Capital One - Arbitration Clause in Agreement
Donna
January 31, 2002 they are adding and "Arbitration Clause" to the
Customer Agreement.
From what I learned on "www.planetfeedback.com" all of their customers
will be receiving this...
Any thoughts on what advantage this is to the consumer?
Capital One is well-known for their unscrupulous extraction of late
and overlimit fees along with increasing the percentage rate of
finance charges from month to month.
If ever the consumer is in a position of decreased finances, such as
job layoff, medical emergency or other calamity - would it be wise to
have an arbitrator as opposed to court action?
Any thoughts?
Peace,
Donna
ga...@delta-graphics.com
finance charges from month to month.
>
> If ever the consumer is in a position of decreased finances, such as
> job layoff, medical emergency or other calamity - would it be wise to
> have an arbitrator as opposed to court action?
>
> Any thoughts?
>
charged to file and "hire" an arbitrator are sometimes far more than can
be expected in the return. This is a trick used by the building industry
to keep from having to face lawsuits and thus avoiding legal decisions
that may not be in their favor. An arbitrator does not have to follow
law and cannot be challenged in court later.
In construction arbitration the fees "in advance" can sometimes exceed
$2000-$3000. For a problem that could be fixed for $500. No one in their
right mind would go to arbitration. I know of several cases where the
local arbitrators ruled that builders did not have to bring a home to
meet local code. And the local code people looked the other way and
would not enforce it either. Of course that is in Texas and our
representatives get a great deal of "support" from the building industry.
Any large company that requires arbitration probably will also name a
particular arbitration association. Guess who sends this association all
the business? Do you think they'll rule against the source of the
income? Not likely.
In theory it is a good program. In practice it is crooked as can be.
My opinion.
Gary
Gilligan
says...
I got it too. Sign it and send it back in, you do NOT want arbitration.
You want to be able to sue them if you wish.
--
--G--
Donna
> You want to be able to sue them if you wish.
OK - Case in point:
My last Capital one bill shows my $200 payment for a bill that showed
$182.79 as my payment due.
One would think that including the $9.91 finance charge onto the
balance due would allow my payment to cover any over-the-limit amount,
correct?
Not according to Crap One ... all of a sudden I show a $3.24 amount
"over limit" for which they charge me $25.
Measly low credit line with sleazy fee tactics.
I predict class actions suits coming in 2002.
D.
Gilligan
says...
class actions against capitol one are already happening, I've been in
contact with attorneys who saw these posts and contacted me. Capitol One
"Will" eventually pay for their misdeeds.
--
--G--
Bill Rubin
What charge showed up on your account prior to your payment
being credited that caused you to go over your limit? I assume
the over-the-limit charge applies if you go over any time during
the billing period, not just if you're over when the period
closes. You keep harping on your problems with Capital One but
really, if you say they have a "measly low credit line" why
would you bother to use the card in the first place?
Bill
Donna
whole situation is getting me so damn angry!!
They fluctuate the interest rate from month to month which drives up
the finance charge - over which I have no control...
:(
D.
PS Last use was to pay son's car repair bill - last resort so he
could get back to college 4 hrs. away....
PC Medic
interest rate is based on one of many prime lending rates, ALL which have
been in a downward trend for better than a year. That means that if " They
fluctuate the interest rate from month to month which drives up the finance
account goes into default. So this means you DO have "control over it".
Sorry but it sounds to me your problem lies more with the college age son
who has left mom to foot a bill for his car repair that she can not afford
at this time.
"Donna" <dts...@yahoo.com> wrote in message
news:98e6320a.0111...@posting.google.com...
Donna
:)
Xr2700
>interest rate is based on one of many prime lending rates, ALL which have
>been in a downward trend for better than a year. That means that if " They
>fluctuate the interest rate from month to month which drives up the finance
>charge" you must be referring to the finance charge that applies when the
>account goes into default. So this means you DO have "control over it".
Complete and total bullshit. The credit card companies are free to raise the
rates to anything they want at any time they want. I had a mastercard with a
balance and they decided to raise the rate to 23%. I had never been late or
had any other problems with that account. They simply saw I carried a balance
so they tried to take advantage of it. I instantly paid off the balance and
closed the account.
Wade
> whole situation is getting me so damn angry!!
>
> They fluctuate the interest rate from month to month which drives up
> the finance charge - over which I have no control...
>
> :(
>
> D.
>
> PS Last use was to pay son's car repair bill - last resort so he
> could get back to college 4 hrs. away....
>
schedule and point to the bus stop as your first step to financial
independence, or are you hoping a class action suit as the panacea for all
your problems, or perhaps you are just a sucker for punishment by looking to
sue.
Wade
Bill Rubin
They are free to raise your rate if they look at your credit
file and see that your situation has changed from when they gave
you the card. Are you saying that these companies are just
randomly picking a number on a monthly basis and giving you not
indication of how it's being calculated? I note your word "with
that account". How about with other accounts? They will see that
on your report and penalize you for it even if that was not the
account you had the problems with.
Bill
PC Medic
"Xr2700" <xr2...@aol.comnospam> wrote in message
news:20011111152718...@mb-fx.aol.com...
Your correct, your story is complete and total bullshit !
When you open the account you get a cardholders agreement that states what
your APR is based on. So if your rate went up it was because you had a
variable rate based of an index that was on the rise, or you had received a
notice about a change in rate and you chose to ignore it during the opt out
period.
Paul Erickson
action lawsuits like Providian's recent settlement.
Just say NO.
"Donna" <dts...@yahoo.com> wrote in message
news:98e6320a.01110...@posting.google.com...
david91326
pa...@mindspring.com (Paul Erickson) wrote:
<<Obviously they are trying to cover their asses in the wake of the big
class action lawsuits like Providian's recent settlement. Just say NO.>>
Exactly. Which is why I sent it in the day after I received it. There's
no way in hell I'd miss out on a CAL against Crapital One!
Donna
Son uses car to go to job to work to pay off tuition.
I am financially independent - except for a couple hundred bucks
(thank God)
:)
donna