It’s not uncommon for our Twin Cities clients to receive collections calls from Capital One Bank USA N.A. Maybe you too have been contacted and would like to know more about this company. If so, you’ll find the information below very useful.
They also like to sue people for unpaid loans. These loans can be from a credit card or from Capital One Auto Finance. It is common to get sued by Capital One even after receiving a 1099-C from Capital One, or even after Capital One did a charge off and sold the debt to a debt collector. This is very confusing because the company trying to collect on a debt is always changing. This can be very scary and confusing, especially if you are working with a collector to resolve the loan, but then you get a letter from a lawyer who represents Capital One Bank USA, N.A. At present, Capital One often hires Messerli & Kramer, or Gurstel Law Firm to represent them in debt collection lawsuits.
Debt Collection lawsuits can be confusing. Why not call Walker & Walker at 612-824-4357 today and set up a free consultation with a lawyer. We know exactly how to pull your credit reports for free and get through all of the confusion to find out what Capital One and any other old loans are doing.
Who is Capital One Bank USA?
As a publicly-traded financial services company, Capital One is one of the newest banking institutions in the United States. Founded in 1988, one of its founders, Richard Fairbank, continues to act as CEO.
More than 49,000 people are employed by Capital One Bank, which is headquartered in McLean, Virginia. The institution currently has assets in excess of $372 billion dollars.
Expansions and Acquisitions
Although it is a fairly new company, Capital One Bank has made several acquisitions during its relatively short history. Capital One originally offered only credit cards, but has since ventured into other products, including consumer, commercial, and auto loans.
Capital One Bank has a habit of offering other products to its existing customers. So you may have started out with a Capital One credit card and later took out an auto or personal loan because you received a promotional offer from the company.
Dealing with Collections Calls from Capital One Bank
If Capital One has contacted you, it could be because you have defaulted on a credit card or loan payment. This company routinely uses robocalls to help them collect on past due accounts. These robocalls may sometimes threaten legal action unless payment is made within a certain timeframe.
It’s not uncommon for Minnesota residents to receive calls from Capital One when they actually do not owe the company any money. Accordingly, the Minnesota Attorney Generaladvises residents to always ask for documentation to validate any debt a collector claims that you owe.
After receiving documentation, you may still dispute the charges if you feel they are in error. Assistance from an experienced bankruptcy attorney can prove very useful in helping you dispute erroneous or excessive charges.
Credit Reporting by Capital One Bank USA
In some cases, a Capital One representative may offer you a deal in which you pay less than the amount owed. The financial institution would then write off any remaining debt and cease all collections actions.
On its own website, Capital One states that they may report to a credit agency that your account was paid in full for less than the amount you owed. If you have questions about how that might affect your future credit score, one of our experienced bankruptcy attorneys would be happy to answer them.
When Bankruptcy is an Option
As mentioned, Capital One frequently offers other financial products to its existing customers. Maybe you too have taken advantage of more than one offer, and now find yourself owing more money than you can repay. If so, there may be a remedy available under law.
A Minnesota bankruptcy attorney can help you determine if Chapter 7 or Chapter 13 bankruptcy would be right in your situation. Since there are significant differences between the two, we will explain them both so you can make the decision that is right for you.
Benefits of Filing Bankruptcy in Minnesota
A bankruptcy petition will keep creditors such as Capital One from pursuing any other collections actions. Minnesota residents may also be eligible to recover money that has already been garnished from their paychecks.
If you are struggling with more debt than you can handle, it’s important to reach out to us right away. The sooner you contact us, the faster we can come up with a solution to help you handle your debt problem.
