Consumer complaint received 2025-02-05 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Struggling to pay your bill — Credit card company won't work with you while you're going through financial hardship
Company: CAPITAL ONE FINANCIAL CORPORATION
State: FL

Complaint narrative:
In XX/XX/XXXX, I began contacting Capital One to discuss a settlement for my outstanding balance due to financial hardship. Despite repeated attempts via phone and certified mail, Capital One has failed to provide a response or resolution, leaving me without a path to resolve my debt responsibly. 

Timeline of My Actions : XX/XX/XXXX Received a letter from Capital One regarding my account. 
Prior to XX/XX/XXXX Present Multiple phone calls with Capital One to discuss a settlement, with no clear resolution provided. 
XX/XX/XXXX Sent a certified letter to Capital One formally requesting a settlement due to financial hardship. No response. 
XX/XX/XXXX Sent a second certified letter reiterating my settlement request. Again, no response. 

Issue : Despite multiple certified letters and repeated phone conversations, Capital One has failed to acknowledge or respond to my settlement request. Their lack of communication and refusal to engage in good-faith negotiations has caused : Unnecessary delays in resolving my debt. 
Increased financial hardship. 
Significant harm to my credit report, as the balance has increased rapidly with fees and interest due to their refusal to negotiate a reasonable settlement. 

As a consumer facing financial hardship, I expected Capital One to provide a fair and transparent process to work toward a resolution. Instead, their silence and lack of engagement have made it impossible to move forward while further damaging my financial stability. 

Regulatory & Consumer Protection Concerns : Capital Ones failure to acknowledge multiple written and verbal requests for settlement raises concerns about whether they are acting in compliance with : Fair Debt Collection Practices Act ( FDCPA ) 15 U.S.C. 1692, which protects consumers from unfair and deceptive collection practices. 
Fair Credit Reporting Act ( FCRA ) 15 U.S.C. 1681, which requires creditors to report accurate and fair information and prohibits unfair damage to consumers credit profiles. 
CFPB Guidelines on Responsible Debt Collection, which require creditors to provide consumers with clear options for resolving outstanding balances, especially in cases of hardship. 

Credit Report Harm & Legal Concerns : Capital Ones failure to engage in settlement discussions has directly contributed to the rapid increase in my outstanding balance, negatively impacting my credit score. Under the Fair Credit Reporting Act ( FCRA ), creditors must ensure that reported balances are accurate and reflect fair debt resolution options, especially when a consumer is actively trying to settle the account in good faith. 

Capital Ones lack of response and continued accrual of feesdespite my repeated attempts to settleraises serious concerns about whether they are violating consumer protection laws by unfairly inflating my debt and harming my creditworthiness. 

Resolution Requested : 1. Capital One must acknowledge my settlement request and provide a written response. 
2. Cease all collection activity while my request is under review. 
3. Provide a clear and reasonable settlement offer so I can resolve this account in good faith. 
4. Correct any unfair or excessive fees added to my balance due to their failure to engage in good-faith settlement discussions. 
5. Update my credit report accordingly if fees and interest were added unfairly. 

As a federal agency protecting consumers, the CFPB ensures that financial institutions engage in fair and transparent debt resolution practices. Given my repeated attempts to resolve this issue, I am requesting CFPB intervention to ensure Capital One complies with all applicable consumer protection laws and provides a good-faith resolution to my settlement request.

Company response to consumer: Closed with non-monetary relief