What's in My Wallet?

You've seen the commercials on tv and the ads in magazines. With that catchy phrase, "What's in your wallet?". It is suppose to make you think that unless you have a Capital One card in there, then you are pretty much doomed to nothing but trouble and heartburn when it comes time to pay the piper.

Well, I can confirm that the now household concept is absolutely true! It really does matter what is in your wallet. And it will pay for ALL to be very aware of what is in your wallet and which card you decide to pull out for your next dinner date, or your next business purchase.

Unfortunately we all seem to have them and we all seem to use them for things that we may not need to, but they are very convenient, even now at fast food chains. That little plastic card that seems to make every payday feel a little less painful. By using it, we have what appears to be endless streams of cash available. But have you ever max'd out one of those baby's? And then had to face the next months bill and not have quite enough to cover it?

But.....I must interject here that it isn't all the credit card companies fault for those double sized payments, OR IS IT?

"People are now in a revolving debt cycle that they'll never escape," says Adam Brauer, a debtor advocate and in-house counsel for Debt Settlement USA in Scottsdale, Ariz. "So the government nudged credit card companies into saying, 'This isn't working.'"

Specifically, regulators with the Office of the Comptroller of the Currency began pressuring credit card companies to raise minimum payments. Another incentive for change: The newly enacted Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which requires credit card companies to post a kind of Surgeon General's warning on monthly statements that notifies consumers about how long they'll be in debt if they make minimum payments.

This is where most people find themselves today. If you had the cards reaching their limit when all the rules were changed, you found yourself in a very bad situation, and for most, with no way to come up with the extra funds to cover the now double sized payments necessary to keep the account current.

So now what? Exactly! This is exactly where I found myself.

I had leveraged a few cards to help extend the life of a business that was tetering on the brink of either making it good, or losing forever. The hope was in the former, that a little extra help would see it through and then the proverbial light would appear at the end of the tunnel. Then the reform! It was as though the system had sealed off the end of the tunnel and I was stuck inside and no way to get the train turned around or slowed down. Not to mention the price of driving that train just grew over-night to extremes I in no way could afford at the time. That was that! No parachute, no light, no help. The business stopped, the income ceased and all the bills piled up where a dream used to be.

But that was my fault. It was my decision to use the funds in that manner. I leveraged on what appeared to be a solid business. I have no one to blame but myself. But in my own defense the plan did not include the restructuring of the credit system in the world. I never imagined in the beginning that at the very brink of possible success, the whole financial system would change and pull the legs out from underneath me.

But that brings me back to my opening. The damage was done and there is nothing I can do to change it or fight it. I had to pick up the pieces and try to pay off what I owe, no matter how long it takes. But I also didn't expect what happened next.

The credit I had used included Bank of America, Citibank and Capital One.

Can you pick the cards in your wallet against the three I just listed here? Well you need to and plan accordingly because one of them does not have any program what-so-ever to help you if you happen to find yourself in the same situation I did. I was paying minimum payments at the time of about $120.00 each card. When the rate changes were implemented those payments were raised on average to $349.00 which now included increased percentage rates which went as high as 30%, late fees, etc.

I had decided that I was in big trouble and I didn't have a clue what to do or how to it. I knew only one thing, I didn't have enough money coming in to cover all of those payments. I was barely making the lower payments, but the key was, I was making them. And with a little luck and good fortune business would have excelled and I would have been able to pay them off in short order. But that was then. This is now.

Of course the phone calls started and before long every credit card company I owed was calling. Then I found out something interesting. There is help and there is hope, from some. Just not from all! I was being hammered, starting at 8am every day but Sunday, till 9pm every night. And I was making payments. I would answer the phone and the voice on the other end would dutifully tell me the obvious, that I was delinquent and that I needed to pay more and I just as masterfully explained to them that if I had more I would surely give it to them. Then one day a nice lady from Citibank called me and asked me if I knew about their customer help program that would allow me to stop the calls, the interest, the late fees and everything else for 12 full months while paying a minimum payment. This was all designed to help me get back on my feet, for 12 months, then I would resume normal payment schedules. I was elated. I asked why it had to coem to this to find out about it. But I was so excited, I don't even remember what her response was. But I signed up right away. They automatically withdraw a set amount from your account every month and in turn you get relieve to try and get yourself back on track.

I had two cards from Citibank and got both of them signed up on the system. Then came a call from a Bank of America representative with the same offer. It had to be a miracle. Of course I signed up. It has been a wonderful relief. But the story does not end. Guess what? The calls are still coming from guess who?

You got it. Capital One. They have no in-house system to help customers who, like myself, find themselves in a bit of a jam and can't afford to pay the new incresed payment amounts. I have talked with nearly every collector they have, because they have all called me, and they apologize for not being able to help. They just simply have no recourse to help. They want your account brought current or they want the full pay-off amount. Of course, if I had the full pay-off amount, I could surely pay the full payment of $349.00 per month, but I don't, so I continue to pay the $100.00 per month, every month, till I am able to pay more. Well it has now progressed to their in-house attorney services. Something called "NCO Financial", who is the employer of the collectors that have been calling me from California. I have told them all that I need a little help for a little while, but there is none available.

Obviously I am not alone in my credit misery.
I actually found a site where others speak out about their problems. I have not posted to this site and do not anticipate doing so, but it makes you wonder.



There is a new player in the collection process at "NCO Financial", which is called the "Attorney Network" and a young man named Anthony Capollo. They need 30% down, which is about $3600.00 and $500.00 a month thereafter. That's the only arrangement they can offer at this time and according to the voice mail left by Mr. Capollo,
.........."he has seen Capital One sue people for a mere $500.00 and get their money".
The next step if I do not agree to their terms is they are sending my account to an attorney in my area which will result in judgement and subsequent leins against personal property, bank accounts and whatever else they can find to take.

Well........... and all because they don't have a customer relations help program available to their customers that found themselves in a bind when the rates were changed, without asking me if I agreed to the rate changes. Yes, I know it was my fault for getting into debt. And I accept that. But where is the spirit of americans, helping americans. I have not refused to pay my debt. The credit company is in the business of extending credit. I am paying as I previously agreed. I didn't change the rules! But I am being shacken down to comply with their demands. And all the while they scour the electronic score boards looking for more potential victims. I found this interesting article while looking around the web. Capital One Blitzes Credit Reports Looking For New Prey

Did I mention that I also have a separate Capital One account that is current and up to date and paid as agreed? Makes you wonder who is running the place? Who sees thier tactics as good for business? I am positive that I am not the only one caught in this situation without recourse. I am not the only one that found themselves unable to pay. I am sure a good portion of the others decided to file Bankruptcy. Ever notice that the bankruptcy laws changed at the same time the credit rules changed? It became harder to file bankruptcy? Hmmmm.... Curious huh?

So now I find myself in the curious situation of what to do next. I definately did not want to file bankruptcy, but if Capital One continues to pursue this to a court of law to get a judgement and then continue to levy everything that I am already barely hanging onto, then I may not have a choice. I may have to file bankruptcy just to make sure I am protected and able to pay everyone. This is the point that makes it hard for those who actually do want to do what is right and pay their obligations and not try to scam others. One company want to move to the head of the line and take everything right now, instead of waiting patiently and accepting payments.

Well, we shall see. I feel for the guy at I Am Facing Forclosure.Com.
He admits to his mistakes and is struggling to pay his bills but when there is no good outcome what are we left with? He doesn't want to file for bankruptcy, at least I don't think. I know I don't. But what choice will I be left with? One of the points that Mr. Capollo left on a previous voice mail was that he had been in contact with someone and found that I still had the ability to get credit and hinted that I should get more credit to take care of his credit bill. Is that insame or what? I don't get it.

All I want is a chance to make it all good. What I'm getting from Capital One, believe me, will never fit in my wallet!