Consumer complaint received 2017-05-04
Company: CAPITAL ONE FINANCIAL CORPORATION
State: CA
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Struggling to pay your bill
Sub-issue: Credit card company won't work with you while you're going through financial hardship

Complaint:
Due to unforeseen financial hardship as a result of medical issues and financial losses, I recently contacted  Capital One  to set up a long term hardship payment plan for my credit card balance of over {$13000.00} on my  XXXX  ending in  XXXX . First off, I had to go through their  Executive Offic es, who while initially were somewhat accommodating, provided me with much in the way of misinformation and broken promises. After speaking with an  XXXX  xecutive Representa tive in mid-  XXXX   XXXX    , whom assisted me with some interest fees, I was told to call in regarding my account in early   XXXX   XXXX     and speak with the same  Executive  Representative handling my account who would then waive the   XXXX   interest fees once more, to assist in my current hardship ; however, when I called back in early   XXXX   XXXX    , my request was then denied by the same representative. Ultimately, she did connect me with the Hardship Escalation team who approved me for a long term payment plan at fixed 7.4 % APR and {$280.00} per month for the remaining period of payoff ( and the card would be restricted to further use, which I accepted  ). Ho wever, this is where the situation becomes confusing and misguided, as I was informed by more than  one rep resentative at  Capital One  Customer Service that this would take effect in the next upcoming billing cycle (   XXXX   XXXX   XXXX      ),  and that no additional interest would be charged at the higher rate of over 22 % ; however, this was not the case, as on   XXXX    , I was charged a total of {$260.00} in interest, after being told this would not occur. This, in addition to the interest charged on   XXXX     of {$260.00}, which was told would be waived to assist with my hardship by the  Executive Representative at Capital One, and the re neged on.     Corporate American companies like  Capital One ofte n take great advantage of the consumer on a daily basis, and they change their promises and practices on a whim, and then cite " Terms and Conditions '' as a ploy to cover their broken promises, and any lack of assistance they offer. This is unacceptable and needs investigation, and needs to change to support the  Consumer -- especially those in financial hardship. Capital One provided me a great deal of misinfo rmation, and as of today,  X/X/2017   , I was informed by the  Escalation Hardship Team th at my request for the long term hardship payment plan had been delayed and then started over on   XXXX   XXXX   XXXX    , even though this was originally set up in late   XXXX   XXXX    . This is unacceptable and needs to be rectified immediately, so that I  may commenc e this payment arrangement and keep my account in good standing going forward, as I have never missed a payment with this account. It is my intent to have this issue resolved promptly, and have all interest fees from   XXXX   XXXX     and   XXXX   XXXX   waived in full, as promised by  Capital One staff.

Company response to consumer: Closed with explanation