Consumer complaint received 2016-06-24
Company: CAPITAL ONE FINANCIAL CORPORATION
State: NY
Product: Credit card
Issue: Closing/Cancelling account

Complaint:
After eleven years in business, my partner and I were forced to close our company on XXXX/XXXX/16 due to insurmountable financial difficulties as a result of the economic downturn over the past several years. Since the company was an XXXX, I was responsible for all credit cards where my name appeared on the card along with the company name. 
Both my partner and I each had several credit cards to deal with. Since the company had no assets whatsoever, I contacted each of the credit card companies and all were resolved except XXXX, Capital One which I first contacted on XXXX/XXXX/16 in an attempt to secure Debt Forgiveness in the form of a settlement so that I could begin to move on and deal with additional company issues. I was told on that date that XXXX XXXX could not offer a settlement " at this time '' because the account was not overdue long enough. I then called back on XXXX, XXXX, XXXX, XXXX, XXXX, XXXX and XXXX. Over the course of these calls, I spoke to approximately XXXX different reps / supervisors and more than once I spoke to the same person twice. I was told on XXXX that in order for my request to be considered I should write a letter and fax or mail it to the General Correspondence Department at Cap 1 explaining my circumstances which I did and I faxed it to that department on XXXX. Two days later I received a letter from Cap 1 saying that they were " unable to fulfill my request through written correspondence '' and that I should contact them at the XXXX # listed below. When I called, the merry go round started all over again. I have spent approximately XXXX15 hours in total on the telephone with various reps and account supervisors with no resolution in sight. 
Not one of these reps / supervisors ( I was told ) was authorized to negotiate a settlement nor could they transfer me to anyone who could nor could they give me a reason as to why my request could not be resolved except to say a settlement was not on offer " at this time ''. In essence, they have been stalling while my interest rate has increased by 13 % causing the total of my bill to increase significantly as well. Maybe this is their strategy. 
Despite the fact that I am retired, collecting Social Security ( not even the maximum ) and without a pension, Cap 1 refuses to negotiate with me in good faith. This is in complete contrast to what they claim on their website regarding Debt Settlement. It appears that Cap 1 is misrepresenting their policies and is engaging in unfair business practices. 
Insofar as all our other creditors have met us half way, I never expected my dealings with Capital One to be so difficult and stressful. The manner in which they do business with their customers who fall on hard times is appalling and abusive. All of their reps seem to be reading from a script / talking points, unable to offer any help whatsoever. They all say the same thing, " no offer is available at this time ''. 
So, " at this time '', I am exactly where I was when I started except that I am now further in debt to Capital One.

Company response to consumer: Closed with non-monetary relief