Another update to my debt progress is my Capital One Debt. I defaulted on my Capital One Card when perhaps I should have just paid the minimum payments.
However in keeping with tradition I let it go, adding it onto my debt pile.
I had an initial credit limit of £200. However by the time Capital One had finished with me, I owed just under £360 with the majority of that being interest and charges.
I am hoping to claim these charges back and will write-up a separate post of my progress.
Here are the usual statistics: –
Current Balance: £328.21
Original Balance: £360
What happened with my Capital One Debt?
Well I stopped paying it and after three months the account went into default and a default notice was sent to me.
Instead of paying up I just ignored it. The account was passed to a debt collection agency shortly after this called Cougar Financial Services.
What were Cougar Financial Services Like?
They asked if I could settle the account in full. Erm let me see, no. So I ended up setting up an arrangement to pay like I always do.
I have no idea who Cougar Financial Services are but the name made me laugh. The logo did as well, as it reminded me of a wild animal hunting for food, or a debt collection agency hunting for a debtor.
I didn’t have any trouble dealing with them. A few months passed by and the account was moved to a debt collection agency called Capquest. This was probably due to the length of time it was going to take me to repay the account.
What were Capquest like?
Well they are a Debt Collection Agency and that’s all I can say really. The minute a payment is missed they are all over you like flies round horse muck. Despite me making my payments on time, I would still get phone calls and letters.
It turned out that my repayment date had been entered incorrectly so through no fault of my own, I kept being late. Once I phoned up and got to the bottom of it things have been ok. I am currently repaying the account at a rate of £2.23 per month so it will take me a while to pay it back.
What are my plans for my Capital One Debt?
Well it is quite a small balance and I am hoping to settle it towards the end of next year. I know that I have a lot of charges on there which I will fight hard to get refunded.
These charges should take the balance down quite nicely allowing me to settle in full. I shall certainly keep you updated on my progress with this account, along with if I get the charges refunded or not.
