Consumer complaint received 2015-03-30
Company: CAPITAL ONE FINANCIAL CORPORATION
State: NJ
Product: Debt collection
Sub-product: Credit card
Issue: False statements or representation
Sub-issue: Attempted to collect wrong amount

Complaint:
XXXX XXXX XXXX, XXXX has purchased a pool of charged off accounts at pennies on the dollar and are a Third party debt collectors and racketeers, and have violated my due process rights by proceeding with collection activity without validating the debt. 
Documents proffered by XXXX XXXX XXXX, XXXX are insufficient to validate the alleged debt. Capital one and by and through XXXX XXXX have worked to committed fraud by preparing and submitting false documents to this court with the intention that this court and I rely on the false documents to the detriment of me. 

They are doing this to many others as well have made billions doing so in the worst of economics. 

Their whole case is based on the inability of people to afford and/or be given the right to an attorney to defend such law suits. They also base their cases on defendants going into default and/or not filing answers and/or inability to understand their rights as well as such proceedings. 

They also filed this lawsuit during the holidays XX/XX/XXXX-XX/XX/XXXX with the same intent their tactics are that defendants do n't know how to and/or can not respond in time. 
I filed answer to the complaint and a response to their request for admissions to the best of my abilities. And at the same time I responded to admissions I requested production of documents, admissions, and/or interrogatories. 

Their response was they did not receive it and/or the same tactics as to file a motion with no time to respond a few days prior to the current court date of XXXX XXXX 2015. 
Capital One Bank on the false documents has severely damaged my ability to support myself and my credit ratings and/or obtain money and/or property and/or to consolidate my debt. And now are helping these racketeers to committed fraud by preparing and submitting a known false document to this court with the intention that I rely on the false document to deprive me of my rights. 

XXXX XXXX XXXX XXXX XXXX, which is an affiliate of XXXX XXXX XXXX. They are a debt buyer typically of defaulted credit card accounts, purchasing them for pennies on the dollar in order to collect on them. They have been known to sue consumers to collect on these purchased debts and allegedly coerced debtors to pay using illegal tactics violating the Federal Debt Collection Practices Act ( FDCPA ). 
The fantasy that the debt-buyer system is keeping the cost of credit down evaporatedwhen the bank decided to sell off the debt at a fraction of its face value. 
Assume the following scenario which, for the sake of simplicity of illus-tration, will use simple, rather than compound interest : on XXXX XXXX, a consumer owes {$1000.00} on her credit card, all of which is principal and does not include any interest, late fees or other fees. She fails to pay her credit card bill, and never makes another payment. What happens? On XXXX XXXX, she will receive a bill for the {$1000.00}, plus 29.99 % interest based on the annual percent-age rate, plus a late fee for {$39.00}. She will continue to receive these charges for the next 5 months ( for a total of 6 months, or 180 days until the creditor will " charge off '' the account for tax purposes ). By this time, the bill will be approx-imately {$1300.00}, or almost 40 % higher than it was on the day that she defaulted. This {$1000.00} loan, which now includes an extra {$400.00} tacked on since the day the consumer stopped paying, will be sold for {$56.00} ( assuming a sales price of 4 cents on the dollar ), and the consumer will then be sued by a debt buyer for {$1400.00}, plus attorneys ' fees of 15 %, or {$210.00}. ( This assumes they will not also be seeking prejudgment interest of 29.99 % ). For the consumer, the price of de-faulting has suddenly become 161 % of the principal of the amount loaned. For the debt buyer who invested {$56.00}, the potential return on investment is 2,800 % ; {$56.00} invested and {$1600.00} returnedPlease let me know if you needed anything.

Company response to consumer: Closed with explanation