Capitol One - Oklahoma City, OK - Approximately 5 years ago I took out a personal loan with Capitol One. I had understood the term of the loan to be 8 years with a fixed payment of $278.98. Over the years I not only paid the minimum amount but more often that not paid

Posted on Tuesday, December 7th, 2004 at 12:00am CST by b126d751

Company: Capitol One

Location: OKLAHOMA CITY, OK, US

Category: Business, Finances

Approximately 5 years ago I took out a personal loan with Capitol One. I had understood the term of the loan to be 8 years with a fixed payment of $278.98. Over the years I not only paid the minimum amount but more often that not paid and above($300-350). Imagine my surprise when I called on 11-11-04 to get the payoff (the most recent statement showed a balance of $5203.52 and was told the actual payoff was $5320.75. I made an electronic payment for $5320.75 as directed.

I got to thinking about it and wrote a letter on 11-13-04 to Capitol One asking for a amortization schedule (since I figured they owed me money and I wanted to see how my payments were posted). Last week I received a refund check in the astounding amount of $27.23 and then the following day received ANOTHER statement saying I owed them an additional $32.68! I called immediately and was told that they had made an error and a refund check should never been sent!

I was also told they had NO WAY to produce me an amortization schedule--that I could go back through my records and figure it out for myself! That did it! I blew a gasket and informed the young lady assisting me that I was going to file a complaint with the Attorney General for the State of Oklahoma.

She immediately became nervous and volunteered to zero out my account stating: "you really don't want or need to get the Attorney General involved, if it's that important to you I can just zero out the balance due". This alone tells me that something isn't kosher! All I want is someone to get me an amortization schedule.

By the way I also happened to mention to this young woman that in the 30 some years I've paid off a loan early that I never ended up paying more--she informed me that they figure "their" interest on a monthly basis on the balance and that's why I owed so much! Never again will I do business with such an unscrupulous company.

Let the buyer beware! These are a bunch of loan sharks. By the way--I am filing that complaint with the Attorney General--maybe he can help. I suppose there's nothing that can be done but you know--it was supposed to be a personal loan--I could half-way understand it if it were a credit card.

Lynn


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