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 Left Out in the Cold by Capital One
Posted Thu April 17, 2008 12:00 pm, by Vicky C. written to Capital One Financial
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My husband and I have been Capital One customers for many years. We have always paid our bills on time and have paid much more than the minimum.
I recently filed a dispute about some charges that appeared on my account in March/April of 2007. This company was supposed to provide a service for me for 5 years, per the contract I signed. I have come to find out (per the Better Business Bureau) that this company went out of business without any prior notice. I have given all of this information to your company and now they have told me that they will not help me because of the time frame. Now, before I even faxed over the information, I talked to at least 7 people, letting them know the dates of the charges, and no one said anything about the dates being out of range.
It's just very frustrating that the one time I need Capital One's help, I'm left out in the cold. We constantly receive solicitations for other credit cards and we throw them away. Maybe it's time we look into them.
I would like Capital One to credit my account for the remaining 4 years of this service contract that I will not, in fact, receive any of the services that I have paid for.
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by Nate. Posted Sun September 7, 2008 @ 7:09 PM
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This problem would not have occurred if you had used cash. I recommend
it for all purchases, that way you do not have to deal with credit
cards.
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by KenPC Posted Fri April 18, 2008 @ 2:04 PM
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I also am not a lawyer, but common sense would tell me that Capital
One fulfilled their contract to you by acting as the paying agent
between you and the company that went out of business. When they paid
that company and billed you, their obligation on that transaction was
complete.
A year later you want them to make you whole because the company went
out of business. How is that their responsibility? Your claim is
against the assets of the now defunct company. There is small chance
of any recovery there, but you may want to pursue it.
The unfortunate truth is that you (unknowingly) made a bad choice in
doing business with that company. Capitol One bears no responsibility
for your loss.
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I'm not a lawyer or a legal expert, but it seems to me that if a
company goes out of business while owing you something, complaining to
the credit card company isn't the way to go about it. Generally
speaking, the company's assets are sold off, and the proceeds go to
the creditors, of whom you are likely one of many. But you aren't
likely to get the whole thing back, or even close. Anyway I'm really
simplifying things here, but google "Corporate bankrupty" to get
started researching the subject. You should also read the contract
you had with the company in depth, preferably in the presence of a
lawyer, as there's probably something in there about what happens if
the company ceases to provide the service.
If nothing else, you get a valuable life lesson from this: always be
very, very, very, very careful making long-term contracts with any
person or company, *epecially* when the nature of the cotract means
you're the one paying out big bucks up front.
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by Laur Posted Thu April 17, 2008 @ 9:52 PM
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Try contacting the Attorney General in your state. There is a law
called the Fair Credit Billing Act. Usually the AG can help you. Also
check your credit reports to see what they are reporting.
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