Consumer complaint received 2019-02-19
Product: Credit card or prepaid card — General-purpose credit card or charge card
Issue: Advertising and marketing, including promotional offers — Didn't receive advertised or promotional terms
Company: CAPITAL ONE FINANCIAL CORPORATION (TX)

On XX/XX/XXXX I was contacted by a department within Capital One advising they wanted to offer an option re : the credit card. The representative advised there was an offer they wanted to extend to me that was only available that day and it would allow if I entered into this program the opportunity to have the balance of the credit card forgiven if I agreed and kept the agreement to the specified terms. So we began discussing the balance and amount owed on the credit card. I told the representative I was not in the position to cure the total amount of {$1900.00} and the representative asked what payments could be made? The representative provided a couple of options and I said no to them all. I stated I am making payments, but what are you offering? Then the representative introduced an option where Capital One was offering the opportunity to enter into the program where the initial payment of {$68.00} would be paid to enter the program. A monthly payment of {$39.00} would be my new set payment and it would have to be auto drafted monthly. As stated by the representative the additional perk regarding this program is that if you make your payments on time for XXXX  months the full remaining balance would be forgiven. I was taken back by that as an option and had the representative to repeat what was said. And again, I said it back to the representative - you are telling me that if I enter this program and pay the initial fee and make monthly payments of {$39.00} for XXXX months the remaining balance would be forgiven and my account XXXX out - like over {$1600.00} or {$1700.00} forgiven? And the representative said yes. But to get this you will have to complete it right now and I will have to take a payment over the phone and get your permission to auto draft your monthly payments - that will ensure you don't miss any payments or be late on any which would void the agreement. While on the phone with Capital One representative I am telling my husband can you believe this? He said you should definitely do it. This is an opportunity you can't pass up. So I gave the representative my debt card information and the representative placed my on hold to process the initial payment of {$68.00}. After completing that action he stated that he would have to get my verbal consent to auto draft the $ XXXX monthly payment. I completed that process and was still not totally believing this was true that I stated the agreement again. I said so you are telling me that I have entered into this program and the agreement is that I pay {$39.00} every month on time for XXXX months. And in XXXX  months all I am to do is make a call to Capital One and the debt will be forgiven - with a XXXX balance? The representative said yes. I asked who then will I call because earlier in the call the representative stated they were apart of the department that extends these offers, but isn't directly apart of Capital One? I got nervous and I asked are you a collection agency? Advising the representative I may have a high balance, but I make monthly payments. The representative assured me they were not a collection agency, but apart of Capital One that processes these type of agreements and offers. The offers/agreements can't be asked for or requested, but rather this group will reach out and offer this type of agreement/offer. I felt okay about it again and we said our pleasantries. Before getting off the phone the representative went over the agreement one last time stating the agreement entered is the initial payment of {$68.00} has been paid and the {$39.00} will be the monthly payment. The representative advised that I will receive this agreement in the mail and a link to sign the paper work. I was to continue making payments as I have until I hear the offer was approved. I received an notice it was approved and they began taking the {$39.00} out of my account monthly. As most people start to the new year looking at finances and getting a good start on everything, I thought it's about time for the offer to be completed so let me call and check on it. The 1st time I called was XX/XX/XXXX and spoke with XXXX - employee # XXXX I asked about the offer and when would the end of the 6 months be confirmed and what is the next action. I was shocked and horrified to hear that I wasn't in a program that canceled my remaining balance and that is not what I entered into, but that she would have her manager review and get back with me. On XX/XX/XXXX I received a call it went voicemail so I returned the call and spoke with XXXX - employee # XXXX and she stated I was not in a forgiveness debt program and that I would have to make the payments as agreed. I was really confused and asked that this issue be escalated to a manager as it was a recorded call I am sure, so please do a deep research and review the call. And they will hear what the representative said and what the offer was. I asked what did I get if I didn't get in a program that would benefit me? She advised I was in a forbearance program. I am not even sure what that meant as I was making payments on the card even though they had restricted and closed the account. So I didn't need a forbearance. And if I didn't make my payments on time monthly it would still negatively affect my credit score. I was diligent to making my payments even though some of the payments made were the minimum. We went around and around on what I signup for and that she is stating is not what I agreed to. Again I asked they investigate the call and advise me of their findings. On XX/XX/XXXX I received a call from XXXX - employee # XXXX advising they had someone to listen to the call and didn't think the representative did anything wrong. I advised XXXX I didn't say the representative did anything wrong what I stated was that the representative did a bait and switch and the agreement/offer that was given me on XX/XX/XXXX was not a forbearance, but rather a debt forgiveness. I advised him I would not get in an agreement with anyone for $ XXXX   monthly and the interest on that amount is {$11.00} for the term of XXXX years. Who would do that, I advised it wouldn't be me. I reiterated Capital One called me. And after looking at the monthly statements it states minimum payment. It was not minimum payment it was the only payment. There was no other option as it regards to the agreement. I told the representative this is worst than subprime lending. I requested to hear the recording and he declined and said I wouldn't be able to do that. So I asked well how would I know you are telling the truth and that the representative did in fact misrepresent and change the offer and has cause real distress as again I was not the initiator to the agreement. I asked what protocol would I have to abide by to get a copy of the recording? He advised there is not protocol because I couldn't listen to the call. I was not satisfied with his response and requested or advise well I'm sure an attorney could. So I hung up and called back and spoke with XXXX - employee # XXXX and she advised the same. I have continued to allow the payments to be auto drafted from my account ; however this is not at all what the agreement was. With me paying {$39.00} a month with {$11.00} interest for XXXX XXXX  years I would have paid this debt twice. And that isn't an offer benefiting the consumer. The balance of {$1700.00} is reporting to my credit report as an open account it shows I have high utilization ; however unable to use the account. Per my credit report which has been provided reporting dates XX/XX/XXXX through XX/XX/XXXX as XXXX days late payment when I was in the program XXXX and made the XXXX payment timely. The billing statements provided the ending balance is {$1700.00}. The balance is reporting incorrectly.