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Creditors cant pay capital one credit card

Published on June 21st, 2016 | by FinanceLoophole

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Can’t Pay Capital One Credit Card

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The Capital One Credit Card – also known as the Mastercard – Classic Credit Builder Card and the Balance Plus Card. We are currently helping an increasing number of people who can’t pay capital one credit card debt.

The Credit Builder card is supposed to help you turn bad credit into a thing of the past by rebuilding your credit rating. You can rebuild you credit rating if you make the monthly minimum payments on the card on time and by staying below your credit limit. If you don’t do that you are likely to harm your credit rating. 

It all sounds simple, but unfortunately even when you do this you will still be more than likely to fall into debt with a Capital One card. This happens because the amount you owe will increase without very careful management to such an extent that the repayments become un-affordable and you start to miss the repayments. It is much more common that most people think.

As a result it’s no great surprise that we have assisted a lot of people who have these cards and have fallen back into arrears on their debt.

Paying back the debt on this Capital Once Credit Builder card can be hard – not helped by the high interest rate set at 34.9% APR.

People find it difficult to pay off their Capital One credit card for a variety of reasons. The top causes for credit card debts are :-

  • reduced income
  • divorce/separation expenses
  • poor budgeting skills
  • gambling addiction
  • large unexpected bills
  • lack of savings
  • fraudulent use of a card

More About Capital One Credit Cards

The Capital One Credit Builder credit card has the following main features:-

  • Credit limit £200 to £1,500
  • 2 optional credit limit increases a year
  • Email alerts can help you keep on top of your finances
  • Charges for cash withdrawals (minimum £3 or 3% of withdrawn amount)
  • 34.9% APR Representative (variable) – a high APR – borrowing with this card is very  expensive compared to most other cards or specific loan companies.

You can get this card if you have a history of managing your credit even if its not that good and you have had CCJs or payment defaults in the past.

The Capital Once Credit Builder MasterCard will assist you to rebuild and improve your existing credit rating as long as you make all of your repayments and stay in your credit limit. However Not doing so may harm your credit rating.

Who Are Capital One?

Capital One Financial Corporation is an American bank holding company which specialises in credit cards, home loans, car loans, banking and savings products. Capital One is the eighth-largest bank holding company in the United States. A bank holding company is a company that controls one or more banks, but does not necessarily engage in banking itself.

The UK headquarters of Capital One is in Nottingham. Capital One in the UK is associated with customers with poor credit rating and very high APR credit cards, up to 35%. They have three million customers for their credit cards in The UK.

Capital One Credit Card Contact details

0800 952 4966 – Struggling with payments

0800 952 5267 – Lost or stolen cards – often charged from mobiles

03444 812 812 – for general accounts often “free” as part of your mobile phone bundle calls (no more than a national rate call to an 01 or 02 – which may be part of your free minutes depending on your contract)

Social Media contact points:

Registered office:

Trent House
Station Street
Nottingham
NG2 3HX

email: enquiriesUK@capitalone.com

Capital One Card Services:

P.O. Box 5283
Nottingham
NG2 9HD

Registered in England and Wales. Company Number: 3879023.

Capital One is a provider of retail financial services. Authorised and regulated by the Financial Conduct Authority. Register Number 204440.

Capital One (Europe) plc is authorised by the Financial Conduct Authority under the Payment Service Regulations 2009 for the provision of payment services.

Struggling To Make Payments On Your Ocean Credit Card

If you are struggling with your credit card bills and watching your interest mount up on your Capital One credit card, you’re probably asking, “How do I pay my Capital One Credit Card debt?” we can send you somewhere that can help you– just fill in this form with your details and they will get back to you.

The first thing to do if you think you won’t be able to pay your credit card bill on time is contact Capital One to discuss your problem. Don’t let your debt just build up to breaking point and just hope it goes away – it won’t!

If you contact them early Capital One might agree to let you pay a reduced amount for a while. Also make sure you ask for any interest on the amount which is outstanding to be frozen – this will stop the debt increasing even more out of control. It is not a sensible idea to increase your credit limit if you are having repayment difficulties, as this will just get you into even more debt.

The top 5 things to do when you cannot pay your Capital One credit card debts:

1) Create a budget plan – and stick to it…
2) Do not increase your debt
3) Determine the amount of your debt, and what date your payments are due
4) Try to increase your income – do some additional paid work to support your debt repayments
5) Don’t lose hope of paying off your debt

If you would like some help to plan out your debt repayment strategy it may be useful for you to speak to debtPlus. They will do all of the legwork and deal directly with Capital One for you. This will help you to avoid the inevitable stress that credit card debt can involve you in.

Alternatively there are a number of free debt advice services available Eg. citizensadvice.org.uk and stepchange.org

Capital One Credit Card Complaints Procedure

In the first instance if you have a complaint write to Capital One at:

Complaints Resolution
Capital One
PO Box 5281
Nottingham
NG2 3HX

To make sure they have all the information to investigate your complaint, make sure they send them:

  • Your name and address
  • Your account number
  • Details of your concern or complaint
  • A daytime telephone number where Capital One can contact you

Once they have received your complaint they should acknowledge it quickly. They aim to deal with complaint as quickly as possible, and they will provide you with your ‘final response’ within 8 weeks at the latest. If they have been unable to reach a conclusion on your complaint by this time they are required to explain why and tell you when you can expect a final response.

If you don’t agree with their final response to your complaint contact the Financial Ombudsman Service (FOS) within 6 months of their final response. The FOS are there to  mediate in disputes between consumers and financial service companies. It is a free service to consumers and their findings are binding on financial services companies. Unfortunately the FOS won’t be able to take up any of your complaints until after you have received a ‘Final Response’ from Capital One.

Contact the FOS over:

The Financial Ombudsman Service
Exchange Tower
London
E14 9SR
www.financial-ombudsman.org.uk

How To Avoid Capital One Credit Card Debt

    1. Make sure you pay off as much as you can afford on your credit card each month. Remember that the  more you owe on the card – the more interest you will be paying.
    2. Don’t fall into the trap of thinking you are managing your credit card debt by paying the minimum amount every month.  If you do it will take you considerably longer to repay the debt fully.
    3. Try not to miss your re-payments. If you do charges will be applied -adding to your debt.
    4. Stop using your card when you get problems – preferably destroy it to remove any temptation. Contact your card provider and let them know about your situation. When you speak to them don’t agree to any repayment plan that you cannot realistically afford.
Get help now

If you have any more questions we have not answered here about your Capital One Credit card debt, please fill in the form on the right hand side of this page and we will get back to you as quickly as we can.

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