Capital One can't do that..Can they?
by Vernassoc, Window Shopper
- Created: September 7, 2010, 10:20 am
My partner and I founded our business in 1994. We've maintained a sterling credit record by making paying creditors on time a priority. Even though the past 18- to 24-month period has been particularly difficult, this summer was the worst. (I swear there is some sort of corporate A/P summer camp that the A/P folks at the companies owing us money were all attending.) Cash flow has been next to nil, but we still managed to pay the minimums on our credit accounts.
Somehow, however, we missed a payment to Capital One in August. The only explanation I can come up with is that I didn't see (perhaps didn't even receive) the electronic statement. Within a week of not receiving the payment, Captial One began calling me at my hom;not my offic-on the Sunday of a holiday weekend to demand payment. (We're a C corp, by the way.) I told the caller I couldn't possibly help him until I returned to work today. First thing this AM I checked into it, could find no statement or payment for August, and discovered that Capital One has upped their (already usurious) 17.9% interest rate to 29.4%!.
Via EFT I paid them $1,000 which more than covers the amount required, then called customer 'service.' The woman I spoke with was snooty and dismissive and told me that they will not consider a request to reduce the interest rate until 'you can prove that you warrant such consideration.' (Apparently a 12-13 year history of reliable payments is not sufficient proof.) They require 'timely payment for a minimum of 6 to 12 months, at which time you may call us again, and we may consider an interest rate reduction.' When I asked to speak to her manager, she replied that she was not authorized to 'transfer calls.'
Too many words (I apologize), but I'm at a loss about how to proceed. Our present cash flow will not accommodate paying the entire balance. No hints concerning appropriate contact info can be found on the Capital One site. So I'm throwing this out here in part to vent a little, but more in hopes someone has had similar experience and can suggest a method to get in touch with Capital One and, at least, plead my case.
Thanks for reading and for any suggestions you may have.
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