day soon. So far they've gone past the 8 week time lime set by the FOS and surpassed their 10 week extended time line. I'm at week 12 very poor. I've been paid out thousands by other creditors with in the 8 week dead line...... :mad::mad:

[Deleted User]

There is no such "deadline".

The Bank has eight weeks to respond to your initial complaint, but failure to do this just allows you access to the Ombudsman.

If other lenders have actually PAID you redress within eight weeks of your complaint then these have likely been auto-payouts without investigation.

Capital One actually have the lowest uphold rate at FOS.

Forget the 'phone call, you only received official notification that you had won redress less than two weeks ago. 28 days is the normal period it takes and I would expect them to adhere to this.

magpiecottage

Leepodstar wrote: »

CapitalOne need to be fined by ombudsman

FOS has no power to fine - it is a dispute resolution service, not a regulator.

So far they've gone past the 8 week time lime set by the FOS

FOS does not impose the time limit either - the FSA does.

They seem to have responded within that time limit and will, presumably, continue to add interest to any redress paid.

I've been paid out thousands by other creditors with in the 8 week dead line

What?

dunstonh

CapitalOne need to be fined by ombudsman for their time wasting tactics

The FOS has no remit to issue any fines. It can report mismanagement of complaint handling to the FSA though. However, given that Cap One have a good reputation and a low overturn rate, that is unlikely to happen.

I've been paid out thousands by other creditors with in the 8 week dead line...

There is no deadline.

As mentioned above, Cap One wont treat the complaint as upheld until they have the confirmation in writing from the FOS. That would have been around the same time you got your letter. So, only a couple of weeks ago. They then can decide to accept it or appeal. If they agree with the outcome then they should pay out in a reasonable period. Typically that is a month but could be longer. You havent had a month yet.

Calm down. You are being premature with your ranting. It will come, assuming they do not appeal the decision (and they are known to to so with some).

[Deleted User]

dunstonh wrote: »

T Cap One wont treat the complaint as upheld until they have the confirmation in writing from the FOS.

I think you're confused, Dunston. The OP is complaining about the time taken by Cap One to pay out redress that the Bank itself has agreed. There is no mention of FOS being involved yet.

dunstonh

Moneyineptitude wrote: »

I think you're confused, Dunston. The OP is complaining about the time taken by Cap One to pay out redress that the Bank itself has agreed. There is no mention of FOS being involved yet.

Indeed. I was taken in by the OP saying they should be fined by the FOS as meaning the complaint had gone to the FOS and reference to certain timescales set by the FOS.

As it hasnt gone to the FOS, the FOS wouldnt even know the OP exists, let alone being able to fine the firm for actions it doesnt know about and thats ignoring the fact it has no remit to fine!